Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit 3,000,000 400,000 3,400,000 ( 900,000) Total Outstanding checks The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for lovable Disbursements, including P140,000 NSF check 9,000,000 and P10,000 service charge 7,000,000 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. What is the adjusted cash in bank on July 31?

Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit 3,000,000 400,000 3,400,000 ( 900,000) Total Outstanding checks The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for lovable Disbursements, including P140,000 NSF check 9,000,000 and P10,000 service charge 7,000,000 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. What is the adjusted cash in bank on July 31?

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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