The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 • Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. • Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. • Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A 970,000 B. 952,000 C. 945,000 D. 927,000
The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 • Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. • Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. • Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A 970,000 B. 952,000 C. 945,000 D. 927,000
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 2SEQ
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