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The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following: Petty cash fund  -  P3,600 Checking account in BDO (check of P6,000 is still outstanding). - P336,750 Notes receivable in the possession of a collecting agency - P25,000 Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) -  P178,000 Bond sinking fund cash  - P134,000 IOUs signed by employees - P4,900 Total  - P682,250 At what amount should "Cash on hand and in bank" be reported at December 31, 2021?

The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following: Petty cash fund  -  P3,600 Checking account in BDO (check of P6,000 is still outstanding). - P336,750 Notes receivable in the possession of a collecting agency - P25,000 Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) -  P178,000 Bond sinking fund cash  - P134,000 IOUs signed by employees - P4,900 Total  - P682,250 At what amount should "Cash on hand and in bank" be reported at December 31, 2021?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 7E
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The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following:

Petty cash fund  -  P3,600

Checking account in BDO (check of P6,000 is still outstanding). - P336,750

Notes receivable in the possession of a collecting agency - P25,000

Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) -  P178,000

Bond sinking fund cash  - P134,000

IOUs signed by employees - P4,900

Total  - P682,250

At what amount should "Cash on hand and in bank" be reported at December 31, 2021?

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