A company has P2,320,000 cash balance per bank statement, P456,000 deposit in transit, P320,000 NSF check and P278,000 outstanding check. What is the adjusted cash balance? A. P2,142,000 B. P2,178,000 C. P2,456,000 D. P2,498,000

A company has P2,320,000 cash balance per bank statement, P456,000 deposit in transit, P320,000 NSF check and P278,000 outstanding check. What is the adjusted cash balance? A. P2,142,000 B. P2,178,000 C. P2,456,000 D. P2,498,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 4QY: What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the...

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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1. A company has P2,320,000 cash balance per bank statement, P456,000 deposit in transit, P320,000 NSF check and P278,000 outstanding check. What is the adjusted cash balance? A. P2,142,000 B. P2,178,000 C. P2,456,000 D. P2,498,000

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