MC42 The cashier misplaced all the bank statements for the past year. You reviewed the accounting records and discovered that the following journal entry was made to reconcile the June 30, 2020 bank records and accounting records: Accounts Receivables — P152,024 Miscellaneous Expense — P1,250 Notes Receivables — P20,000 Interest Revenue — P1,000 Cash — P132,274 Pre-adjustment cash balance in the accounting records was P768,370, outstanding checks were P20,750 and no other adjustments were required. What is the bank statement balance at June 30, 2020? (with solution) a. P615,346 b. P636,096 c. P656,846 d. P768,370
MC42 The cashier misplaced all the bank statements for the past year. You reviewed the accounting records and discovered that the following journal entry was made to reconcile the June 30, 2020 bank records and accounting records: Accounts Receivables — P152,024 Miscellaneous Expense — P1,250 Notes Receivables — P20,000 Interest Revenue — P1,000 Cash — P132,274 Pre-adjustment cash balance in the accounting records was P768,370, outstanding checks were P20,750 and no other adjustments were required. What is the bank statement balance at June 30, 2020? (with solution) a. P615,346 b. P636,096 c. P656,846 d. P768,370
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
MC42
The cashier misplaced all the bank statements for the past year. You reviewed the accounting records and discovered that the following
Miscellaneous Expense — P1,250
Notes Receivables — P20,000
Interest Revenue — P1,000
Cash — P132,274
Pre-adjustment cash balance in the accounting records was P768,370, outstanding checks were P20,750 and no other adjustments were required.
What is the bank statement balance at June 30, 2020? (with solution)
a. P615,346
b. P636,096
c. P656,846
d. P768,370
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