Requirements:

1. Prepare the bank reconciliation statements

2. Adjusting entries

NOTE:

P is Philippine Peso (Philippine Currency)

E. JEISHALEIGH Bank (Checking Account) Jetro Corp. carries its checking account with Jeishaleigh Bank. Jetro is ready to prepare its December 31 bank reconciliation and has requested you as auditor to prepare it for them. The following data are available: .. The November 30 bank reconciliation showed the following: (1) cash on hand held back each day by Jetro for change), P 400 included in Jetro's cash account): (2) deposit in transit, #51, P2,000; and (3) checks outstanding, #121, P1,000; #130, P2,000; and #142, P3,000. P 64,000 190,000 b. Jetro Cash account for December: Balance, December 1 Deposits: #21 - #55, P186,500: #56, P3,500 Checks: #143 - #176, P191,000; #177, P2,500; #178, P3,000; and #179, P1,500 Balance, Dec. 31 (includes P400 cash held each day for change 198,000) P56.000 P 67,600 188,500 (196,000) 6,720 c. Bank statement, December 31: Balance, December 31 Deposits: #51 - #55 Checks: #130, P2,000; #142, P3,000; #143#176, P 191,000 Note collected for Jetro (including P720 interest) Fund transfer received for foreign revenue (not yet Recorded by Jetro) NSF check, from customer Bank service charges Balance, December 31 10,000 200 (70) 76.7500