GBV Co. is preparing its November 30, 2015 bank reconciliation statement. The following information was determined: • Cash balance per accounting books, Nov. 30, 2015, P600,000 Cash balance per bank statement, Nov. 30, 2015, P860,000 • Credit memo, P380,000 • Debit memo, P60,000 • Deposits in transit, P100,000 • Outstanding checks, P40,000 How much is the adjusted balance of cash?

GBV Co. is preparing its November 30, 2015 bank reconciliation statement. The following information was determined: • Cash balance per accounting books, Nov. 30, 2015, P600,000 Cash balance per bank statement, Nov. 30, 2015, P860,000 • Credit memo, P380,000 • Debit memo, P60,000 • Deposits in transit, P100,000 • Outstanding checks, P40,000 How much is the adjusted balance of cash?

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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