The cash in bank account of Smart, Inc. for April showed an ending balance of P129,298. Deposits in transit on April 30 was P18,200. Outstanding checks as of April 30, were P59,435, including a P5,000 check which the bank had certified on April 27. 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 20. On April 23, the bank charged Smart's account for a P2,200 items which should have been charged against Kmart, Inc., the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Smart, Inc. was P7,548 and bank charges for this services was P18. a. How much is the unadjusted balance per bank on April 30? b. Refer to previous question. What is the correct cash in bank balance at April 30?

The cash in bank account of Smart, Inc. for April showed an ending balance of P129,298. Deposits in transit on April 30 was P18,200. Outstanding checks as of April 30, were P59,435, including a P5,000 check which the bank had certified on April 27. 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 20. On April 23, the bank charged Smart's account for a P2,200 items which should have been charged against Kmart, Inc., the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Smart, Inc. was P7,548 and bank charges for this services was P18. a. How much is the unadjusted balance per bank on April 30? b. Refer to previous question. What is the correct cash in bank balance at April 30?

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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