Can you please solve these accounting question? Cullumber Fertilizer Co. owns the following items:Cash in bank savings account$8,160870Cash on handCash refund due from the Canada Revenue Agency 1,020Chequing account balancePostdated chequesWhat amount should Cullumber report as cash?14,280510

Step 1: Define Current AssetsIn accounting, current assets are short-term assets that are expected…

Answered: Cullumber Fertilizer Co. owns the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.9MCE

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Presented below are the amount entered in the cash receipts book and cash payments book respectively Cash Receipts Cash Payments May 3 225,000 Chk No. 0901 56,250 May 7 168,750 Chk No. 0902 94,500 May 8 146,250 Chk No. 0903 208,125 May 31 54,000 Chk No. 0904 72,000 Chk No. 0905 29,250 Note: In the bank statement, the P19,500 credit on Mar. 30 is a deposit of Hades Company erroneously recorded by the bank under the account of Sparta Company. Beginning cash balance per general ledger is P20,625. Required: 1. Prepare a bank reconciliation 2. Prepare the necessary adjusting journal entries.
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Cullumber Fertilizer Co. owns the following items: Cash in bank savings account $8,160 870 Cash on hand Cash refund due from the Canada Revenue Agency 1,020 Chequing account balance Postdated cheques What amount should Cullumber report as cash? 14,280 510