Bank Reconciliation Activity
The accounting records and bank statement of Entity A shows the following information: (The attached picture)
Additional Information:
a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000.
b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable.
Requirements:
1. Prepare the bank reconciliation.
2. Prepare the journal entries to record the adjusting entries on the books of Entity A.
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