A company recorded its August 15 receipts on its books as P142,000. However, the receipts were actually P124,000. The deposit slip for the bank was prepared correctly as P124,000. What adjustment is needed to the Cash balance per books? A. Increase by P18,000 B. Decrease by P18,000 C. Erase the wrong amount D. No adjustment needed
A company recorded its August 15 receipts on its books as P142,000. However, the receipts were actually P124,000. The deposit slip for the bank was prepared correctly as P124,000. What adjustment is needed to the Cash balance per books? A. Increase by P18,000 B. Decrease by P18,000 C. Erase the wrong amount D. No adjustment needed
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company recorded its August 15 receipts on its books as P142,000. However, the receipts were actually P124,000. The deposit slip for the bank was prepared correctly as P124,000. What adjustment is needed to the Cash balance per books?
A. Increase by P18,000
B. Decrease by P18,000
C. Erase the wrong amount
D. No adjustment needed
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