Epsilon Corporation hasunadjusted cash in bankbalances of P1,000,000 andP900,000 at the beginningand end of the month,respectively. Book debitstotaled P1,800,000. Ananalysis with recent bankstatements showed depositsin transit of P350,000 at thestart of the month, deposits intransit of P220,000 at the endof the month, outstandingchecks of P80,000 at thebeginning of the month, andoutstanding checks ofP70,000 at the end of themonth. Credit memos wereP200,000 last month while itis P50,000 for this month.Bank service charge totaledP30,000 last month. AP120,000 customer checkdeposited this month wasreturned by the bank due toinsufficient fund. How much isthe unadjusted total bankcredit for the month?

Particulars Amount Total Book 1800000 Add: Outstanding cheques (at the end) 70000 Less:…

Answered: Epsilon Corporation has unadjusted cash…

Business

Accounting

Epsilon Corporation has unadjusted cash in bank balances of P1,000,000 and P900,000 at the beginning

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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