Problem 1 Lim Company provided the following bank reconciliation for the month February: Balance per bank statement, February 28 Deposits outstanding Checks outstanding Bank credit recorded in error Balance per book, February 28 Data per bank statement for the month of March follow: March deposits, including note collected of P1,000,000 for Lim March disbursements, including NSF customer check P350,000 and service charge of P50,000 P3,600,000 800,000 (1,200,000) (200,000) P3,000,000 P5,500,000 4,400,000 All items that were outstanding on February cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on March 31. 1. What is the adjusted cash in bank on March 31?_ 2. What is the cash balance per ledger on March 31?_ 3. What is the amount of unadjusted cash receipts per book in March? 4. What is the amount of unadjusted cash disbursements per book in March?
Problem 1 Lim Company provided the following bank reconciliation for the month February: Balance per bank statement, February 28 Deposits outstanding Checks outstanding Bank credit recorded in error Balance per book, February 28 Data per bank statement for the month of March follow: March deposits, including note collected of P1,000,000 for Lim March disbursements, including NSF customer check P350,000 and service charge of P50,000 P3,600,000 800,000 (1,200,000) (200,000) P3,000,000 P5,500,000 4,400,000 All items that were outstanding on February cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on March 31. 1. What is the adjusted cash in bank on March 31?_ 2. What is the cash balance per ledger on March 31?_ 3. What is the amount of unadjusted cash receipts per book in March? 4. What is the amount of unadjusted cash disbursements per book in March?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kindly answer numbers 1-4.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education