The bank statement for the month of June 2020 shows: Checks Deposits Date Amount No. Balance 798,000.00 May 31 5 1,722,000.00 6 1,686,000.00 7 1,516,445.00 8 1,658,709.00 924,000.00 June 800 36,000.00 804 169,555.00 805 74,936.00 217,200.00 801 16,525.00 1,642,184.00 803 229,205.00 9 1,412,979.00 807 34,842.00 97,000.00 12 1,475,137.00 924 75,000.00 1,400,137.00 (collection charge) 40,400.00 CM 13 1,440,337.00 200.00 1,440,337.00 809 1,070,000.00 14 370,337.00 808 250,000.00 15 120,337.00 198,000.00 CM 318,337.00 810 167,300.00 113,800.00 19 264,837.00 812 82,730.00 159,500.00 21 341,607.00 806 274,600.00 24 67,007.00 273,628.00 28 340,635.00 811 3,130.00 337,505.00 300.00 DM 30 337,205.00 Upon investigation, the following are discovered: Represents a 60-day, 6% note for P40,000 collected by the bank for the account of Grace Company. CM - Represents a 60-day, 6% own note for P200,000 discounted by Grace Corporation with the bank and not yet recorded in the books. Represents bank service charge for the month. CM - DM - Check No. 924 represents a check signed by Graciele Company. Collection charge represents collection fee charged by the bank.
The bank statement for the month of June 2020 shows: Checks Deposits Date Amount No. Balance 798,000.00 May 31 5 1,722,000.00 6 1,686,000.00 7 1,516,445.00 8 1,658,709.00 924,000.00 June 800 36,000.00 804 169,555.00 805 74,936.00 217,200.00 801 16,525.00 1,642,184.00 803 229,205.00 9 1,412,979.00 807 34,842.00 97,000.00 12 1,475,137.00 924 75,000.00 1,400,137.00 (collection charge) 40,400.00 CM 13 1,440,337.00 200.00 1,440,337.00 809 1,070,000.00 14 370,337.00 808 250,000.00 15 120,337.00 198,000.00 CM 318,337.00 810 167,300.00 113,800.00 19 264,837.00 812 82,730.00 159,500.00 21 341,607.00 806 274,600.00 24 67,007.00 273,628.00 28 340,635.00 811 3,130.00 337,505.00 300.00 DM 30 337,205.00 Upon investigation, the following are discovered: Represents a 60-day, 6% note for P40,000 collected by the bank for the account of Grace Company. CM - Represents a 60-day, 6% own note for P200,000 discounted by Grace Corporation with the bank and not yet recorded in the books. Represents bank service charge for the month. CM - DM - Check No. 924 represents a check signed by Graciele Company. Collection charge represents collection fee charged by the bank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
a. The deposit in transit of Grace Corporation at June 30, 2020 is?
b. The outstanding checks of Grace Corporation at June 30, 2020 is?
c. The unadjusted cash ledger balance of Grace Corporation at June 30, 2020 is?
d. The unadjusted cash bank balance of Grace Corporation at June 30, 2020 is?
e. The adjusted cash balance of Grace Corporation at June 30, 2020 is?
Transcribed Image Text:The bank statement for the month of June 2020 shows:
Checks
Deposits
Date
Amount
No.
Balance
May
31
798,000.00
5 1,722,000.00
6 1,686,000.00
924,000.00
June
800
36,000.00
7 1,516,445.00
8 1,658,709.00
804
169,555.00
805
74,936.00
217,200.00
801
16,525.00
1,642,184.00
803
229,205.00
9 1,412,979.00
807
34,842.00
97,000.00
12 1,475,137.00
924
75,000.00
1,400,137.00
(collection
charge)
200.00
40,400.00 CM
13 1,440,337.00
1,440,337.00
809
1,070,000.00
14
370,337.00
808
250,000.00
15
120,337.00
198,000.00
CM
318,337.00
810
167,300.00
113,800.00
19
264,837.00
812
82,730.00
159,500.00
21
341,607.00
806
274,600.00
24
67,007.00
273,628.00
28
340,635.00
811
3,130.00
337,505.00
300.00 DM
30
337,205.00
Upon investigation, the following are discovered:
Represents a 60-day, 6% note for P40,000 collected by the bank for the
account of Grace Company.
CM -
Represents a 60-day, 6% own note for P200,000 discounted by Grace
Corporation with the bank and not yet recorded in the books.
CM -
DM -
Represents bank service charge for the month.
Check No. 924 represents a check signed by Graciele Company.
Collection charge represents collection fee charged by the bank.
Transcribed Image Text:The cash book of Grace Corporation show the following entries during the month of June
2020.
Cash Receipts Journal
Check Register
Date
Amount
Date
Check No.
Amount
1-Jun Balance
762,000.00
June 2
801
15,625.00
4-Jun Deposit
113,000.00
3
802
7,526.00
4-Jun Deposit
7-Jun Deposit
811,000.00
803
229,205.00
152,200.00
7
804
169,555.00
8-Jun Deposit
65,000.00
10-Jun Deposit
11,300.00
8
805
74,936.00
10-Jun Deposit
12,700.00
10
806
274,600.00
11-Jun Deposit
73,000.00
11
807
34,842.00
17-Jun Deposit
110,075.00
13
808
250,000.00
18-Jun Deposit
3,725.00
14
809
1,070,000.00
17
810
167,300.00
19-Jun Deposit
26,463.00
19
811
3,130.00
20-Jun Deposit
133,037.00
21
812
82,730.00
27-Jun Deposit
273,628.00
23
813
127,200.00
30-Jun Deposit
92,400.00
25
814
93,080.00
30
815
720.00
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