Valentino Company provided the following data for the purpose of reconciling the cash balance per books: Balance per books P170,000 Outstanding checks (including a certified check of P20,000) 100,000 Deposit in transit 40,000 December NSF checks (P10,000 had been redeposited and cleared on December 27) 30,000 Erroneous credit to Valentino's account, representing proceeds of loan granted to another company 60,000 Proceeds of note collected by bank for Valentino, net of service charge of P4,000 150,000 Question: What is the cash balance as reflected in the bank statement at December 31? a. P280,000 b. P300,000 c. P360,000 d. P400,00

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Valentino Company provided the following data for the purpose of reconciling the cash balance per books:

Balance per books                                                                                                                                          P170,000
Outstanding checks (including a certified check of P20,000)                                                                            100,000
Deposit in transit 40,000 December NSF checks
(P10,000 had been redeposited and cleared on December 27)                                                                         30,000
Erroneous credit to Valentino's account, representing proceeds of loan granted to another company              60,000 Proceeds of note collected by bank for Valentino, net of service charge of P4,000                                         150,000

Question:
What is the cash balance as reflected in the bank statement at December 31?
a. P280,000
b. P300,000
c. P360,000
d. P400,000

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