Make your solutions, calculations or computations legible, neat, and in good accounting form. ENCIRCLE/ HIGHLIGHT your final answer. 1. HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total bank debits and total bank credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount to P350,000. Deposit in transit at the beginning and end of the month total P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during May. What is the correct cash receipts amount for the month? 2. Using the same information in the previous problem, what is the correct cash disbursements amount for the month? 3. ABC Corporation recorded debits of P2,500,000 and credits of P2,450,000 in the Cash in Bank account during the month of September. The beginning balance was P300,000. Among the transactions recorded in the books was a credit memo of P150,000 and debit memo of P20,000 from August. The September bank statement received on October 5 showed that the bank collected P50,000 from a customer on behalf of the corporation and charged P3,000 for its services. What is the correct amount of cash receipts during September? 4. Using the same information in the previous problem, what is the correct amount of cash disbursements during September?
Make your solutions, calculations or computations legible, neat, and in good accounting form. ENCIRCLE/ HIGHLIGHT your final answer.
1. HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total bank debits and total bank credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount to P350,000. Deposit in transit at the beginning and end of the month total P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during May. What is the correct cash receipts amount for the month?
2. Using the same information in the previous problem, what is the correct cash disbursements amount for the month?
3. ABC Corporation recorded debits of P2,500,000 and credits of P2,450,000 in the Cash in Bank account during the month of September. The beginning balance was P300,000. Among the transactions recorded in the books was a credit memo of P150,000 and debit memo of P20,000 from August. The September bank statement received on October 5 showed that the bank collected P50,000 from a customer on behalf of the corporation and charged P3,000 for its services. What is the correct amount of cash receipts during September?
4. Using the same information in the previous problem, what is the correct amount of cash disbursements during September?
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