The trial balance as of December 31, 2020 of Pets for Your Home has a Cash in bank balance of P120,000. The company received the bank statement for December. Deposit in transit at year-end is P30,000 and outstanding checks totaled P25,000. The bank statement showed a balance of P140,000. The bank erroneously credited P10,000 to the account of Pets. The bank collected notes P15,000 for the account of Pets. This was added to the account of Pets. What is the correct Cash in Bank balance of the company at year-end?
The trial balance as of December 31, 2020 of Pets for Your Home has a Cash in bank balance of P120,000. The company received the bank statement for December. Deposit in transit at year-end is P30,000 and outstanding checks totaled P25,000. The bank statement showed a balance of P140,000. The bank erroneously credited P10,000 to the account of Pets. The bank collected notes P15,000 for the account of Pets. This was added to the account of Pets. What is the correct Cash in Bank balance of the company at year-end?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education