2. Frivolous Company provided the following information for the bank reconciliation:Checks and charges returned by bank in June incudingJune service charge of P50,0008,000,000.00Service charge made by bank in May and recordedon book in June100,000.00Tota credits to cash in all journals during JuneCustomer's NSF check returned as a bank charge in9,000,000.00June (no entry made on book)Customer's NSF check returned in May and redeposited1,000,000.00in June (no entry made on book in either May or June)500,000.00Outstanding Checks at June 304,950,000.00What is the amount of outstanding checks on May 31?

Outstanding checks are defined as those which have been recorded as well as written in cash account…

Checks and charges returned by bank in June incuding June service charge of P50,000 8,000,000.00 Service charge made by bank in May and recorded on book in June 100,000.00 Tota credits to cash in all journals during June 9,000,000.00 Customer's NSF check returned as a bank charge in June (no entry made on book) Customer's NSF check returned in May and redeposited 1,000,000.00 COO 0 00 00

Checks and charges returned by bank in June incuding June service charge of P50,000 8,000,000.00 Service charge made by bank in May and recorded on book in June 100,000.00 Tota credits to cash in all journals during June 9,000,000.00 Customer's NSF check returned as a bank charge in June (no entry made on book) Customer's NSF check returned in May and redeposited 1,000,000.00 COO 0 00 00

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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