MC40Garnet Company is preparing its March 31 bank reconciliation. The following data are available: 1. March data: Per BankPer BooksBalance, February 28P741,400P719,400March deposits reflected476,000490,000March checks reflected(617,000)*(610,000)Note collected (including P2,000 interest)202,000 Service Charge(1,200) Balance, March 31P801,200P599,400*Erroneously includes a check drawn by Garment for P15,000.2. From February 28 bank reconciliation:Deposits in transit, P17,000Outstanding Checks, P39,000 The deposit in transit at March 31 is? (with solution)a. P45,000b. P31,000c. P14,000d. P3,000

March deposits reflected in Bank P4,76,000 Less: Deposit refeclect in February P17,000 Net…

Answered: Garnet Company is preparing its March…

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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MC40

Garnet Company is preparing its March 31 bank reconciliation. The following data are available:

1. March data:

	Per Bank	Per Books
Balance, February 28	P741,400	P719,400
March deposits reflected	476,000	490,000
March checks reflected	(617,000)*	(610,000)
Note collected (including P2,000 interest)	202,000
Service Charge	(1,200)
Balance, March 31	P801,200	P599,400

*Erroneously includes a check drawn by Garment for P15,000.

2. From February 28 bank reconciliation:

Deposits in transit, P17,000

Outstanding Checks, P39,000

The deposit in transit at March 31 is? (with solution)

a. P45,000

b. P31,000

c. P14,000

d. P3,000

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