On July 5, 2013, Smee Corp. received its bank statement for the month ending June 30. The statement showed a P209,500 balance while the cash account balance on June 30 was P35,000. In reconciling the balances, the auditor discovered that: 1. The June 30 collections of P176,000 were recorded on the books but were not deposited until July. 2. The bank service charges for the month of June totaled P3,000 3. A paid check for P24,300 was entered incorrectly in the cash payments journal as P34,200. 32. What is the total outstanding checks at June 30, 2013? This is the answer to the solution manual: 32. P343,600 Is this really the correct answer? Please show the computation, please. Thank you!
On July 5, 2013, Smee Corp. received its bank statement for the month ending June 30. The statement showed a P209,500 balance while the cash account balance on June 30 was P35,000. In reconciling the balances, the auditor discovered that: 1. The June 30 collections of P176,000 were recorded on the books but were not deposited until July. 2. The bank service charges for the month of June totaled P3,000 3. A paid check for P24,300 was entered incorrectly in the cash payments journal as P34,200. 32. What is the total outstanding checks at June 30, 2013? This is the answer to the solution manual: 32. P343,600 Is this really the correct answer? Please show the computation, please. Thank you!
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
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Question
On July 5, 2013, Smee Corp. received its bank statement for the month ending June 30. The statement showed a P209,500 balance while the cash account balance on June 30 was P35,000. In reconciling the balances, the auditor discovered that:
1. The June 30 collections of P176,000 were recorded on the books but were not deposited until July.
2. The bank service charges for the month of June totaled P3,000
3. A paid check for P24,300 was entered incorrectly in the cash payments
journal as P34,200.
32. What is the total outstanding checks at June 30, 2013?
This is the answer to the solution manual:
32. P343,600
Is this really the correct answer? Please show the computation, please. Thank you!
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