Sapphire Company provided the following information for the month of December 31: Balance per bank statement December 31 2,800,000 Bank service charge for December 12,000 Interest paid by bank to Sapphire Company for December 10,000 Deposits made but not yet recorded by the bank 350,000 Checks written but not yet recorded by the bank 650,000 The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31? a.P2,500,000 b.P2,520,000 c.P2,540,000 d.P2,800,000
Sapphire Company provided the following information for the month of December 31: Balance per bank statement December 31 2,800,000 Bank service charge for December 12,000 Interest paid by bank to Sapphire Company for December 10,000 Deposits made but not yet recorded by the bank 350,000 Checks written but not yet recorded by the bank 650,000 The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31? a.P2,500,000 b.P2,520,000 c.P2,540,000 d.P2,800,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Sapphire Company provided the following information for the month of December 31:
Balance per bank statement December 31 2,800,000Bank service charge for December 12,000
Interest paid by bank to Sapphire Company for December 10,000
Deposits made but not yet recorded by the bank 350,000
Checks written but not yet recorded by the bank 650,000
The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000.
What is the cash balance per ledger on December 31?
a.P2,500,000
b.P2,520,000
c.P2,540,000
d.P2,800,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education