On December 31, 2021, the cash account of Coco Corp, showed a balance of P391,480. The bank statement on that date showed a balance of P409,500. Upon examining the cash records and the bank statement, the following information were determined. a. There was a bank service charge of P 1,500 for the month of December 2021. b. There was a credit memo for a note collected by the bank for oOco Corp. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550 c. December 31, 2021 receipts for P289,000 were deposited only on January 2, 2022 d. Checks issued which have not yet cleared the bank as at December 31,2021 amounts to P186,610 e. There is a debit memo for P45,320 for a customer’s check returned marked “DAIF” f. A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200. What is the correct amount of cash at December 31, 2021?
On December 31, 2021, the cash account of Coco Corp, showed a balance of P391,480. The bank statement on that date showed a balance of P409,500. Upon examining the cash records and the bank statement, the following information were determined.
a. There was a bank service charge of P 1,500 for the month of December 2021.
b. There was a credit memo for a note collected by the bank for oOco Corp. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550
c. December 31, 2021 receipts for P289,000 were deposited only on January 2, 2022
d. Checks issued which have not yet cleared the bank as at December 31,2021 amounts to P186,610
e. There is a debit memo for P45,320 for a customer’s check returned marked “DAIF”
f. A receipt of P90,000 had been entered as P60,000 in the
What is the correct amount of cash at December 31, 2021?
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