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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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