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How much is the adjusted balance of cash on June 30? a. 34,890 b. 41,230 b. 58,920 d. 62,890 (Adapted)

How much is the adjusted balance of cash on June 30? a. 34,890 b. 41,230 b. 58,920 d. 62,890 (Adapted)

FINANCIAL ACCOUNTING
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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NSF check returned with 4/30/04 bank statement 141 date). The bank charged Steve's account for P14,265, including a protest fee of P42. The deposit on June 24 was recorded on the books as P2,895 but it was actually a deposit of P2,700. d. Outstanding checks totaled P9,885 as of June 30. There were bank service charges for June of P210 not yet с. e. recorded on the books. i Steve's account had been charged on June 26 for a customer's NSF check for P1,296. Steve properly deposited P600 on June 3 but it was not g. recorded by the bank. h. Receipts on June 30 for P13,425 were recorded by the bank on July 2. A bank memo stated that a customer's note for P4,500 and interest of P165 had been collected on June 27, and the bank charged a P36 collection fee. i. How much is the adjusted balance of cash on June 30? a. 34,890 (Adapted) b. 41,230 b. 58,920 d. 62,890 3. If the month-end bank statement shows a balance of P28,000, outstanding checks are P12,000, a deposit of P4,000 was in transit at month end, and a check for P500 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is a. P19,500. (Adapted) b. P20,500. c. P12,500. d. P35,500. n preparing its April 2004 bank reconciliation, Gregg, Inc. has made available the following information. per bank statement, 4/30/04 Balance P30,140 450 4,000 Deposits in transit, 4/30/04 Outstanding checks, 4/30/04 Bank service charges for April 5,200 20
Transcribed Image Text:NSF check returned with 4/30/04 bank statement 141 date). The bank charged Steve's account for P14,265, including a protest fee of P42. The deposit on June 24 was recorded on the books as P2,895 but it was actually a deposit of P2,700. d. Outstanding checks totaled P9,885 as of June 30. There were bank service charges for June of P210 not yet с. e. recorded on the books. i Steve's account had been charged on June 26 for a customer's NSF check for P1,296. Steve properly deposited P600 on June 3 but it was not g. recorded by the bank. h. Receipts on June 30 for P13,425 were recorded by the bank on July 2. A bank memo stated that a customer's note for P4,500 and interest of P165 had been collected on June 27, and the bank charged a P36 collection fee. i. How much is the adjusted balance of cash on June 30? a. 34,890 (Adapted) b. 41,230 b. 58,920 d. 62,890 3. If the month-end bank statement shows a balance of P28,000, outstanding checks are P12,000, a deposit of P4,000 was in transit at month end, and a check for P500 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is a. P19,500. (Adapted) b. P20,500. c. P12,500. d. P35,500. n preparing its April 2004 bank reconciliation, Gregg, Inc. has made available the following information. per bank statement, 4/30/04 Balance P30,140 450 4,000 Deposits in transit, 4/30/04 Outstanding checks, 4/30/04 Bank service charges for April 5,200 20
a. P28,800. Adapted) b. P28,200. c. P28,100. d. P26,500. the D a. P19,50 (Adapted) 2. The books of Steve's Service, Inc. disclosed a cash balance of P68,757 on June 30. The bank statement as of June 30 showed a balance of P54,780. Additional information that might be useful in reconciling the two balances follows: Check number 748 drawn for P3,000 was originally recorded on the books as P4,500. b. A customer's note dated March 25 was discounted on April 12. The note was dishonored on June 29 (maturity 4. In prepariz made avai Balance per ba NSF check ret a. Deposits in tra Outstanding c Bank service c
Transcribed Image Text:a. P28,800. Adapted) b. P28,200. c. P28,100. d. P26,500. the D a. P19,50 (Adapted) 2. The books of Steve's Service, Inc. disclosed a cash balance of P68,757 on June 30. The bank statement as of June 30 showed a balance of P54,780. Additional information that might be useful in reconciling the two balances follows: Check number 748 drawn for P3,000 was originally recorded on the books as P4,500. b. A customer's note dated March 25 was discounted on April 12. The note was dishonored on June 29 (maturity 4. In prepariz made avai Balance per ba NSF check ret a. Deposits in tra Outstanding c Bank service c
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