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The correct amount of the check

The correct amount of the check

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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Dorothy, the bookkeeper of Tacurong Organic Farm recorded check no.368 in the Cash Disbursement Journal as P50,505. The correct amount of the check was P50,550. Bank. P50,550 will be added to the bank records. Bank. P45 will be deducted to the bank records. Book. P50,550 will be added to the books. Book. P45 will be deducted to the books. The deposits of Tacurong Organic Farm earned interest of P132.08 for the month. Tacurong Organic Farm does not have knowledge of interest earned until it receives the bank statement. Book. P132.08 will be added to the books. Book. P132.08 will be deducted to the books. Bank. P132.08 will be added to the bank records, Bank. P132.08 will be deducted to the bank records.
Transcribed Image Text:Dorothy, the bookkeeper of Tacurong Organic Farm recorded check no.368 in the Cash Disbursement Journal as P50,505. The correct amount of the check was P50,550. Bank. P50,550 will be added to the bank records. Bank. P45 will be deducted to the bank records. Book. P50,550 will be added to the books. Book. P45 will be deducted to the books. The deposits of Tacurong Organic Farm earned interest of P132.08 for the month. Tacurong Organic Farm does not have knowledge of interest earned until it receives the bank statement. Book. P132.08 will be added to the books. Book. P132.08 will be deducted to the books. Bank. P132.08 will be added to the bank records, Bank. P132.08 will be deducted to the bank records.
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