Homework Help is Here – Start Your Trial Now!
Business
Accounting
In preparing its August 31, 2020 bank reconciliation, Jade Company has available the following information:   Balance per bank statement, 8/31/2020 — P180,500 Deposit in transit,8/31/2020 — P32,500 Return of costumer's NSF check, 8/31/2020 — P6,000 Outstanding checks, 8/31/2020 — P27,500 Bank service charges for August — P1,000   At August 31, 2020, Jade Company's correct cash balance is? (with solution) a. P192,500 b. P185,500 c. P179,500 d. P178,500

In preparing its August 31, 2020 bank reconciliation, Jade Company has available the following information:   Balance per bank statement, 8/31/2020 — P180,500 Deposit in transit,8/31/2020 — P32,500 Return of costumer's NSF check, 8/31/2020 — P6,000 Outstanding checks, 8/31/2020 — P27,500 Bank service charges for August — P1,000   At August 31, 2020, Jade Company's correct cash balance is? (with solution) a. P192,500 b. P185,500 c. P179,500 d. P178,500

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

MC37

In preparing its August 31, 2020 bank reconciliation, Jade Company has available the following information:

 

Balance per bank statement, 8/31/2020 — P180,500

Deposit in transit,8/31/2020 — P32,500

Return of costumer's NSF check, 8/31/2020 — P6,000

Outstanding checks, 8/31/2020 — P27,500

Bank service charges for August — P1,000

 

At August 31, 2020, Jade Company's correct cash balance is? (with solution)

a. P192,500

b. P185,500

c. P179,500

d. P178,500

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
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
  • SEE MORE 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
SEE MORE TEXTBOOKS