Requirements:

1. Prepare the bank reconciliation statements

2. Adjusting entries

C. COMMERCE DANK In the course of your audit of Jetro Corp. for the year ened December 31, 2019, you found out that Ms. Ethel Booba, the bookkeeper, also handles cash receipts, maintains accounting records, and prepares the monthly bank reconciliation of Jetro's bank account with Commerce Bank. The bookkeeper prepared the following reconciliation at the end of the year, P 350,000 P 175,000 15,000 Balance per bank statement Add: Deposit in transit Note collectec Balance Less: Outstanding Checks Balance per general ledger 190,250 P 540,250 246,750 P 293,500 In the process of your audit, you gathered the following: a. At December 31, 2019, the bank statement and the general ledger showed balances of P350,000 and P293,500, respectively. b. The cut-off bank statement showed a bank charge on January 2, 2020 for P30,000 representing a correction of an erroneous bank credit. c. Included in the list of the outstanding checks were the following: A check payable to a supplier, dated December 29, 2019, in the amount of P14, 750, released on January 5, 2020. ** A check representing advance payment to a supplier in the amount of P37,210, the date of which is January 4, 2020, and released in December 2019. d. On December 31, 2019, the company received and recorded customer's postdated check amounting to P50,000