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    Sensible Company Bank Reconciliation Dec-31

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    OwO OwO
    The bank reconciliation reconciles the cash balance per the company's records (ledger) to the cash balance reported by the bank. It lists the adjusted book balance and adjusted bank balance after accounting for outstanding checks, deposits in transit, and bank errors. Adjusting entries are made to record outstanding checks, bank charges, and correct any errors identified in the reconciliation.

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    Sensible Company Bank Reconciliation Dec-31

    Uploaded by

    OwO OwO
    600 views8 pages
    The bank reconciliation reconciles the cash balance per the company's records (ledger) to the cash balance reported by the bank. It lists the adjusted book balance and adjusted bank balance after accounting for outstanding checks, deposits in transit, and bank errors. Adjusting entries are made to record outstanding checks, bank charges, and correct any errors identified in the reconciliation.

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    The bank reconciliation reconciles the cash balance per the company's records (ledger) to the cash balance reported by the bank. It lists the adjusted book balance and adjusted bank balance after accounting for outstanding checks, deposits in transit, and bank errors. Adjusting entries are made to record outstanding checks, bank charges, and correct any errors identified in the reconciliation.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    600 views8 pages

    Sensible Company Bank Reconciliation Dec-31

    Uploaded by

    OwO OwO
    The bank reconciliation reconciles the cash balance per the company's records (ledger) to the cash balance reported by the bank. It lists the adjusted book balance and adjusted bank balance after accounting for outstanding checks, deposits in transit, and bank errors. Adjusting entries are made to record outstanding checks, bank charges, and correct any errors identified in the reconciliation.

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    © All Rights Reserved
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    SENSIBLE COMPANY

    BANK RECONCILIATION
    Dec-31
    BOOK BALANCE:
    Cash balance per ledger
    Add: Credit Memo
    TOTAL
    Less: Debit Memo - 10,000
    - 5,000
    TOTAL
    Less: Bank Error
    Adjusted Book Balance

    BANK BALANCE:
    Cash Balance per bank
    Add: Deposit in Transit
    TOTAL
    Less: Outstanding Checks
    Check No. 770 - 20,000
    Check No. 775 - 30,000
    Check No. 777 - 40,000
    TOTAL
    Add: Bank Error
    Adjusted Bank Balance

    ADJUSTING ENTRIES:
    Cash In Bank 45,000
    Bank Service Charge 5,000
    Notes Receivable

    Accounts Receivable 10,000


    Cash in Bank

    Bank Service Charge 5,000


    Cash In Bank
    NCILIATION

    110,000
    45,000
    155,000

    - 15,000
    140,000
    - 27,000
    PHP 113,000

    135,000
    60,000
    195,000

    - 90,000
    105,000
    8,000
    PHP 113,000

    50,000

    10,000

    5,000
    Problem 8-3, P. 245
    XANTHOUS COMPANY
    BANK RECONCILIATION
    Feb-28
    BOOK BALANCE:
    Cash Balance per ledger
    Add: Credit Memo
    TOTAL
    Less: Debit Memo
    Adjusted Book Balance

    BANK BALANCE:
    Cash Balance per bank
    Add: Deposit in Transit
    TOTAL
    Less: Outstanding Checks
    Check No. 116 - 60,000
    Check No. 121 - 180,000
    Check No. 124 - 120,000
    Check No. 125 - 250,000
    Adjusted Bank Balance

    ADJUSTING ENTRIES:
    Cash In Bank 270,000
    Bank Service Charge 10,000
    Notes Receivable
    Interest Receivable

    Bank Service Charge 5,000


    Cash In Bank
    S COMPANY
    ONCILIATION

    2,840,000
    270,000
    3,110,000
    - 5,000
    PHP 3,105,000

    3,265,000
    450,000
    3,715,000

    - 610,000
    PHP 3,105,000

    250,000
    30,000

    5,000
    RANCOR COMPANY
    BANK RECONCILIATION
    Dec-31
    BOOK BALANCE:
    Cash Balance per Ledger
    Add: Credit Memo
    Bank Loan 940,000
    Notes Receivable 435,000
    TOTAL
    Less: Debit Memo
    Technically Defective Check - 50,000
    Bank Service Charge - 10,000
    Adjusted Book Balance

    BANK BALANCE:
    Cash Balance per Bank
    Add: Deposit In Transit
    TOTAL
    Less: Oustanding Checks
    TOTAL
    Add: Bank Errors
    Incorrect bank charge 150,000
    Erroneous Debit Memo 200,000
    Understatement in Deposit 90,000
    TOTAL
    Less: Bank Errors
    Adjusted Bank Balance

    ADJUSTING ENTRIES:
    Cash In Bank 940,000
    Loans Payable

    Cash In Bank 435,000


    Collection Charge 5,000
    Notes Receivable
    Interest Receivable

    Accounts Receivable 50,000


    Cash In Bank

    Bank Service Charge 10,000


    Cash In Bank
    NCILIATION

    2,700,000

    1,375,000
    4,075,000

    - 60,000
    PHP 4,015,000

    4,000,000
    475,000
    4,475,000
    - 600,000
    3,875,000

    440,000
    4,315,000
    - 300,000
    PHP 4,015,000

    400,000
    40,000

    50,000

    10,000
    APATHY COMPANY
    BANK RECONCILIATION
    Dec-31
    BOOK BALANCE
    Cash balance per Ledger

    - 15,000
    - 30,000
    - 50,000

    - 5,000
    - 15,000
    - 40,000
    - 10,000
    - 30,000
    - 25,000
    - 50,000
    ONCILIATION

    108,000
    80,000
    188,000

    - 95,000
    93,000

    100,000
    50,000
    10,000
    80,000
    240,000

    - 175,000
    65,000
    28,000

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