Based on the following information, the cause of the discrepancies between the book credits and bank debits are ascertained: Book credits in May 85,800 Bank debits in May 97,650 Check issued on May 29 for P5,700 erroneously Recorded in the books of the depositor as 7,500 Customer's DAIF check, returned by the bank of the depositor in May 2,300 April bank service charges, taken up in the books in May 30 Payment of VISA credit card automatically debited by the bank on May 25, as per ADA, but taken up in the books of the depositor in June 3,000 Outstanding checks as May 31 4,500 How much is the outstanding checks at the beginning of the period? a. P4,500 b. P5,300 c. P12,880 d. P11,880

Based on the following information, the cause of the discrepancies between the book credits and bank debits are ascertained: Book credits in May 85,800 Bank debits in May 97,650 Check issued on May 29 for P5,700 erroneously Recorded in the books of the depositor as 7,500 Customer's DAIF check, returned by the bank of the depositor in May 2,300 April bank service charges, taken up in the books in May 30 Payment of VISA credit card automatically debited by the bank on May 25, as per ADA, but taken up in the books of the depositor in June 3,000 Outstanding checks as May 31 4,500 How much is the outstanding checks at the beginning of the period? a. P4,500 b. P5,300 c. P12,880 d. P11,880

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vikarm
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