The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are: *Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000. *Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000. What amount of cash will be shown on December 31, 2018?
The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are: *Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000. *Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000. What amount of cash will be shown on December 31, 2018?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are:
*Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000.
*Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000.
What amount of cash will be shown on December 31, 2018?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education