cash in bank of AA Company in BB (Bank) had a balance per book of P1,920,000 as of December 31, 2022. The details below are related to BB Bank account: A P66,800 customer’s check payable to the company, dated January 3, 2023, with O.R. no. 18932 was included in the December 31 balance. An P18,000 check payable to a supplier dated January 2, 2023 was released on December 28, 2022 and recorded on this date. A customer collection during December amounting to P345,000 was recorded by the accountant at P354,000. Outstanding checks as of December 31, 2022 amounted to P238,500 were recorded as disbursements from the cash in BB Bank account. What is the correct balance of cash in BB as of December 31, 2022?
cash in bank of AA Company in BB (Bank) had a balance per book of P1,920,000 as of December 31, 2022. The details below are related to BB Bank account: A P66,800 customer’s check payable to the company, dated January 3, 2023, with O.R. no. 18932 was included in the December 31 balance. An P18,000 check payable to a supplier dated January 2, 2023 was released on December 28, 2022 and recorded on this date. A customer collection during December amounting to P345,000 was recorded by the accountant at P354,000. Outstanding checks as of December 31, 2022 amounted to P238,500 were recorded as disbursements from the cash in BB Bank account. What is the correct balance of cash in BB as of December 31, 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The cash in bank of AA Company in BB (Bank) had a balance per book of P1,920,000 as of December 31, 2022.
The details below are related to BB Bank account:
- A P66,800 customer’s check payable to the company, dated January 3, 2023, with O.R. no. 18932 was included in the December 31 balance.
- An P18,000 check payable to a supplier dated January 2, 2023 was released on December 28, 2022 and recorded on this date.
- A customer collection during December amounting to P345,000 was recorded by the accountant at P354,000.
- Outstanding checks as of December 31, 2022 amounted to P238,500 were recorded as disbursements from the cash in BB Bank account.
What is the correct balance of cash in BB as of December 31, 2022?
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