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Activity 3: The following is taken from the books of ABM Grocers. Cash Cash Receipts Payments 2-Mar 20,000 Check# 301 10,000 9 40,000 302 30,000
Activity 3: The following is taken from the books of ABM Grocers. Cash Cash Receipts Payments 2-Mar 20,000 Check# 301 10,000 9 40,000 302 30,000 10 20,000 303 4,000 16 80,000 304 2,000 23 40,000 305 40,000 30 70,000 306 112,000 16 270,000 307 6,000 308 4.000 208,000 Cash balance per ledger is P 112,000 Below is the bank statement from Gold Bank for the month of March Gold Bank Quezon City ABM Grocers Account No. 00789 888 Congressional Ave. March 31, 2020 Date Debits Credits Balance Feb. 28 60,000 4-Mar 20,000 80,000 6-Mar Check. No. 301 10,000 70,000 11-Mar Check No. 302 30,000 40,000 11-Mar 60,000 100,000 12-Mar Check No. 304 2,000 98,000 18-Mar 80,000 178,000 19-Mar Check No. 305 40,000 138,000 25-Mar Check No. 307 6,000 132,000 25-Mar 40,000 172,000 26-Mar 2,000 NSF 170,000 26-Mar Check No. 299 10,000 160,000 27-Mar Mar Check No. 306 112, 000 48,000 28-Mar 100,000 CM 148,000 31-Mar 400 DM 147,600 Legend: DM-Debit Memo CM-Credit Memo NSF - No Sufficient Fund Note: 400 DM represents bank service charges; 100 000 CM represents the proceeds of bank loan Required: 1. Prepare the bank reconciliation for the month of March. 2. Prepare the necessary adjusting entries on the books
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