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Reconciliation of Jazz Company' bank account at May 31 of the current year is: Balance per bank statement 2,600,000 Deposits outstanding Bank service charges 300,000 10,000 Erroneous bank charge 40,000 ( 100,000) ( 60,000) ( 600,000) Outstanding checks Erroneous bank credit CM for collection of note Balance per book P 2,190,000 June data are as follows: Bank Вook Checks recorded P 2,200,000 P 2,500,000 Corrections of erroneous bank credit in May Deposits recorded Correction of erroneous bank charge Service charges recorded CM for collection by bank 60,000 1,600,000 1,800,000 40,000 50,000 550,000 600,000 NSF checks returned with June 30 statement (will be redeposited) 100,000

Reconciliation of Jazz Company' bank account at May 31 of the current year is: Balance per bank statement 2,600,000 Deposits outstanding Bank service charges 300,000 10,000 Erroneous bank charge 40,000 ( 100,000) ( 60,000) ( 600,000) Outstanding checks Erroneous bank credit CM for collection of note Balance per book P 2,190,000 June data are as follows: Bank Вook Checks recorded P 2,200,000 P 2,500,000 Corrections of erroneous bank credit in May Deposits recorded Correction of erroneous bank charge Service charges recorded CM for collection by bank 60,000 1,600,000 1,800,000 40,000 50,000 550,000 600,000 NSF checks returned with June 30 statement (will be redeposited) 100,000

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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23.How much is the total outstanding checks on June 30? *
 
A.P510,000
B.P400,000
C.P190,000
D.P340,0000
Reconciliation of Jazz Company' bank account at May 31 of the current year is: 2,600,000 300,000 10,000 Balance per bank statement P Deposits outstanding Bank service charges Erroneous bank charge Outstanding checks 40,000 ( 100,000) ( 60,000) ( 600,000) 2,190,000 Erroneous bank credit CM for collection of note Balance per book P June data are as follows: Bank Вook Checks recorded P 2,200,000 P 2,500,000 Corrections of erroneous bank credit in May Deposits recorded Correction of erroneous bank charge 60,000 1,600,000 1,800,000 40,000 Service charges recorded 50,000 CM for collection by bank 550,000 600,000 NSF checks returned with June 30 statement (will be redeposited) 100,000
Transcribed Image Text:Reconciliation of Jazz Company' bank account at May 31 of the current year is: 2,600,000 300,000 10,000 Balance per bank statement P Deposits outstanding Bank service charges Erroneous bank charge Outstanding checks 40,000 ( 100,000) ( 60,000) ( 600,000) 2,190,000 Erroneous bank credit CM for collection of note Balance per book P June data are as follows: Bank Вook Checks recorded P 2,200,000 P 2,500,000 Corrections of erroneous bank credit in May Deposits recorded Correction of erroneous bank charge 60,000 1,600,000 1,800,000 40,000 Service charges recorded 50,000 CM for collection by bank 550,000 600,000 NSF checks returned with June 30 statement (will be redeposited) 100,000
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