Answered: How much is the adjusted balance of…

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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12. ABC Company received its bank statement for the month ending May 31. The bank statement indicates as a balance of P32,400. The cash account as of the close of business on May 31 has a balance of P8,350. In recording the balances, the following items are discovered:
(a) Collection by bank of note for P1,500 less collection fees of P250.
(b) Deposits in transit, P51,000.
(c) The bank charged the depositor P800 for overdrafts.
(d) Checks outstanding on May 31, P79,100.
(e) A canceled check issued to XYZ for P4,500 was not recorded on ABC Company’s books.
How much is the adjusted balance of cash?

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