At October 31, 2020, total debits and total credits to cash in bank account of KAI Company are P62,500 and P38,500, respectively. The bank statement for the month of October indicates that only P57,500 in deposits were received during the month and checks clearing the bank were P30,500. In addition to the deposits acknowledge by the bank during the month of October and the checks that cleared the bank during October, the bank statement for the same period shows credit memo for note collected of P1,500 and debit memo for service charge of P1,000. The September 30, 2020 bank reconciliation showed deposits in transit of P12,500; outstanding checks of P1,500. Outstanding checks at October 31 were P22,500. The deposit in transit as of October 31 is
At October 31, 2020, total debits and total credits to cash in bank account of KAI Company are P62,500 and P38,500, respectively. The bank statement for the month of October indicates that only P57,500 in deposits were received during the month and checks clearing the bank were P30,500. In addition to the deposits acknowledge by the bank during the month of October and the checks that cleared the bank during October, the bank statement for the same period shows credit memo for note collected of P1,500 and debit memo for service charge of P1,000. The September 30, 2020 bank reconciliation showed deposits in transit of P12,500; outstanding checks of P1,500. Outstanding checks at October 31 were P22,500. The deposit in transit as of October 31 is
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 5E
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At October 31, 2020, total debits and total credits to cash in bank account of KAI Company are P62,500 and P38,500, respectively.
The bank statement for the month of October indicates that only P57,500 in deposits were received during the month and checks clearing the bank were P30,500.
In addition to the deposits acknowledge by the bank during the month of October and the checks that cleared the bank during October, the bank statement for the same period shows credit memo for note collected of P1,500 and debit memo for service charge of P1,000.
The September 30, 2020 bank reconciliation showed deposits in transit of P12,500; outstanding checks of P1,500. Outstanding checks at October 31 were P22,500. The deposit in transit as of October 31 is
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