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Problem 1 Prime Company prepared the following bank reconciliation on December 31: Balance per bank statement Add: NSF check Checkbook printing charge Deposit in transit Error made by Prime in recording check issued in December Less: Outstanding check P1,680,000 66,000 3,000 117,000 21,000 60,000 129,000 P1,698,000 Note collected by bank, including P9,000 interest Balance per ledger The entity had cash on hand P300,000 and petty cash fund P30,000 on December 31. What amount should be reported as cash in bank at December 31, 2021? What total amount should be reported as cash on December 31, 2021?_

Problem 1 Prime Company prepared the following bank reconciliation on December 31: Balance per bank statement Add: NSF check Checkbook printing charge Deposit in transit Error made by Prime in recording check issued in December Less: Outstanding check P1,680,000 66,000 3,000 117,000 21,000 60,000 129,000 P1,698,000 Note collected by bank, including P9,000 interest Balance per ledger The entity had cash on hand P300,000 and petty cash fund P30,000 on December 31. What amount should be reported as cash in bank at December 31, 2021? What total amount should be reported as cash on December 31, 2021?_

FINANCIAL ACCOUNTING
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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Kindly answer problems 3 and 1.
Problem 1 Prime Company prepared the following bank reconciliation on December 31: Balance per bank statement Add: NSF check Checkbook printing charge Deposit in transit Error made by Prime in recording check issued in December Less: Outstanding check P1,680,000 66,000 3,000 117,000 21,000 60,000 129,000 P1,698,000 Note collected by bank, including P9,000 interest Balance per ledger The entity had cash on hand P300,000 and petty cash fund P30,000 on December 31. What amount should be reported as cash in bank at December 31, 2021? What total amount should be reported as cash on December 31, 2021?_
Transcribed Image Text:Problem 1 Prime Company prepared the following bank reconciliation on December 31: Balance per bank statement Add: NSF check Checkbook printing charge Deposit in transit Error made by Prime in recording check issued in December Less: Outstanding check P1,680,000 66,000 3,000 117,000 21,000 60,000 129,000 P1,698,000 Note collected by bank, including P9,000 interest Balance per ledger The entity had cash on hand P300,000 and petty cash fund P30,000 on December 31. What amount should be reported as cash in bank at December 31, 2021? What total amount should be reported as cash on December 31, 2021?_
Problem 3 Grind Company provided the following information with respect to cash and cash equivalents at year-end: Checking account at BDO Checking account at RCBC Treasury bonds Unrestricted foreign bank account in equivalent pesos Cash in foreign bank restricted due to exchange control IOU from President Credit memo from a vendor for a purchase return No sufficient fund customer check Petty cash fund, P30,000 in currency and expense receipts for P20,000 What amount should be reported as cash at year-end? (P400,000) 1,100,000 1,050,000 2,000,000 1,200,000 890,000 140,000 170,000 50,000
Transcribed Image Text:Problem 3 Grind Company provided the following information with respect to cash and cash equivalents at year-end: Checking account at BDO Checking account at RCBC Treasury bonds Unrestricted foreign bank account in equivalent pesos Cash in foreign bank restricted due to exchange control IOU from President Credit memo from a vendor for a purchase return No sufficient fund customer check Petty cash fund, P30,000 in currency and expense receipts for P20,000 What amount should be reported as cash at year-end? (P400,000) 1,100,000 1,050,000 2,000,000 1,200,000 890,000 140,000 170,000 50,000
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