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PROBLEMS Problem 3-1 (ACP) Sassy Company provided the following data for the month of Fabu cash c July: Cash in bank Balance June 30 1,000,000 No. 10 Book debits for July including June CM No. 102 for note collected, P300,000 4,000,000 No. 103 Book credits for July including June NSF of P100,000 and service charge of P4,000 3,600,000 No. 104 No. 105 Bank statement for July No. 106 Balance June 30 1,650,000 No. 107 Bank debits for July including service No. 108 charge of P 1,000 and June outstanding checks of P854,000 Bank credits for July including CM for 2,500,000 Balance of c bank loan of P500,000 and June deposit in transit of P400,000 per cash boo 3,500,000 Required: Checks paid Prepare bank reconciliation on June 30 and July 31, and month of Jul adjusting entries on July 31. Problem 3-2 (ACP) On July 31 ca Beehive Company provided the following information: Required: Balance per book October 31 Receipts per book for November (collection from 600,000 customer, P100,000 recorded as P10,000) a. Prepare Disbursements per book for November 2,200,000 (check for P300,000 in payment of account recorded as P30,000) b. Prepare Balance per bank statement November 30 1,800,000 Deposit in transit October 31 930,000 Outstanding checks November 30 300,000 Bank receipts for November including an 400,000 erroneous credit of P100,000 which should have been credited to Beeline Company Bank disbursements for November including 2,500,000 check of Beeline Company, P200,000 Required: 1,970,000 Prepare bank reconciliation on October 31 and November 30, and adjusting entries on November 30.added QUESTIONS o the 1. What is a two-date bank reconciliation? bank 2. Explain book debits. 3. Explain book credits. are 4. Explain bank debits. rrent are 5. Explain bank credits. acted 6. What is the formula in the computation of balance per book? 7. What is the formula in the computation of balance per bank? ank the 8. What is the formula in the computation of deposits in transit? rent 9. What is the formula in the computation of outstanding ook checks? ebit ank 10. What is a proof of cash? vice ank ank on