29) ABC Company's checkbook balance on December 31, 2021 was P21,200. In addition, ABC held the following items in its safe on December 31: • Acheck dated January 2, 2022 for P450 from Y, Inc. received December 30, 2021, which was not included in the checkbook balance. • An NSF check from X Company in the amount of P900 that had been deposited at the bank but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2022. The original deposit has been included in the December 31 checkbook balance. Coin and currency on hand amounted to P1,450. The proper amount to be reported on ABC's balance sheet for cash at December 31, 2021 is:
29) ABC Company's checkbook balance on December 31, 2021 was P21,200. In addition, ABC held the following items in its safe on December 31: • Acheck dated January 2, 2022 for P450 from Y, Inc. received December 30, 2021, which was not included in the checkbook balance. • An NSF check from X Company in the amount of P900 that had been deposited at the bank but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2022. The original deposit has been included in the December 31 checkbook balance. Coin and currency on hand amounted to P1,450. The proper amount to be reported on ABC's balance sheet for cash at December 31, 2021 is:
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:29) ABC Company's checkbook balance on December 31, 2021 was P21,200. In addition, ABC held the following items in its
safe on December 31:
• A check dated January 2, 2022 for P450 from Y, Inc. received December 30, 2021, which was not included in the
checkbook balance.
• An NSF check from X Company in the amount of P900 that had been deposited at the bank but was returned for lack
of sufficient funds on December 29. The check was to be redeposited on January 3, 2022. The original deposit has
been included in the December 31 checkbook balance.
• Coin and currency on hand amounted to P1,450.
The proper amount to be reported on ABC's balance sheet for cash at December 31, 2021 is:
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