1. "Asuna" Company provided the following information: Balance per books, August 31 Deposits in transit Bank service charge P150,000 80,000 2,000 Check written and recorded on August 31 but was mailed on September 5 (included in outstanding checks) Outstanding checks Draw against insufficient fund (DAIF) checks Proceeds of customer's note collected by the bank: Principal 10,000 90,000 5,000 P50,000 Interest 2,500 Bank charges Customer's check recorded as receipt on August 25 (dated September 5) included in the deposit in transit (500) 52,000 10,000 Certified checks 15. 000
1. "Asuna" Company provided the following information: Balance per books, August 31 Deposits in transit Bank service charge P150,000 80,000 2,000 Check written and recorded on August 31 but was mailed on September 5 (included in outstanding checks) Outstanding checks Draw against insufficient fund (DAIF) checks Proceeds of customer's note collected by the bank: Principal 10,000 90,000 5,000 P50,000 Interest 2,500 Bank charges Customer's check recorded as receipt on August 25 (dated September 5) included in the deposit in transit (500) 52,000 10,000 Certified checks 15. 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Financial Accounting and Reporting
Bank Reconciliation
A. Sanchez
1. "Asuna" Company provided the following information:
Balance per books, August 31
Deposits in transit
Bank service charge
P150,000
80,000
2,000
Check written and recorded on August 31 but
was mailed on September 5 (included in outstanding checks)
Outstanding checks
Draw against insufficient fund (DAIF) checks
Proceeds of customer's note collected by the bank:
Principal
10,000
90,000
5,000
P50,000
Interest
2,500
Bank charges
Customer's check recorded as receipt on August 25
(dated September 5) included in the deposit in transit
(500)
52,000
10,000
15,000
Certified checks
Creditor's check written and recorded August 15
but dated September 23 (included in outstanding checks)
Balance per bank statement
5,000
190,000
What is the adjusted cash balance on August 31?
a. P210,000
b. P200,000
С.
P205,000
d. P215,000
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