Prepare bank Reconciliation statement

Assignment NO. 8

 

NAME SECTION DATE
LAP NO. 8    

 

Problem 1 –  ENTRA Company had the following data in December 2019 in connection with the cash in bank to be reported in the financial statement:

Ending cash balance per bank………………………………………………P18,972.67

Ending cash balance per book……………………………………………..….16,697.76

Deposit in transit………………………………………………………………………3,251.42

Bank service charge……………………………………………………………………….20.00

Outstanding checks…………………………………………………………………..4,163.51

Notes collected by bank including P50 interest                                 2,150,00

Error by bank – check drawn by Entra Corporation was charged to

Entra Company’s account………………………………………………………………..713.18

A sale and deposit of P1,628.00 were entered in the sales journal and cash receipts

journal as P1,682.00.

Required:

  1. Prepare bank Reconciliation statement
  2. Prepare the required journal entries
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