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PROBLEM #5 Jorjan Co. showed the following information on August 31: Balance of cash in bank account Balance of bank statement 1,300,000 1,200,000 Outstanding checks, August 31: Number 555 10,000 761 55,000 762 40,000 763 25,000 764 65,000 765 70,000 Receipts of August 31, deposited September 1 275,000 Service charge for August NSF check received from a customer The cashier-bookkeeper had misappropriated P30,000 and an additional P10,000 by charging sales discount and crediting accounts receivable. The stub for check no. 765 and the invoice relating thereto showed that it was for P50.000. It was recorded incorrectly in the cash disbursement journal as P70,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check no. 555 which was drawn in payment of an accounts payable. The payee cannot be located. What is the ADJUSTED CASH IN BANK on August 31? 5,000 85,000

PROBLEM #5 Jorjan Co. showed the following information on August 31: Balance of cash in bank account Balance of bank statement 1,300,000 1,200,000 Outstanding checks, August 31: Number 555 10,000 761 55,000 762 40,000 763 25,000 764 65,000 765 70,000 Receipts of August 31, deposited September 1 275,000 Service charge for August NSF check received from a customer The cashier-bookkeeper had misappropriated P30,000 and an additional P10,000 by charging sales discount and crediting accounts receivable. The stub for check no. 765 and the invoice relating thereto showed that it was for P50.000. It was recorded incorrectly in the cash disbursement journal as P70,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check no. 555 which was drawn in payment of an accounts payable. The payee cannot be located. What is the ADJUSTED CASH IN BANK on August 31? 5,000 85,000

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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PROBLEM #5 Jorjan Co. showed the following information on August 31: Balance of cash in bank account Balance of bank statement Outstanding checks, August 31: Number 555 1,300,000 1,200,000 10,000 761 55,000 762 40,000 763 25,000 764 65,000 765 70,000 Receipts of August 31, deposited September 1 275,000 Service charge for August NSF check received from a customer The cashier-bookkeeper had misappropriated P30,000 and an additional P10,000 by charging sales discount and crediting accounts receivable. The stub for check no. 765 and the invoice relating thereto showed that it wo for P50,000. It was recorded incorrectly in the cash disbursement journal as P70,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check no. 555 which was drawn in payment of an accounts payable. The payee cannot be located. 5,000 85,000 What is the ADJUSTED CASH IN BANK on August 31?
Transcribed Image Text:PROBLEM #5 Jorjan Co. showed the following information on August 31: Balance of cash in bank account Balance of bank statement Outstanding checks, August 31: Number 555 1,300,000 1,200,000 10,000 761 55,000 762 40,000 763 25,000 764 65,000 765 70,000 Receipts of August 31, deposited September 1 275,000 Service charge for August NSF check received from a customer The cashier-bookkeeper had misappropriated P30,000 and an additional P10,000 by charging sales discount and crediting accounts receivable. The stub for check no. 765 and the invoice relating thereto showed that it wo for P50,000. It was recorded incorrectly in the cash disbursement journal as P70,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check no. 555 which was drawn in payment of an accounts payable. The payee cannot be located. 5,000 85,000 What is the ADJUSTED CASH IN BANK on August 31?
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