Homework Help is Here – Start Your Trial Now!
Business
Accounting
On December 31, 2021, ABC Company presents the following cash and cash equivalents account balance per ledger items: Demand deposit Undeposited collection Time deposit-30 days NSF check of customer 35-day money market placement due 1/28/2022 2,200,000 300,000 500,000 20,000 300,000 45-day commercial papers due 2/4/2022 Savings deposit in closed bank IOU from an employee Preferred redemption fund Additional information: a) Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated January 25, 2022. 80,000 50,000 150,000 400,000 b) Also included in the bank deposit is a customer check amounting to P90,000 dated December 31, 2020. The company neglected to encash the check. On December 31, 2021, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer. c) Check of P60,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. d) Check of P70,000 in payment of accounts payable was recorded on December 31, 2021 but mailed to creditors on January 15. e) The company uses the calendar year. The cash receipts journal was held open until January 15, 2022, during which time P80,000 was collected and recorded on December 31, 2021. The adjusted balance of Cash and Cash Equivalents on December 31, 2021 is

On December 31, 2021, ABC Company presents the following cash and cash equivalents account balance per ledger items: Demand deposit Undeposited collection Time deposit-30 days NSF check of customer 35-day money market placement due 1/28/2022 2,200,000 300,000 500,000 20,000 300,000 45-day commercial papers due 2/4/2022 Savings deposit in closed bank IOU from an employee Preferred redemption fund Additional information: a) Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated January 25, 2022. 80,000 50,000 150,000 400,000 b) Also included in the bank deposit is a customer check amounting to P90,000 dated December 31, 2020. The company neglected to encash the check. On December 31, 2021, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer. c) Check of P60,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. d) Check of P70,000 in payment of accounts payable was recorded on December 31, 2021 but mailed to creditors on January 15. e) The company uses the calendar year. The cash receipts journal was held open until January 15, 2022, during which time P80,000 was collected and recorded on December 31, 2021. The adjusted balance of Cash and Cash Equivalents on December 31, 2021 is

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
See similar textbooks
icon
Related questions
Question
On December 31, 2021, ABC Company presents the following cash and cash equivalents account balance per ledger items: Demand deposit 2,200,000 Undeposited collection 300,000 Time deposit-30 days 500,000 NSF check of customer 20,000 300,000 35-day money market placement due 1/28/2022 45-day commercial papers due 2/4/2022 80,000 Savings deposit in closed bank 50,000 IOU from an employee 150,000 Preferred redemption fund 400,000 Additional information: a) Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated January 25, 2022. b) Also included in the bank deposit is a customer check amounting to P90,000 dated December 31, 2020. The company neglected to encash the check. On December 31, 2021, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer. c) Check of P60,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. d) creditors on January 15. Check of P70,000 in payment of accounts payable was recorded on December 31, 2021 but mailed to e) The company uses the calendar year. The cash receipts journal was held open until January 15, 2022, during which time P80,000 was collected and recorded on December 31, 2021. The adjusted balance of Cash and Cash Equivalents on December 31, 2021 is
Transcribed Image Text:On December 31, 2021, ABC Company presents the following cash and cash equivalents account balance per ledger items: Demand deposit 2,200,000 Undeposited collection 300,000 Time deposit-30 days 500,000 NSF check of customer 20,000 300,000 35-day money market placement due 1/28/2022 45-day commercial papers due 2/4/2022 80,000 Savings deposit in closed bank 50,000 IOU from an employee 150,000 Preferred redemption fund 400,000 Additional information: a) Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated January 25, 2022. b) Also included in the bank deposit is a customer check amounting to P90,000 dated December 31, 2020. The company neglected to encash the check. On December 31, 2021, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer. c) Check of P60,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. d) creditors on January 15. Check of P70,000 in payment of accounts payable was recorded on December 31, 2021 but mailed to e) The company uses the calendar year. The cash receipts journal was held open until January 15, 2022, during which time P80,000 was collected and recorded on December 31, 2021. The adjusted balance of Cash and Cash Equivalents on December 31, 2021 is
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS