.Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was determined: a. The cash balance per books is ₱280,000 while the cash balance per bank statement is ₱320,000. b. Credit memo – ₱20,000 c. Debit memo – ₱15,000 d. Deposits in transit – ₱75,000 e. Outstanding checks – ₱25,000 f. The disbursements per books are overstated by ₱45,000. g. The bank debits are understated by ₱40,000.
.Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was determined: a. The cash balance per books is ₱280,000 while the cash balance per bank statement is ₱320,000. b. Credit memo – ₱20,000 c. Debit memo – ₱15,000 d. Deposits in transit – ₱75,000 e. Outstanding checks – ₱25,000 f. The disbursements per books are overstated by ₱45,000. g. The bank debits are understated by ₱40,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
.Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was determined:
a. The cash balance per books is ₱280,000 while the cash balance per bank statement is ₱320,000.
b. Credit memo – ₱20,000
c. Debit memo – ₱15,000
d. Deposits in transit – ₱75,000
e. Outstanding checks – ₱25,000
f. The disbursements per books are overstated by ₱45,000.
g. The bank debits are understated by ₱40,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education