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3. In preparing the bank reconciliation at December 31, 2018, "Erza" Corporation had the following: Balance in checking account per bank statement (outstanding checks, P500,000) Checkbook printing charges Proceeds from a customer promissory note collected by the bank, net of P3,000 service charge Check issued by the supplier entered in the books as P210,000 but P2,700,000 6,000 97,000 deducted in the bank statement at an erroneous amount of 120,000 Deposit of "Erza" Corp. credited by the bank in error to "Ezra" company Erza company neglected to make an entry for the payment of an account payable. The check was already paid by the bank for 70,000 80,000

3. In preparing the bank reconciliation at December 31, 2018, "Erza" Corporation had the following: Balance in checking account per bank statement (outstanding checks, P500,000) Checkbook printing charges Proceeds from a customer promissory note collected by the bank, net of P3,000 service charge Check issued by the supplier entered in the books as P210,000 but P2,700,000 6,000 97,000 deducted in the bank statement at an erroneous amount of 120,000 Deposit of "Erza" Corp. credited by the bank in error to "Ezra" company Erza company neglected to make an entry for the payment of an account payable. The check was already paid by the bank for 70,000 80,000

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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c. (P240,000) d. P630,000 3. In preparing the bank reconciliation at December 31, 2018, "Erza" Corporation had the following: Balance in checking account per bank statement (outstanding checks, P500,000) Checkbook printing charges Proceeds from a customer promissory note collected by the bank, net of P3,000 service charge Check issued by the supplier entered in the books as P210,000 but P2,700,000 6,000 97,000 deducted in the bank statement at an erroneous amount of 120,000 Deposit of "Erza" Corp. credited by the bank in error to "Ezra" company Erza company neglected to make an entry for the payment of an account payable. The check was already paid by the bank for 70,000 80,000 Balance per books ???? What is the adjusted cash balance? а. Р2,680,000 b. P2,360,000 c. P2,173,000 d. P2,180,000 4. "Quincy" Company's accountant prepared the following bank reconciliation for March 2018: Balance per bank statement, March 31 Add: Deposit in transit P200,000 118,000 Total 318,000 Less: Outstanding checks Bank credit recorded in error P150,000 158,000 160,000 8,000 Balance per book, March 31 The bank statement for April 2018 contains the following: Total deposits including credit memo of P10,000 Total charges including service charge of 2,000 P190,000 156,000 All outstanding checks on March 31 including the erroneous bank credit were cleared in bank in April 2016. There were outstanding checks of P15,000 and deposit in transit of P19,000 on April 30. Q1. What is the cash balance per book on April 30, 2018? a. P230,000 b. P238,000 C. P234,000 d. P160,000 Q2. What is the cash balance per bank on April 30, 2018? a. P230,000 b. P238,000 C. P234,000 Page 2 of 3 IIIIIIIlaps////IIIII Bank Reconciliation d. P160,000 Q3. What is the adjusted cash on April 30, 2018? a. P230,000 b. P238,000 c. P234,000 d. P160,000
Transcribed Image Text:c. (P240,000) d. P630,000 3. In preparing the bank reconciliation at December 31, 2018, "Erza" Corporation had the following: Balance in checking account per bank statement (outstanding checks, P500,000) Checkbook printing charges Proceeds from a customer promissory note collected by the bank, net of P3,000 service charge Check issued by the supplier entered in the books as P210,000 but P2,700,000 6,000 97,000 deducted in the bank statement at an erroneous amount of 120,000 Deposit of "Erza" Corp. credited by the bank in error to "Ezra" company Erza company neglected to make an entry for the payment of an account payable. The check was already paid by the bank for 70,000 80,000 Balance per books ???? What is the adjusted cash balance? а. Р2,680,000 b. P2,360,000 c. P2,173,000 d. P2,180,000 4. "Quincy" Company's accountant prepared the following bank reconciliation for March 2018: Balance per bank statement, March 31 Add: Deposit in transit P200,000 118,000 Total 318,000 Less: Outstanding checks Bank credit recorded in error P150,000 158,000 160,000 8,000 Balance per book, March 31 The bank statement for April 2018 contains the following: Total deposits including credit memo of P10,000 Total charges including service charge of 2,000 P190,000 156,000 All outstanding checks on March 31 including the erroneous bank credit were cleared in bank in April 2016. There were outstanding checks of P15,000 and deposit in transit of P19,000 on April 30. Q1. What is the cash balance per book on April 30, 2018? a. P230,000 b. P238,000 C. P234,000 d. P160,000 Q2. What is the cash balance per bank on April 30, 2018? a. P230,000 b. P238,000 C. P234,000 Page 2 of 3 IIIIIIIlaps////IIIII Bank Reconciliation d. P160,000 Q3. What is the adjusted cash on April 30, 2018? a. P230,000 b. P238,000 c. P234,000 d. P160,000
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