The following information was included in the bank reconciliation for Vab, Inc. Assume all other reconciling item are listed below: Checks and charges recorded by bank in May P80,000 Including a May service charge of P500 Service charge made by bank in April and Recorded in the books in May 1,000 Total credits to cash in all journals during May 90,000 Customer’s NSF check returned as a bank Charge in May (no entry made in the books) 10,000 Customer’s NSF check returned in April and Redeposited in May (no entry made in the books In either April or May) 5,000 Outstanding checks at April 30 30,000 REQUIRED: How much were the total outstanding checks at May 31?
The following information was included in the bank reconciliation for Vab, Inc. Assume all other reconciling item are listed below: Checks and charges recorded by bank in May P80,000 Including a May service charge of P500 Service charge made by bank in April and Recorded in the books in May 1,000 Total credits to cash in all journals during May 90,000 Customer’s NSF check returned as a bank Charge in May (no entry made in the books) 10,000 Customer’s NSF check returned in April and Redeposited in May (no entry made in the books In either April or May) 5,000 Outstanding checks at April 30 30,000 REQUIRED: How much were the total outstanding checks at May 31?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information was included in the bank reconciliation for Vab, Inc. Assume
all other
reconciling item are listed below:
Checks and charges recorded by bank in May
P80,000
Including a May service charge of P500
Service charge made by bank in April and
Recorded in the books in May
1,000
Total credits to cash in all journals during May
90,000
Customer’s NSF check returned as a bank
Charge in May (no entry made in the books)
10,000
Customer’s NSF check returned in April and
Redeposited in May (no entry made in the books
In either April or May)
5,000
Outstanding checks at April 30
30,000
REQUIRED:
How much were the total outstanding checks at May 31?
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