Eastem Company's bank statement for the month of December included the following information: Ending balance Bank service charge for December Interest paid by the bank to Eastern for December 2,800,000 12,000 10,000 In comparing the bank statement to its own cash records, Eastern Company found the following: Deposits made but not yet recorded by the bank Checks written and mailed but not yet recorded by bank 350,000 650,000 In addition, Eastern Company discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31?

Eastem Company's bank statement for the month of December included the following information: Ending balance Bank service charge for December Interest paid by the bank to Eastern for December 2,800,000 12,000 10,000 In comparing the bank statement to its own cash records, Eastern Company found the following: Deposits made but not yet recorded by the bank Checks written and mailed but not yet recorded by bank 350,000 650,000 In addition, Eastern Company discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31?

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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Little Corporation's bank statement for the month of April included the following information: Bank service charge for April - P130 Check deposited by Little during April was not collectible and has been marked "NSF" by the bank and returned - 400 In comparing the bank statement to its own cash records, Little found: Deposits made but not yet recorded by the bank - P1,324 Checks written and mailed but not yet recorded by the bank - 987 All the deposits in transit and outstanding checks have been properly recorded in Little's books. Little also found a check for P350, payable to Little Corporation, that had not yet been deposited and had not been recorded in Little's books. Little's books show a bank account balance of P9,213 (before any adjustments or corrections). What is Little Corporation's correct Cash balance at April 30? a. P 8,683 b. P 9,213 c. P 8,333 d. P 9,033
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Provide solution on the following requirements.
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