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3. Integrity Company deposits all receipts intact on the day received and makes all payments by check: and on August 31, after all posting was
3. Integrity Company deposits all receipts intact on the day received and makes all payments by check: and on August 31, after all posting was completed, its Cash account showed only P6,578 debit balance. However, its August 31 bank statement showed only P5,805 on deposit in bank on that day. The following information are available. a. Outstanding checks, P1,105. b. Included with the August cancelled checks returned by the bank was a P25 debit memorandum for bank services. C. Check No. 3456, returned with cancelled checks, was correctly drawn for P58 in payment of the telephone bill and was paid by the bank August 9, but it had been recorded with a debit to Telephone Expense had a credit to Cash as though it were for P95. d. The August 31 cash receipts, P1,890 were placed in the bank's night depository after banking hours on that date and were unrecorded by the bank at the time the August bank statement as prepared. Instructions: Prepare a bank reconciliation for Integrity Company at August 31, and give the journal needed as a result of having prepared the bank reconciliation
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