7.The following information is from the records of ABC Corp at June 30: Deposit in transit, June 1 18,000 Outstanding checks, June 1 9,000 Bank credits (which includes notes collection of P4,000) 78,000 Bank debits (which includes service charge of P500) 67,000 Deposits per books 85,000 Checks issued per books 75,000 The bank statement had a balance of P56,000 at June 1 How much is the correct cash balance at June 30? 36,000 78,000 78,500 82,500
7.The following information is from the records of ABC Corp at June 30: Deposit in transit, June 1 18,000 Outstanding checks, June 1 9,000 Bank credits (which includes notes collection of P4,000) 78,000 Bank debits (which includes service charge of P500) 67,000 Deposits per books 85,000 Checks issued per books 75,000 The bank statement had a balance of P56,000 at June 1 How much is the correct cash balance at June 30? 36,000 78,000 78,500 82,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7.The following information is from the records of ABC Corp at June 30:
Deposit in transit, June 1 18,000
Outstanding checks, June 1 9,000
Bank credits (which includes notes collection of P4,000) 78,000
Bank debits (which includes service charge of P500) 67,000
Deposits per books 85,000
Checks issued per books 75,000
The bank statement had a balance of P56,000 at June 1
How much is the correct cash balance at June 30?
Deposit in transit, June 1 18,000
Outstanding checks, June 1 9,000
Bank credits (which includes notes collection of P4,000) 78,000
Bank debits (which includes service charge of P500) 67,000
Deposits per books 85,000
Checks issued per books 75,000
The bank statement had a balance of P56,000 at June 1
How much is the correct cash balance at June 30?
36,000
78,000
78,500
82,500
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