Paul Company prepared the following bank reconciliation for the month of November: Balance per bank statement, November 30 Add: deposit in transit 3,600,000 800,000 4,400,000 Less: outstanding checks 1,200,000 Bank credit recorded in error 200,000 1,400,000 3,000,000 Balance per book, November 30 Data per bank statement for the month of December: December deposits, including note receivable collected of P1,000,000 for Paul Company 5,500,000 December disbursements, including NSF check P350,000 and service charge P50,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the adjusted cash in bank on December 31?

Paul Company prepared the following bank reconciliation for the month of November: Balance per bank statement, November 30 Add: deposit in transit 3,600,000 800,000 4,400,000 Less: outstanding checks 1,200,000 Bank credit recorded in error 200,000 1,400,000 3,000,000 Balance per book, November 30 Data per bank statement for the month of December: December deposits, including note receivable collected of P1,000,000 for Paul Company 5,500,000 December disbursements, including NSF check P350,000 and service charge P50,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the adjusted cash in bank on December 31?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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