Problem 3-11 (AICPA 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 Balance per book, June 30 3,400,000 900,000) 2,500,000 The bank statement for the month of July showed the 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? a. 5,000,000 b. 5,200,000 c. 5,550,000 d. 5,400,000 2 What is the cash balance per book on July 31? a. 5,400,000 b. 5,350,000 c. 5,550,000 d. 4,500,000 3. What is the amount of cash receipts per book in July? a. 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? a 6,550,000 b. 6,700,000 C. 7,300,000 d. 6,850,000
Problem 3-11 (AICPA 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 Balance per book, June 30 3,400,000 900,000) 2,500,000 The bank statement for the month of July showed the 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? a. 5,000,000 b. 5,200,000 c. 5,550,000 d. 5,400,000 2 What is the cash balance per book on July 31? a. 5,400,000 b. 5,350,000 c. 5,550,000 d. 4,500,000 3. What is the amount of cash receipts per book in July? a. 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? a 6,550,000 b. 6,700,000 C. 7,300,000 d. 6,850,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 3-11 (AICPA 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
3,400,000
( 900,000)
2,500,000
Total
Outstanding checks
Balance per book, June 30
The bank statement for the month of July showed the
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?
a. 5,000,000
b. 5,200,000
c. 5,550,000
d. 5,400,000
2 What is the cash balance per book on July 31?
a. 5,400,000
b. 5,350,000
c. 5,550,000
d. 4,500,000
3. What is the amount of cash receipts per book in July?
a. 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?
a 6,550,000
b. 6,700,000
c. 7,300,000
d. 6,850,000
105
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