The cash account of the AA Corporation as of December 31, 2022 consists of the ff: On deposit in current account with BDO bank P900,000 Cash collection not yet deposited to the bank 350,000 A customer's check returned by the bank for insufficient fund 150,000 A check drawn by the Vice President of the Corporation dated January 15, 2023 70,000 A check drawn by a supplier dated December 28, 2022 for goods returned by the corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees’ I.O.U. s; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total 1,900,000 Less: Overdraft with BPI Bank secured by a Chattel mortgage on the inventories 300,000 Balance per ledger 1,660,000 How much is the correct cash balance at June 30?
The cash account of the AA Corporation as of December 31, 2022 consists of the ff:
|
On deposit in current account with BDO bank |
P900,000 |
|
Cash collection not yet deposited to the bank |
350,000 |
|
A customer's check returned by the bank for insufficient fund |
150,000 |
|
A check drawn by the Vice President of the Corporation dated January 15, 2023 |
70,000 |
|
A check drawn by a supplier dated December 28, 2022 for goods returned by the corporation |
60,000 |
|
A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account |
410,000 |
|
Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees’ I.O.U. s; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 |
20,000 |
|
Total |
1,900,000 |
|
Less: Overdraft with BPI Bank secured by a Chattel mortgage on the inventories |
300,000 |
|
Balance per ledger |
1,660,000 |
How much is the correct cash balance at June 30?
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hello may i ask how much is the net adjustment to the cash account? including debit or credit thank you very much
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