How much is the adjusted cash balance as of November 30, 2020?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

In connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020:


A. Balances per bank statements: November 30, P215,600 and December, P230,400.

B. Balances of cash in bank account in company’s books: November 30, P165,450 and December 31, P226,800.

C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24.

D. Total charges in the bank statement during December were P2,189,700.

E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200.

F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26.

G. NSF checks returned, recorded as reduction of cash receipts were: Returned by bank on December and recorded also in December P10,400.  Returned by bank on December but recorded also in January P8,600.

H. Collections by bank not recorded by company were P121,500 in November and P116,400 in December.


I. Bank service charges not entered in company’s books were: November 30, P7,500 and December 31, P4,200.

J. A check for P9,500 of Caliao Company was charged by the bank in company’s account

K. A check drawn for P8,400 was erroneously entered in the books as P4,800.

How much is the adjusted cash balance as of November 30, 2020?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education