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Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 Bank service charge for December Interest paid by bank to Sapphire Company for December Deposits made but not yet recorded by the bank Checks written but not yet recorded by the bank 2,800,000 12,000 10,000 350,000 650,000 Sapphire Company discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What amount was reported as cash balance per ledger on December 31? a. 2,500,000 b. 2,520,000 c. 2,540,000 d 2.800.000

Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 Bank service charge for December Interest paid by bank to Sapphire Company for December Deposits made but not yet recorded by the bank Checks written but not yet recorded by the bank 2,800,000 12,000 10,000 350,000 650,000 Sapphire Company discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What amount was reported as cash balance per ledger on December 31? a. 2,500,000 b. 2,520,000 c. 2,540,000 d 2.800.000

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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Answer problem 2-17.
Problem 2-16 (IAA) (AAD 81-& maldo19 Jade Company received the bank statement for the month of April which included the following information: Bank service charge for April Check deposited by Jade Company during April was not collectible and has been marked "NSF" and returned Deposits made but not yet recorded by bank Checks written and mailed but not yet recorded by bank The entity found a customer check for P35,000 payable to Jade Company that had not yet been deposited and had not been recorded. The general ledger showed cash in bank account with balance of P920,000. 15,000 40,000 130,000 100,000 What amount should be reported as adjusted cash in bank on April 30? a. 900,000 b. 865,000 c. 930,000 d. 965,000 Problem 2-17 (IAA) Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 Bank service charge for December Interest paid by bank to Sapphire Company for December Deposits made but not yet recorded by the bank Checks written but not yet recorded by the bank 2,800,000 12,000 10,000 350,000 650,000 Sapphire Company discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. a. 2,500,000 b. 2,520,000 c. 2,540,000 d. 2,800,000 What amount was reported as cash balance per ledger on December 31?
Transcribed Image Text:Problem 2-16 (IAA) (AAD 81-& maldo19 Jade Company received the bank statement for the month of April which included the following information: Bank service charge for April Check deposited by Jade Company during April was not collectible and has been marked "NSF" and returned Deposits made but not yet recorded by bank Checks written and mailed but not yet recorded by bank The entity found a customer check for P35,000 payable to Jade Company that had not yet been deposited and had not been recorded. The general ledger showed cash in bank account with balance of P920,000. 15,000 40,000 130,000 100,000 What amount should be reported as adjusted cash in bank on April 30? a. 900,000 b. 865,000 c. 930,000 d. 965,000 Problem 2-17 (IAA) Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 Bank service charge for December Interest paid by bank to Sapphire Company for December Deposits made but not yet recorded by the bank Checks written but not yet recorded by the bank 2,800,000 12,000 10,000 350,000 650,000 Sapphire Company discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. a. 2,500,000 b. 2,520,000 c. 2,540,000 d. 2,800,000 What amount was reported as cash balance per ledger on December 31?
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