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On February 28, 2018, the Cash in Bank account of Lope Dapun Blades had a balance of P72,166. On that date, the bank statement indicated
On February 28, 2018, the Cash in Bank account of Lope Dapun Blades had a balance of P72,166. On that date, the bank statement indicated a balance of P95,347.50. Comparison of the statement with the cash account revealed the following facts: 1. Deposits in transit as at February 28 amounted to P31,407.50. 2. Outstanding checks as at February 28 totalled P14,679. 3. The bank erroneously charged a P3,250 check of Lopez Glades against the Lope Dapun bank account. 4. A P250 bank service charge has not yet been recorded in the books. 5. Lope Dapun neglected to record P40,000 borrowed from the bank on a 10% six-month note. The bank statement has already credited the P40,000. 6. Included with the paid checks is a memo indicating that Julio Markado's check for P6,400 had been returned DAUD. Markado, a customer, had sent the check to pay an account of P6,600 less a P200 discount. 7. Lope Dapun recorded a P1,090 payment for repairs as P10,900. Required: 1. Prepare the bank reconciliation for Lope Dapun Blades at February 28. 2. prepare the journal entries to' update the Cash in Bank account
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