Homework Help is Here – Start Your Trial Now!
Business
Accounting
On June 30, 2021, the unadjusted cash in bank per ledger of ABC Company had a balance of P3,455,000. The following data were assembled in the course of reconciling the cash in bank balance: The bank erroneously credited the account of ABC Company for P21,000 on June 22. During the month, the bank charged back NSF checks amounting to P23,000 of which P8,000 had been redeposited by June 25 and cleared the bank by the end of the month. No journal entry was made on the redeposit of the said checks. • Collections on June 30 totaling P103,000 were deposited the following month. Checks outstanding on June 30 amounted to P302,000. • A note receivable collected by the bank for ABC Company was P80,000 before a corresponding bank charge for collection fee of P5,000. What is the cash in bank reflected on the bank statement on June 30, 2021?

On June 30, 2021, the unadjusted cash in bank per ledger of ABC Company had a balance of P3,455,000. The following data were assembled in the course of reconciling the cash in bank balance: The bank erroneously credited the account of ABC Company for P21,000 on June 22. During the month, the bank charged back NSF checks amounting to P23,000 of which P8,000 had been redeposited by June 25 and cleared the bank by the end of the month. No journal entry was made on the redeposit of the said checks. • Collections on June 30 totaling P103,000 were deposited the following month. Checks outstanding on June 30 amounted to P302,000. • A note receivable collected by the bank for ABC Company was P80,000 before a corresponding bank charge for collection fee of P5,000. What is the cash in bank reflected on the bank statement on June 30, 2021?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please answer

37) On June 30, 2021, the unadjusted cash in bank per ledger of ABC Company had a balance of P3,455,000. The following data were assembled in the course of reconciling the cash in bank balance: • The bank erroneously credited the account of ABC Company for P21,000 on June 22. During the month, the bank charged back NSF checks amounting to P23,000 of which P8,000 had been redeposited by June 25 and cleared the bank by the end of the month. No journal entry was made on the redeposit of the said checks. • Collections on June 30 totaling P103,000 were deposited the following month. • Checks outstanding on June 30 amounted to P302,000. A note receivable collected by the bank for ABC Company was P80,000 before a corresponding bank charge for collection fee of P5,000. What is the cash in bank reflected on the bank statement on June 30, 2021?
Transcribed Image Text:37) On June 30, 2021, the unadjusted cash in bank per ledger of ABC Company had a balance of P3,455,000. The following data were assembled in the course of reconciling the cash in bank balance: • The bank erroneously credited the account of ABC Company for P21,000 on June 22. During the month, the bank charged back NSF checks amounting to P23,000 of which P8,000 had been redeposited by June 25 and cleared the bank by the end of the month. No journal entry was made on the redeposit of the said checks. • Collections on June 30 totaling P103,000 were deposited the following month. • Checks outstanding on June 30 amounted to P302,000. A note receivable collected by the bank for ABC Company was P80,000 before a corresponding bank charge for collection fee of P5,000. What is the cash in bank reflected on the bank statement on June 30, 2021?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS