Enterina Company provided the following bank reconciliation on May 31: Balance per bank statement 2,100,000 Deposits Outstanding 300,000 Checks Outstanding ( 30,000) Correct Cash Balance 2,370,000 Balance per book 2,372,000 Bank Service Charge ( 2,000) Correct Cash Balance 2,370,000 Data for the month of June: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded 1,620,000 1,800,000 Collection by Bank (P400,000 note plus interest) 420,000 - NSF Check returned with June 30 statement 10,000 - Balances 1,830,000 1,810,000 1. What is the amount of checks outstanding on June 30? 2. What is the amount of deposits in transit on June 30? 3. What is the adjusted cash in bank on June 30?
Enterina Company provided the following bank reconciliation on May 31: Balance per bank statement 2,100,000 Deposits Outstanding 300,000 Checks Outstanding ( 30,000) Correct Cash Balance 2,370,000 Balance per book 2,372,000 Bank Service Charge ( 2,000) Correct Cash Balance 2,370,000 Data for the month of June: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded 1,620,000 1,800,000 Collection by Bank (P400,000 note plus interest) 420,000 - NSF Check returned with June 30 statement 10,000 - Balances 1,830,000 1,810,000 1. What is the amount of checks outstanding on June 30? 2. What is the amount of deposits in transit on June 30? 3. What is the adjusted cash in bank on June 30?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Enterina Company provided the following bank reconciliation on May 31:
Balance per bank statement 2,100,000
Deposits Outstanding 300,000
Checks Outstanding ( 30,000)
Correct Cash Balance 2,370,000
Balance per book 2,372,000
Bank Service Charge ( 2,000)
Correct Cash Balance 2,370,000
Data for the month of June:
Bank Book
Checks recorded 2,300,000 2,360,000
Deposits recorded 1,620,000 1,800,000
Collection by Bank (P400,000 note plus interest) 420,000 - NSF Check returned with June 30 statement 10,000 - Balances 1,830,000 1,810,000
1. What is the amount of checks outstanding on June 30?
2. What is the amount of deposits in transit on June 30?
3. What is the adjusted cash in bank on June 30?
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