Egad Company provided the following information for October and November: Checks and charges recorded by Bank in November Including a November service charge of P8,000 and And NSF check of P40,000 1,100,000 Service Charge made by bank in October and recorded by Depositor in November 4,000 Total credits to cash in all journals during November 1,240,000 Customer NSF check returned in October and redeposited In November (no entry made by depositor in either October Or November 80,000 Outstanding checks on October 31 that cleared in November 560,000 1. How much are the checks paid by bank in November? 2. What is the amount of outstanding checks on November 30?
Egad Company provided the following information for October and November: Checks and charges recorded by Bank in November Including a November service charge of P8,000 and And NSF check of P40,000 1,100,000 Service Charge made by bank in October and recorded by Depositor in November 4,000 Total credits to cash in all journals during November 1,240,000 Customer NSF check returned in October and redeposited In November (no entry made by depositor in either October Or November 80,000 Outstanding checks on October 31 that cleared in November 560,000 1. How much are the checks paid by bank in November? 2. What is the amount of outstanding checks on November 30?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Egad Company provided the following information for October and November:
Checks and charges recorded by Bank in November
Including a November service charge of P8,000 and
And NSF check of P40,000 1,100,000
Service Charge made by bank in October and recorded by
Depositor in November 4,000
Total credits to cash in all journals during November 1,240,000
Customer NSF check returned in October and redeposited
In November (no entry made by depositor in either October
Or November 80,000
Outstanding checks on October 31 that cleared in November 560,000
1. How much are the checks paid by bank in November?
2. What is the amount of outstanding checks on November 30?
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