Long Champ Company is preparing its March 31 bank reconciliation. The following data are available: March data Per bank Per books Balance, February 28 P859,500 P839,600 March deposits reflected 476,000 490,000** March checks reflected (617,000)* (610,000) Note collected (including P2,000 interest) 202,000 Service charge (1,200) Balance, March 31 919,300 719,600 From the February 28 bank reconciliation: Deposits in transit, P18,200 Outstanding checks, P38,100 * Erroneously includes a check drawn by Long Camp Company for P15,000. ** Includes a collection of P20,800 recorded erroneously. The correct amount of P28,000 was properly reflected in the bank statement. Question: What is the correct cash in bank balance at March 31? a. P719,600 b. P920,400 c. P921,400 d. P927,600
Long Champ Company is preparing its March 31 bank reconciliation. The following data are available:
March data Per bank Per books
Balance, February 28 P859,500 P839,600
March deposits reflected 476,000 490,000**
March checks reflected (617,000)* (610,000)
Note collected (including P2,000 interest) 202,000
Service charge (1,200)
Balance, March 31 919,300 719,600
From the February 28 bank reconciliation:
Deposits in transit, P18,200
Outstanding checks, P38,100
* Erroneously includes a check drawn by Long Camp Company for P15,000.
** Includes a collection of P20,800 recorded erroneously. The correct amount of P28,000 was properly reflected in the bank statement.
Question:
What is the correct cash in bank balance at March 31?
a. P719,600
b. P920,400
c. P921,400
d. P927,600
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