PROBLEM NO. 2 Shown below is the bank reconciliation for ABC Company for November 2020: Balance per bank, Nov. 30, 2020 Add: Deposits in transit Total P150,000 24,000 174,000 Less: Outstanding checks P28,000 10.000 Bank credit recorded in error 38,000 P136,000 Cash balance per books, Nov. 30, 2020 The bank statement for December 2020 contains the following data: P110,000 Total deposits Total charges, including an NSF check of P8,000 and a service charge of P400 96,000 All outstanding checks on November 30, 2020, including the bank credit, were cleared in the bank in December 2020.

PROBLEM NO. 2 Shown below is the bank reconciliation for ABC Company for November 2020: Balance per bank, Nov. 30, 2020 Add: Deposits in transit Total P150,000 24,000 174,000 Less: Outstanding checks P28,000 10.000 Bank credit recorded in error 38,000 P136,000 Cash balance per books, Nov. 30, 2020 The bank statement for December 2020 contains the following data: P110,000 Total deposits Total charges, including an NSF check of P8,000 and a service charge of P400 96,000 All outstanding checks on November 30, 2020, including the bank credit, were cleared in the bank in December 2020.

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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