Forever Company is preparing its March 31 bank reconciliation. The following data are available: From February 28 bank reconciliation: Deposits in transit 1,700 Outstanding checks 3,900 March data: Per Bank Per Book Balance, February 28 74,140 71,940 March deposits reflected 47,600 49,000 March check reflected (61,700)* (61,000) Notes collected 20,000 Bank service charge ( 120) *Erroneously includes a check drawn by Forevermore Company for P1,500. In preparing the adjusting journal entry, how much is the net debit to cash in bank?
Forever Company is preparing its March 31 bank reconciliation. The following data are available: From February 28 bank reconciliation: Deposits in transit 1,700 Outstanding checks 3,900 March data: Per Bank Per Book Balance, February 28 74,140 71,940 March deposits reflected 47,600 49,000 March check reflected (61,700)* (61,000) Notes collected 20,000 Bank service charge ( 120) *Erroneously includes a check drawn by Forevermore Company for P1,500. In preparing the adjusting journal entry, how much is the net debit to cash in bank?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Forever Company is preparing its March 31 bank reconciliation. The following data are available: From February 28 bank reconciliation: Deposits in transit 1,700 Outstanding checks 3,900 March data: Per Bank Per Book Balance, February 28 74,140 71,940 March deposits reflected 47,600 49,000 March check reflected (61,700)* (61,000) Notes collected 20,000 Bank service charge ( 120) *Erroneously includes a check drawn by Forevermore Company for P1,500. In preparing the adjusting journal entry , how much is the net debit to cash in bank?
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