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Performance Task in FABM

- Julia Company made various transactions in its first month of operations including contributions, purchases and sales on account, payments, and withdrawals. - Journal entries were made for each transaction using a general journal and special journal to record the transactions for the first month. - Bryan Tutorial Services needs to reconcile its cash balance per books of ₱343,785 with the bank statement balance of ₱273,900 by considering various reconciling items such as outstanding checks, deposits in transit, bank charges, and dishonored checks.

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Michelle Rotairo
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2K views4 pages

Performance Task in FABM

- Julia Company made various transactions in its first month of operations including contributions, purchases and sales on account, payments, and withdrawals. - Journal entries were made for each transaction using a general journal and special journal to record the transactions for the first month. - Bryan Tutorial Services needs to reconcile its cash balance per books of ₱343,785 with the bank statement balance of ₱273,900 by considering various reconciling items such as outstanding checks, deposits in transit, bank charges, and dishonored checks.

Uploaded by

Michelle Rotairo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Performance Task (part 1): General Journal and Special Journal

Julia Company is a newly opened store. The following are the transactions of Julia Company for the first month of
its operations.

Date Transaction Amount

March 1 Julia made an initial contribution to the business by depositing money in the ₱120,000
company’s bank account.

March 1 Purchased computer equipment. Made a down payment of ₱15,000 and the
remaining ₱15,000 is payable on May 31.

March 2 Paid advance rental for 6 months. 15,000

March 4 Purchased inventory on account from Pedro Corp. Terms – 2/10, n/30. 45,000

March 7 Sold merchandise inventory on account to Angela Company. Terms – 2/10, 30,000
n/20. Cost of merchandise was ₱15,000.

March 8 Paid the March 4 purchases.

March 15 Paid salary of employee 5,000

March 16 Received payment from the March 7 sales

March 18 Sold merchandise inventory on account to Michael Company. Terms – 3/10, 50,000
n/20. Cost of merchandise was ₱25,000.

March 19 Purchased inventory from Jude Inc. Terms – cash on delivery 25,000

March 22 Sold merchandise inventory on account to Angela Company. Terms – 2/10, 30,000
n/30. Cost of merchandise was ₱15,000
March 23 Received returned merchandise from Angela Company. 10% of March 22
deliveries were returned.

March 24 Sold merchandise inventory to Joel Company. Terms – cash. Cost of 12,000
merchandise was ₱6,000.

March 25 Paid utility bill. 8,000

March 26 Purchased inventory on account from Pedro Corp. Terms – 2/10, n/30. 40,000

March 31 Record one-month depreciation on the computer equipment. Useful life is 3


years

March 31 Unpaid salary of employees as of March 31. 1,000

March 31 Julia withdrew cash for personal expenses. 10,000

Requirement 1: Using the general journal, prepare the journal entries for Julia’s first month of
operations. (perpetual inventory system)

Requirement 2: Using the special journal record the transactions for Julia’s first month of
operations.
Performance Task part 2: Bank Reconciliation

The books of Bryan Tutorial Services, Inc. disclosed a cash balance of ₱343,785 on December 31. The
bank statement as of December 31 showed a balance of ₱273,900. Additional information that might be useful in
reconciling the two balances are the following:
a. Check number 100648 for ₱15,000 was originally recorded on the books as ₱22,500.
b. A customer’s check dated October 25 was deposited in December.The check was dishonored on
December 29 (maturity date). The bank deducted ₱71,325 from Bryan’s account.
c. The deposit of December 24 was recorded on the books as ₱14,475, but it was actually a deposit of
₱13,500.
d. Outstanding checks totaled ₱49,425 as of December 31.
e. Bank service charge for December of ₱1,050 was not yet recorded on the books.
f. Bryan’s account had been charged on December 26 for a customer’s NSF check for ₱6,480.
g. Bryan properly deposited ₱3,000 on December 3 that was not recorded by the bank.
h. Receipts of December 31 worth ₱67,125 were recorded by the bank on January 2.
i. A bank memo stated that a customer’s note for ₱22,500 and interest of ₱825 had been collected on
December 27, and the bank chargeda ₱180 collection fee.

Requirement: As the accountant of Bryan Tutorial Services Inc., you are tasked to prepare the bank
reconciliation statement for the month of December using the adjusted method.

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