Problem 3-11 (AICPA Adapted) Lovable Company prepared the following bank reconciliati on June 30: Balance per bank statement, June 30 Deposit in transit Total Jutstanding checks Balance per book, June 30 3,000,00 400,00 3,400,00 ( 900,00 2,500,0
Problem 3-11 (AICPA Adapted) Lovable Company prepared the following bank reconciliati on June 30: Balance per bank statement, June 30 Deposit in transit Total Jutstanding checks Balance per book, June 30 3,000,00 400,00 3,400,00 ( 900,00 2,500,0
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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![Problem 3-11 (AIСРА Adapted)
Lovable Company prepared the following bank reconciliation
on June 30:
Balance per bank statement, June 30
Deposit in transit
3,000,000
400,000
Total
Outstanding checks
3,400,000
900,000)
2,500,000
The bank statement for the month of July showed the
Balance per book, June 30
following:
Deposits, including P200,000 note collected for Lovable
Disbursements, including P140,000 NSF check and
P10,000,service charge
9,000,000
7,000,000
All reconciling items 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 adjusted cash in bank on July 31?
а. 5,000,000
b. 5,200,000
с. 5,550,000
d. 5,400,000
2. What is the cash balance per book on July 31?
а. 5,400,000
b. 5,350,000
с. 5,550,000
d. 4,500,000
3. What is the amount of cash receipts per book in July?
а. 9,400,000
b. 9,600,000
c. 8,600,000
d. 9,800,000
4. What is the amount of cash disbursements per book in July?
а. 6,550,000
b. 6,700,000
с. 7,300,000
d. 6,850,000
cs](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F47ba8ab8-8ee9-4c19-9b13-480b1c70a3ff%2F8793a8c5-6d0c-43f0-986c-b7c1fb4b4099%2Fepja9nj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 3-11 (AIСРА Adapted)
Lovable Company prepared the following bank reconciliation
on June 30:
Balance per bank statement, June 30
Deposit in transit
3,000,000
400,000
Total
Outstanding checks
3,400,000
900,000)
2,500,000
The bank statement for the month of July showed the
Balance per book, June 30
following:
Deposits, including P200,000 note collected for Lovable
Disbursements, including P140,000 NSF check and
P10,000,service charge
9,000,000
7,000,000
All reconciling items 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 adjusted cash in bank on July 31?
а. 5,000,000
b. 5,200,000
с. 5,550,000
d. 5,400,000
2. What is the cash balance per book on July 31?
а. 5,400,000
b. 5,350,000
с. 5,550,000
d. 4,500,000
3. What is the amount of cash receipts per book in July?
а. 9,400,000
b. 9,600,000
c. 8,600,000
d. 9,800,000
4. What is the amount of cash disbursements per book in July?
а. 6,550,000
b. 6,700,000
с. 7,300,000
d. 6,850,000
cs
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