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1. What amount should be reported as adjusted cash in bank on December 31? blow you rollo sul to dom W &

1. What amount should be reported as adjusted cash in bank on December 31? blow you rollo sul to dom W &

FINANCIAL ACCOUNTING
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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For problem 2-20, answer numbers 1-3.
Problem 2-20 (AICPA Adapted) M Boracay Company kept all cash in a checking account. An examination of the bank statement for the month of December revealed a bank statement balance of P8,470,000. A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 totaled P270,000. The bank statement showed that on December 25 the bank collected a note for Boracay Company and credited the proceeds of P935,000 to the entity's account net of P15,000 service charge. Boracay Company discovered that a check written in December for P183,000 payment of an account had been recorded as P138,000. bedeugen trw abre Included with the December 31 bank statement was an NSF check for P250,000 that Boaracay Company had received from a customer on December 20. The bank statement showed a P15,000 service charge for December. 1. What amount should be reported as adjusted cash in bank on December 31? 190 SHOW 2 a. 9,150,000 b. 9,240,000 c. 9,195,000 d. 9,215,000 leoge 2. What amount was reported as unadjusted balance per book on December 31? rodiengeb a. 8,480,000 b. 8,525,000 birc. 8,435,000 d. 8,510,000 asdeja ined a. Net debito 935,000 b. Net credit 310,000 625,000 625,000 diw abas 3. What amount should be recorded as net adjustment to cash in bank on December 31? c. Net debit d. Net credit di to
Transcribed Image Text:Problem 2-20 (AICPA Adapted) M Boracay Company kept all cash in a checking account. An examination of the bank statement for the month of December revealed a bank statement balance of P8,470,000. A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 totaled P270,000. The bank statement showed that on December 25 the bank collected a note for Boracay Company and credited the proceeds of P935,000 to the entity's account net of P15,000 service charge. Boracay Company discovered that a check written in December for P183,000 payment of an account had been recorded as P138,000. bedeugen trw abre Included with the December 31 bank statement was an NSF check for P250,000 that Boaracay Company had received from a customer on December 20. The bank statement showed a P15,000 service charge for December. 1. What amount should be reported as adjusted cash in bank on December 31? 190 SHOW 2 a. 9,150,000 b. 9,240,000 c. 9,195,000 d. 9,215,000 leoge 2. What amount was reported as unadjusted balance per book on December 31? rodiengeb a. 8,480,000 b. 8,525,000 birc. 8,435,000 d. 8,510,000 asdeja ined a. Net debito 935,000 b. Net credit 310,000 625,000 625,000 diw abas 3. What amount should be recorded as net adjustment to cash in bank on December 31? c. Net debit d. Net credit di to
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