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The cash balance of AA Company had the following information: Descriptions Cash balances per book Cash balances per bank Bank service charges NSF checks Notes collected by the bank Deposit in transit Outstanding checks Book debit error Book credit error Bank credit error Bank debit error Bank receipts Book disbursements Both statements are true Only statement 2 is true November D Both statements are false P1,200,000- Only statement 1 is true 1,400,000 12,000 100,000 350,000 320,000 ? 25,000 Note: errors were corrected in the following period. No other errors affecting th balances. 50,000 Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000. Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000. 75,000

The cash balance of AA Company had the following information: Descriptions Cash balances per book Cash balances per bank Bank service charges NSF checks Notes collected by the bank Deposit in transit Outstanding checks Book debit error Book credit error Bank credit error Bank debit error Bank receipts Book disbursements Both statements are true Only statement 2 is true November D Both statements are false P1,200,000- Only statement 1 is true 1,400,000 12,000 100,000 350,000 320,000 ? 25,000 Note: errors were corrected in the following period. No other errors affecting th balances. 50,000 Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000. Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000. 75,000

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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Please see attached Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000. Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000. Both statements are true Only statement 2 is true Both statements are false Only statement 1 is true
The cash balance of AA Company had the following information: Descriptions November Cash balances per book P1,200,000 Cash balances per bank 1,400,000 Bank service charges 12,000 NSF checks 100,000 Notes collected by the bank 350,000 Deposit in transit 320,000 Outstanding checks Book debit error 25,000 50,000 Book credit error Bank credit error 75,000 Bank debit error Bank receipts Book disbursements Note: errors were corrected in the following period. No other errors affecting th balances. Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000. Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000. Both statements are true Only statement 2 is true Both statements are false Only statement 1 is true
Transcribed Image Text:The cash balance of AA Company had the following information: Descriptions November Cash balances per book P1,200,000 Cash balances per bank 1,400,000 Bank service charges 12,000 NSF checks 100,000 Notes collected by the bank 350,000 Deposit in transit 320,000 Outstanding checks Book debit error 25,000 50,000 Book credit error Bank credit error 75,000 Bank debit error Bank receipts Book disbursements Note: errors were corrected in the following period. No other errors affecting th balances. Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000. Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000. Both statements are true Only statement 2 is true Both statements are false Only statement 1 is true
e of AA Company had the following information: November December es per book P1,200,000 P1,450,000 2s per bank 1,400,000 1,838,500 charges 12,000 11,500 100,000 150,000 ted by the bank 350,000 410,000 ansit 320,000 checks ? 185,000 rror 25,000 error 50,000 70,000 error 65,000 75,000 90,000 rror 2,550,000 sements 1,920,000 vere corrected in the following period. No other errors affecting the cash e amount of deposit in transit as of December 31, 2022 is P90,000. ie amount of outstanding checks as of November 30, 2022 is P272,000. Both statements are true Only statement 2 is true Both statements are false Only statement 1 is true
Transcribed Image Text:e of AA Company had the following information: November December es per book P1,200,000 P1,450,000 2s per bank 1,400,000 1,838,500 charges 12,000 11,500 100,000 150,000 ted by the bank 350,000 410,000 ansit 320,000 checks ? 185,000 rror 25,000 error 50,000 70,000 error 65,000 75,000 90,000 rror 2,550,000 sements 1,920,000 vere corrected in the following period. No other errors affecting the cash e amount of deposit in transit as of December 31, 2022 is P90,000. ie amount of outstanding checks as of November 30, 2022 is P272,000. Both statements are true Only statement 2 is true Both statements are false Only statement 1 is true
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