The bank statement of Opus Company for April 2021 showed an ending balance of P165,000. Deposit in transit and outstanding checks on April 30 were P18,200 and P59,435, respectively. During the month of April, the bank charged back NSF checks in the amount of P3,435 of which P1,835 had been redeposited by April 30. The company made no entry for the return and for the redeposit of the checks. On April 23, the bank charged Opus Company's account for a P2,200 items which should have been charged against the account of Octopus Company; the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Opus Company were P7,548 and bank service charge for the month was P180. How much is the unadjusted book balance for Cash of Opus Company at April 30, 2021?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

The bank statement of Opus Company for April 2021 showed an ending balance of P165,000. Deposit in transit and outstanding checks on April 30 were P18,200 and P59,435, respectively. During the month of April, the bank charged back NSF checks in the amount of P3,435 of which P1,835 had been redeposited by April 30. The company made no entry for the return and for the redeposit of the checks.

On April 23, the bank charged Opus Company's account for a P2,200 items which should have been charged against the account of Octopus Company; the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Opus Company were P7,548 and bank service charge for the month was P180.

How much is the unadjusted book balance for Cash of Opus Company at April 30, 2021?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Bank reconciliation statement
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education