Praise Corporation has just received the monthly bank statements dated July 31, 2020 from Citibank. The stateme2.nt shows an ending balance of P 128,950. Listed on the statement are collected note of P20,000 (which was electronically transferred to the bank for Praise Corporation), a service charge of P1,200, two NSF checks totaling P7,450, and a P3,000 charge for printed checks. In reviewing the corporation's cash records, the bookkeeper identifies outstanding checks totaling P24,650 and a July 31 deposit-in-transit of P17,880. During the month of July, the bookkeeper recorded a P15,500 check for the salary of a part-time employee by debiting Salaries Expense and crediting Cash for P5,500. The corporation's general ledger 'Cash in Bank' account shows July 31 ending cash balance of P123,830. How much is the adjusted cash balance on July 31, 2020? O P 112,180 OP 104,300 O P 122,180 O P 142,180

Praise Corporation has just received the monthly bank statements dated July 31, 2020 from Citibank. The stateme2.nt shows an ending balance of P 128,950. Listed on the statement are collected note of P20,000 (which was electronically transferred to the bank for Praise Corporation), a service charge of P1,200, two NSF checks totaling P7,450, and a P3,000 charge for printed checks. In reviewing the corporation's cash records, the bookkeeper identifies outstanding checks totaling P24,650 and a July 31 deposit-in-transit of P17,880. During the month of July, the bookkeeper recorded a P15,500 check for the salary of a part-time employee by debiting Salaries Expense and crediting Cash for P5,500. The corporation's general ledger 'Cash in Bank' account shows July 31 ending cash balance of P123,830. How much is the adjusted cash balance on July 31, 2020? O P 112,180 OP 104,300 O P 122,180 O P 142,180

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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