ovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30. 3,000,000 Deposit in Transit 400,000 Total 3,400,000 Outstanding Checks (900,000) Balance per Book, June 30. 2, 500,000 The bank statement for the month of July showed the following : Deposit, including P200, 000 note collected for lovable 9,000,000 Disbursements, including P140,000 NSF check and P10,000 service charge 7,000,000 All reconciliation item on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in Transit amounted to P1, 000,000 on July 31. 1. What is the cash balance per book on July 31?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30. 3,000,000 Deposit in Transit 400,000 Total 3,400,000 Outstanding Checks (900,000) Balance per Book, June 30. 2, 500,000 The bank statement for the month of July showed the following : Deposit, including P200, 000 note collected for lovable 9,000,000 Disbursements, including P140,000 NSF check and P10,000 service charge 7,000,000 All reconciliation item on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in Transit amounted to P1, 000,000 on July 31. 1. What is the cash balance per book on July 31?
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