8. Lazer Company had following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total 3,000,000 400,000 3,400,000 ( 900,000) 2,500,000 Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Lazer 9,000,000 Disbursements, including P140,000 NSF customer check and P10,000 service charge 7,000,00 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 1. What is the adjusted cash in bank on July 31? a. 2,500,000 b. 5,400,000 c. 2,900,000 d. 5,000,000 2. What is the cash balance per book on July 31? a. 5,400,000 b. 5,350,000 c. 5,550,000 d. 4,500,000 5. What is the amount of cash receipts per book in July? a. 9,400,000 b. 9,600,000 c. 8,600,000 17 | P age SAINT COLUMBAN COLLEGI Corner V. Cerilles - Sagun Streets, San Francisco District, Pagadian City Tel Nos: 2151799/2151800 | Fax No: 2141290 | Website: www.sccpag.edu ph | E-mail: sccpc1957@gmail.com d. 9,800,000 6. What is the amount of cash disbursements per book in July? a. 6,550,000 b. 6,700,000 c. 7,300,000 d. 6,850,000

8. Lazer Company had following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total 3,000,000 400,000 3,400,000 ( 900,000) 2,500,000 Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Lazer 9,000,000 Disbursements, including P140,000 NSF customer check and P10,000 service charge 7,000,00 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 1. What is the adjusted cash in bank on July 31? a. 2,500,000 b. 5,400,000 c. 2,900,000 d. 5,000,000 2. What is the cash balance per book on July 31? a. 5,400,000 b. 5,350,000 c. 5,550,000 d. 4,500,000 5. What is the amount of cash receipts per book in July? a. 9,400,000 b. 9,600,000 c. 8,600,000 17 | P age SAINT COLUMBAN COLLEGI Corner V. Cerilles - Sagun Streets, San Francisco District, Pagadian City Tel Nos: 2151799/2151800 | Fax No: 2141290 | Website: www.sccpag.edu ph | E-mail: sccpc1957@gmail.com d. 9,800,000 6. What is the amount of cash disbursements per book in July? a. 6,550,000 b. 6,700,000 c. 7,300,000 d. 6,850,000

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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What is the cash balance per bank on June 30?
Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: The month Deposits, including P200,000 note collected for Lazer Disbursements, including P140,000 NSF customer check And P10,000 service charge P3,000,000 400,000 What is the cash balance per book on July 31? What is the amount of cash receipts per book in July ? What is the amount of cash disbursements per book in July? 3,400,000 (900,000) P2,500,000 P9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The Outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31.
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Determine the adjusted BANK balance using the following data provided by Ilustre Company: Balance per bank statement 3,800,000 Deposit in transit 520,000 Amount erroneously credited by bank to hanjipyeong’s account 40,000 Bank service Charge for December 5,000 Outstanding checks 675,000 NSF Checks 50,000 .
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