The following cash transactions occurred during the month of May: 青 Collection from customers: P50,000 in cash and P150,000 in checks. Payments for various expenses, P20,000 in cash and P10,000 in checks. Deposits to the bank P10,000 in cash, P100,000 in checks. What was the balance of the cash in bank account? O P140,000 P240,000 P100,000 O P110,000

The following cash transactions occurred during the month of May: 青 Collection from customers: P50,000 in cash and P150,000 in checks. Payments for various expenses, P20,000 in cash and P10,000 in checks. Deposits to the bank P10,000 in cash, P100,000 in checks. What was the balance of the cash in bank account? O P140,000 P240,000 P100,000 O P110,000

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

P300,000
P230,000
The following cash transactions occurred during the month of May: *
Collection from customers P50,000 in cash and P1500,000 n checks
Payments for various expenses, P20,000 in cash and P10,000 in checks
Deposits to the bank P10,000 in cash, P100,000 in checks
What was the balance of the cash in bank account?
P140,000
P240,000
P100,000
O P110,000
Accrued revenue would normally appear on the balance sheet under

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Accounting for Cash and cash equivalents

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