1. HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total bank debits and total ban credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount P350,000. Deposit in transit at the beginning and end of the month tot P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during Ma /hat is the correct cash receipts amount for the month?

1. HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total bank debits and total ban credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount P350,000. Deposit in transit at the beginning and end of the month tot P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during Ma /hat is the correct cash receipts amount for the month?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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