9. The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at this amount was a customer's NSF check for P2,400 that had been returned. Kelvin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17,200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)? a. P121,800 c. P117,000 d. P115,400 b. P119,400 (Adapted)

9. The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at this amount was a customer's NSF check for P2,400 that had been returned. Kelvin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17,200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)? a. P121,800 c. P117,000 d. P115,400 b. P119,400 (Adapted)

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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