The cash records of ABC Corporation for the month of June are as follows:

Cash Receipts

June 3 - 54,000

June 11 - 18,000

June 23 - 27,000

June 31 - 36,000

Total - 135,000

Cash Disbursements

June 4 - 4,500; CN540011

June 5 - 9,000; CN540012

June 8 - 16,200; CN540013

June 12 - 1,800; CN540014

June 26 - 33,300; CN540015

June 31 - 25,200; CN540016

Total - 90,000

The balance of Cash in Bank - PDO Bank on the depositor's book is P45,000

The following is the bank statement for June received from the PDO Bank:

In account with: 0262367

ABC Corporation

Pasig City

PDO Bank

Rosario, Pasig City

Date Check No. Withdrawals Deposits Balance

June 4 54,000 54,000

June 5 540011 4,500 49,500

June 8 540012 9,000 40,500

June 11 540013 16,200 24,300

June 12 18,000 42,300

June 14 540014 1,800 40,500

June 24 27,000 67,500

June 25 13,500 CM 81,000

June 30 4,500 RT 76,500

June 30 900 SC 75,600

Legend: CM - Credit Memo; DM - Debit Memo; SC - Service Charge; RT - Returned

Check

Note:

The CM of P13,500 on June 25 represents proceeds of the note collected by the bank

in favour of the company;

The RT of P4,500 represents check of customer deposited previously but returned by

the bank due to NSF.

Required:

a. Prepare the bank reconciliation for the month of June.

b. Prepare the necessary adjusting journal entries on the books.