Identify if TRUE or FALSE If the adjusted cash balance is P10, the unadjusted cash balance is P8 and there are no debit memos and errors, the credit memo would have been P2. If the adjusted cash balance is P20, the cash balance per bank statement is P27 and there are no deposits in transit and errors, the P7 difference must be an outstanding check. Among (1) Share dividends distributable, (2) Unearned revenue, (3) Short-term bank loan, and (4) Accounts Payable. The only account not considered as current liability is (1) Share dividends distributable.
Identify if TRUE or FALSE If the adjusted cash balance is P10, the unadjusted cash balance is P8 and there are no debit memos and errors, the credit memo would have been P2. If the adjusted cash balance is P20, the cash balance per bank statement is P27 and there are no deposits in transit and errors, the P7 difference must be an outstanding check. Among (1) Share dividends distributable, (2) Unearned revenue, (3) Short-term bank loan, and (4) Accounts Payable. The only account not considered as current liability is (1) Share dividends distributable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Identify if TRUE or FALSE
If the adjusted cash balance is P10, the unadjusted cash balance is P8 and there are no debit memos and errors, the credit memo would have been P2.
If the adjusted cash balance is P20, the cash balance per bank statement is P27 and there are no deposits in transit and errors, the P7 difference must be an outstanding check.
Among (1) Share dividends distributable, (2) Unearned revenue, (3) Short-term bank loan, and (4) Accounts Payable. The only account not considered as current liability is (1) Share dividends distributable.
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