Reference no: EM132762660

Question: Prepare a Bank Reconciliation for November 30, 2018 Faith Company maintains a checking account at Hope Bank. On November 30, 2018, Faith Company had a cash balance per book of Php. 55,509.80 but received a bank statement on that date with a balance of Php. 57,325.25. The company is trying to reconcile the balances per books and bank statement after noting several adjustments. A credit memorandum from the bank states that they have collected Php. 8,000 notes receivable, with a 10% interest and Php. 200 collection fees, for Faith Company. The bank also issued a debit memorandum of Php. 3,710 for the printing of the company checks. The company deposited a cash sale on November 7 with amount of Php. 5,900, and the bank has correctly credited the amount. However, they noted the amount was incorrectly journalized for Php. 9,500. On November 30, the bank statement showed an NSF charge of Php. 12,459 on account for a check issued by customer, Trust Corporation, to Faith Company. On that same day, the outstanding checks totaled Php. 23,890 while the deposits in transit totaled Php. 6,880.45. The company also noted that the bank had incorrectly charged Faith Co. for a cancelled check issued by Love Merchandising to Dr. Heart Strong for Php. 1,320. It was also noted that the bank issued a service charge of Php. 2,705.10.