The accountant of GHI Company prepared the following bank reconciliation at December 31,2020: P 350,000 175,250 15,000 P 540,250 246,750 P 293,500 Balance per bank statement Add: deposit in transit Note collected by bank Total Less: Outstanding checks Balance per ledger It was discovered that : a.) At December 31,2020, the bank statement and the general ledger showed balances of P 350,000 and P 293,500, respectively. b.) The cut-off bank statement showed a bank charge on January 2,2021 for P 25,000 representing a correction of an erroneous bank credit. c.) Included in the list of outstanding checks were the following: A check payable to a supplier date December 29,2020,in the amount of P 15,000 released on January 5,2021. A check representing advance payment to a supplier in the amount of P 37,200, the date of which is January 4,2021 and released in December 2020. d.) On December 31,2020, the company received and recorded a customer's check dated January 2021 amounting to P 50.000.

The accountant of GHI Company prepared the following bank reconciliation at December 31,2020: P 350,000 175,250 15,000 P 540,250 246,750 P 293,500 Balance per bank statement Add: deposit in transit Note collected by bank Total Less: Outstanding checks Balance per ledger It was discovered that : a.) At December 31,2020, the bank statement and the general ledger showed balances of P 350,000 and P 293,500, respectively. b.) The cut-off bank statement showed a bank charge on January 2,2021 for P 25,000 representing a correction of an erroneous bank credit. c.) Included in the list of outstanding checks were the following: A check payable to a supplier date December 29,2020,in the amount of P 15,000 released on January 5,2021. A check representing advance payment to a supplier in the amount of P 37,200, the date of which is January 4,2021 and released in December 2020. d.) On December 31,2020, the company received and recorded a customer's check dated January 2021 amounting to P 50.000.

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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