HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total debits and total credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount to P350,000. Deposit in transit at the beginning and end of the month total P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during May. What is the correct cash receipts amount for the month? * O A.P2,920,000 B.P2,950,000 O C.P2,970,000 D.P3.000.000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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HIRO Company provided you
its June bank statement for its
PNB demand account. The
beginning balance, total
debits and total credits are
P350,000, P2,800,000 and
P2,850,000 respectively.
Checks disbursed by the
company last month that
cleared this month totaled
P250,000 while checks issued
this month but still
outstanding amount to
P350,000. Deposit in transit
at the beginning and end of
the month total P200,000 and
P350,000, respectively. The
bank also returned P30,000
which it incorrectly charged
against the HIRO bank
account during May. What is
the correct cash receipts
amount for the month? *
A.P2,920,000
B.P2,950,000
C.P2,970,000
D.P3.000.000.
Transcribed Image Text:HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total debits and total credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount to P350,000. Deposit in transit at the beginning and end of the month total P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during May. What is the correct cash receipts amount for the month? * A.P2,920,000 B.P2,950,000 C.P2,970,000 D.P3.000.000.
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