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1. What is the amount of checks outstanding on June 30?

1. What is the amount of checks outstanding on June 30?

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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PROBLEM #6 Liam Co. provided the following bank reconciliation on May 31: Balance per bank statement Deposits outstanding Checks outstanding Correct cash balance Balance per book Bank service charge Correct cash balance 2,100,000 300,000 (50,000) 2,350,000 2,360,000 (10,000) 2,350,000 Data for the month of June: BANK ВOOK Checks recorded Deposits recorded Collection by bank, P500,000 note plus interest 550,000 NSF check returned with June 30 statement Balances 1. What is the amount of checks outstanding on June 30? 2. What is the amount of deposit in transit on June 30? 3. What amount should be reported as adjusted cash in bank on June 30? 2,300,000 2,400,000 1,700,000 1,800,000 100,000 1,950,000 1,750,000
Transcribed Image Text:PROBLEM #6 Liam Co. provided the following bank reconciliation on May 31: Balance per bank statement Deposits outstanding Checks outstanding Correct cash balance Balance per book Bank service charge Correct cash balance 2,100,000 300,000 (50,000) 2,350,000 2,360,000 (10,000) 2,350,000 Data for the month of June: BANK ВOOK Checks recorded Deposits recorded Collection by bank, P500,000 note plus interest 550,000 NSF check returned with June 30 statement Balances 1. What is the amount of checks outstanding on June 30? 2. What is the amount of deposit in transit on June 30? 3. What amount should be reported as adjusted cash in bank on June 30? 2,300,000 2,400,000 1,700,000 1,800,000 100,000 1,950,000 1,750,000
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