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?
Chapter1: Financial Statements And Business Decisions
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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?
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