Practice Set3 Item 1 The bank statementfor August2014 shows an endingbalance of Php3,490. Item 2 On August31 the bank statement shows charges of Php35 forthe service chargefor maintaining the checking account. Item 3 On August 28 the bank statementshows a return item of Php100 plus a related bankfee of Php10. The return item is a customer's check that was returned because of insufficientfunds. Item 4 The bank statement shows a charge of Php80for check printing on August 20. Item 5 The bank statement shows that Php8 was added to the checking account on August 31 for interest earned by the company during the month of August. Item 6 The bank statement shows that a note receivable of Php1,000 was collected by the bank on August 29 and was deposited into the company's account. On the same day, the bank withdrew Php40fromthe company's account as a fee for collecting the note receivable. Item 7 The company's Cash account atthe end of August shows a balance of Php967. Item 8 During the month of Augustthe company wrote checks totalingmore than Php50,000. As of August 31 Php3,021 of the checks written in Augusthad notyet cleared the bank and Php200 of checks written in June had notyet cleared the bank.

Practice Set3 Item 1 The bank statementfor August2014 shows an endingbalance of Php3,490. Item 2 On August31 the bank statement shows charges of Php35 forthe service chargefor maintaining the checking account. Item 3 On August 28 the bank statementshows a return item of Php100 plus a related bankfee of Php10. The return item is a customer's check that was returned because of insufficientfunds. Item 4 The bank statement shows a charge of Php80for check printing on August 20. Item 5 The bank statement shows that Php8 was added to the checking account on August 31 for interest earned by the company during the month of August. Item 6 The bank statement shows that a note receivable of Php1,000 was collected by the bank on August 29 and was deposited into the company's account. On the same day, the bank withdrew Php40fromthe company's account as a fee for collecting the note receivable. Item 7 The company's Cash account atthe end of August shows a balance of Php967. Item 8 During the month of Augustthe company wrote checks totalingmore than Php50,000. As of August 31 Php3,021 of the checks written in Augusthad notyet cleared the bank and Php200 of checks written in June had notyet cleared the bank.

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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