ell Corporation reported checkbook balance on December 31, 2020 at P4,650,000. Pertinent information are as follows: A customer check amounting to P60,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance.Another customer check for P200,000 deposited on December 28, 2020 was included in the checkbook balance but returned by bank on December 30 2020 for insufficiency of fund. It was redeposited on January 2, 2021 and was cleared 3 days after.A P690,000 check payable to supplier dated and recorded on December 30, 2020 was delivered to payee on January 5, 2021.What amount should be reported as “cash” on December 31, 2020?

1. Post dated cheques are not counted as cash. Therefore cheque of 60,000 will not be included in…

Answered: ell Corporation reported checkbook…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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ell Corporation reported checkbook balance on December 31, 2020 at P4,650,000. Pertinent information are as follows:

A customer check amounting to P60,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance.
Another customer check for P200,000 deposited on December 28, 2020 was included in the checkbook balance but returned by bank on December 30 2020 for insufficiency of fund. It was redeposited on January 2, 2021 and was cleared 3 days after.
A P690,000 check payable to supplier dated and recorded on December 30, 2020 was delivered to payee on January 5, 2021.

What amount should be reported as “cash” on December 31, 2020?

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