The Gracious Co.'s ledger showed a balance in its cash account at December 31, 2020 of P2,537,125 which wasdetermined to consist of the following:Petty cash fundP 10,800Cash per bank statement with a check for P30,000 still outstanding1,068,375Notes receivable in the possession of a collecting agency12,500Undeposited heceipts, including postdated check for P50,250 and traveler's check forP35.000809,000630,750Bond sinking fund- cash2,475LOUS signed by employees3,225Paid vouchers not yet recordedP2,537,125TotalAt what amount should Cash on hand and in bank be reported on Gracious' balance sheet? The "cash" account in Optimistic Co.'s ledger on December 31, 2020 showed a balance of P 4,905,000 which includedthe following:100,000Petty Cash FundUndeposited receipts, including a post-dated customer check of P40,000Cash in Bank per bank statement, with a check for 850,000 still outstandingDeposit in a bank closed by the Bangko Sentral ng PilipinasVouchers paid out of colleotions, not yet recorded650,0po3,500,000500,000150,0005,0001OUS signed by employees, taken from collections4,905,000At what amount should Optimistic Co. report as "cash" on December 31, 2020?

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At what amount should "Cash on hand and in bank be reported on Gracious' balance sheet?

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 2.7C

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