Jane Company provided following information at month-end: Cash in bank per bank statement 8,000,000 1,200,000 Deposit in transit Outetanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including interest of P100,000 Service charge for the current month NSF checks of customere returned by bank Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book Saving deposit in other bank closed by BSP Currency and coins on hand Petty cash fund 1,500,000 150,000 1,100,000 20,000 500,000 100,000 1,000,000 900,000 50,000 1. What is the adjusted cash in bank at month-end? a. 7,750,000 b. 7,900,000 c. 8,050,000 d. 7,550,000 2. What is the unadjusted cash in bank per ledger at month-end? a. 7,070,000 b. 7,220,000 c. 7,270,000 d. 7,750,000 3. What total amount of cash should be reported as current asset? a. 8,700,000 b. 9,700,000 c. 8,020,000 d. 8,850,000

Jane Company provided following information at month-end: Cash in bank per bank statement 8,000,000 1,200,000 Deposit in transit Outetanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including interest of P100,000 Service charge for the current month NSF checks of customere returned by bank Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book Saving deposit in other bank closed by BSP Currency and coins on hand Petty cash fund 1,500,000 150,000 1,100,000 20,000 500,000 100,000 1,000,000 900,000 50,000 1. What is the adjusted cash in bank at month-end? a. 7,750,000 b. 7,900,000 c. 8,050,000 d. 7,550,000 2. What is the unadjusted cash in bank per ledger at month-end? a. 7,070,000 b. 7,220,000 c. 7,270,000 d. 7,750,000 3. What total amount of cash should be reported as current asset? a. 8,700,000 b. 9,700,000 c. 8,020,000 d. 8,850,000

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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