Choose the letter of the correct answer: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000. Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000. How much is the adjusting entry on July 31 for the note collected: a.300,000 b.500,000 c.200,000 d.150,000
Choose the letter of the correct answer: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000. Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000. How much is the adjusting entry on July 31 for the note collected: a.300,000 b.500,000 c.200,000 d.150,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Choose the letter of the correct answer:
Sassy Company provided the following data for the month of July:
Cash in bank:
*Balance June 30 - 1,000,000;
*Book debits for July including June CM for note collected, P300,000 - 4,000,000;
*Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000.
Bank statement for July:
*Balance June 30 - 1,650,000;
*Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000;
*Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000.
How much is the
a.300,000
b.500,000
c.200,000
d.150,000
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