TASKS:

Prepare necessary JOURNAL ENTRIES for transactions in the month of May 2019 (use appropriate account titles)
Prepare BANK RECONCILIATION for PHP, JPY and USD
Use appropriate foreign exchange rate using the BSP website
All items in the bank statement which are not included in the transactions for the month are considered as RECONCILING ITE

MIZUHO BANK (PHP)

Beginning Book Balance (April 30, 2019) ₱436,676.96
Payment of professional fee ₱28,199.50
Prepayments made for subscription (10 months) ₱16,900.00
Payment to Meralco ₱33,600.00
Payment of professional fee ₱19,290.94
Payment of professional fee ₱28,000.00
Payment for contractor (COGS) ₱20,958.30
Payment of rent for the month ₱28,197.87
Payment for contractor (COGS) ₱35,412.00
Payment for travelling ₱14,631.00
Collection from Customers billed last month ₱3,154,984.00
Payment for membership (2 months) ₱10,800.00
Purchase of computers ₱2,734,657.05
Payment for travelling ₱26,646.98
Payment for travelling ₱11,326.38
Payment of car rental for the month ₱86,460.17
Payment of Salaries ₱163,834.11
Payment of Salaries ₱115,601.77
Payment of professional fee ₱34,229.00
Advances made to stockholders ₱61,875.87
Payment of monthly office supplies ₱14,070.00
Cash Sales for the month ₱1,320,000.00
Payment for Checkbook ₱500.00

₱197,196.04
opriate account titles)

re considered as RECONCILING ITEMS LAST MONTH

MIZUHO BANK (JPY)

Beginning Book Balance (April 30, 2019) ₱1,074,362.61
Cash received from Customer's remittance ¥600,000
 MIZUHO BANK (USD)
Beginning Book Balance (April 30, 2019) ₱4,789,366.23
No transactions
Prepare all 25 JOURNAL ENTRIES

Account Title Debit Credit

Professional fee 28,199.50
Cash 28,199.50
Prepaid Insurance ₱16,900.00
Cash ₱16,900.00
Accounts Payable ₱33,600.00
Cash ₱33,600.00
Professional fee ₱19,290.94
Cash ₱19,290.94
Professional fee ₱28,000.00
Cash ₱28,000.00
Accounts Payable ₱20,958.30
Cash ₱20,958.30
Rent Expense ₱28,197.87
Cash ₱28,197.87
Accounts Payable ₱35,412.00
Cash ₱35,412.00
Travel Expense ₱14,631.00
Cash ₱14,631.00
Cash ₱3,154,984.00
Accounts Receivable ₱3,154,984.00
Membership Expense ₱10,800.00
Cash ₱10,800.00
Computer Equipment ₱2,734,657.05
Cash ₱2,734,657.05
Travel Expense ₱26,646.98
Cash ₱26,646.98
Travel Expense ₱11,326.38
Cash ₱11,326.38
Rent Expense ₱86,460.17
Cash ₱86,460.17
Salaries Expense ₱163,834.11
Cash ₱163,834.11
Salaries Expense ₱115,601.77
Cash ₱115,601.77
Professional fee ₱34,229.00
Cash ₱34,229.00
Advances to employees ₱61,875.87
Cash ₱61,875.87
Office Supplies Expense ₱14,070.00
Cash ₱14,070.00
Cash ₱1,320,000.00
 Sales ₱1,320,000.00
₱500.00
Bank Charge ₱500.00
Cash
Cash 286,680.00
Remittance 286,680.00
 Bank Book
Beg. 2,989,448.40 436,676.96
Receipts 4,474,984.00 4,474,984.00
Disbursement 5,840,766.34 3,485,190.94
Total 1,623,666.06 1,426,470.02 197,196.04

Outstanding:
Payment for travelling 14,631.00
Payment of car rental for the month 86,460.17
Payment of professional fee 34,229.00
Advances made to stockholders 61,875.87
Total 197,196.04

1,426,470.02 1,426,470.02
 ₱28,199.50 ₱28,199.50
₱16,900.00 ₱16,900.00
₱33,600.00 ₱33,600.00
₱19,290.94 ₱19,290.94
₱28,000.00 ₱28,000.00
₱20,958.30 ₱20,958.30
₱28,197.87 ₱28,197.87
₱35,412.00 ₱35,412.00
₱10,800.00 ₱14,631.00
₱3,154,984.00 ₱2,734,657.05 ₱10,800.00
₱1,320,000.00 ₱26,646.98 ₱2,734,657.05
₱4,474,984.00 ₱11,326.38 ₱26,646.98
₱163,834.11 ₱11,326.38
₱115,601.77 ₱86,460.17
₱14,070.00 ₱163,834.11
₱500.00 ₱115,601.77
₱176,481.58 ₱34,229.00
97,611.74 ₱61,875.87
163,834.11 ₱14,070.00
132,209.70 ₱500.00
1,760,000.00 ₱3,485,190.94
88,650.42
72,108.02
61,875.87
₱5,840,766.34
 Bank Rate Book
Beg.
Receipts
Disbursement
Total
4,789,366.23 52.11 91,915.83
4,803,245.53 52.26 91,915.83
(13,879.30)