The following information is available for the Jacobs Company on March 31 of the current year: Bank statement balance, March 31 - P146,570 Note collected by bank, including interest of P2,500, not yet taken up on the books - P62,500 NSF check returned with the bank statement - P21,260 Outstanding checks as of March 31 - P68,470 Bank service charges for March - P1,285 Credit memo for interest credited by bank for the month of March - P105 What is the correct cash balance at March 31? a. P38,145 b. P78,100 c. P78,205 d. P76,815
The following information is available for the Jacobs Company on March 31 of the current year: Bank statement balance, March 31 - P146,570 Note collected by bank, including interest of P2,500, not yet taken up on the books - P62,500 NSF check returned with the bank statement - P21,260 Outstanding checks as of March 31 - P68,470 Bank service charges for March - P1,285 Credit memo for interest credited by bank for the month of March - P105 What is the correct cash balance at March 31? a. P38,145 b. P78,100 c. P78,205 d. P76,815
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for the Jacobs Company on March 31 of the current year:
Bank statement balance, March 31 - P146,570
Note collected by bank, including interest of P2,500, not yet taken up on the books - P62,500
NSF check returned with the bank statement - P21,260
Outstanding checks as of March 31 - P68,470
Bank service charges for March - P1,285
Credit memo for interest credited by bank for the month of March - P105
What is the correct cash balance at March 31?
a. P38,145
b. P78,100
c. P78,205
d. P76,815
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