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
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
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?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Bank reconciliation statement
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.
Similar questions
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