Homework Help is Here – Start Your Trial Now!
Business
Accounting
What is the adjusted cash in bank as of March 31 per bank and per books?

What is the adjusted cash in bank as of March 31 per bank and per books?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

What is the adjusted cash in bank as of March 31 per bank and per books?

Following the information pertains to the Cash in Bank account of Mango Company for the month of April, 2018: a. Balances per bank statement March 31, P21,560, and April 30, P23,040. b. Balances of Cash in Bank account in Company's books: March 31, P16,545, and April 30, P22,680. Total receipts per books were P222,190 of which P1,210 was paid in cash to a creditor on April 16. C. d. Total charges in the bank statement during April were P218,970. e. Undeposited receipts were: March 31, P9,060 and April 30, P10,120. f. Outstanding checks were: March 31, P2,675 and April 30, P1,930, of which a check for P500 was certified by the bank on April 22. NSF checks returned, recorded as reductions of cash receipts were: 1. Returned by Bank in April, recorded also in April, P1,040 2. Returned by Bank in April but recorded in May, P860. g. h. Collections by Bank not recorded by company were P12,150 in March, and P11,640 in April. i. Bank service charges not entered in company's books were: March 31, P750, and April 30 P420. j. A check for P950 of Marang Company was charged to Mango Company in error. k. A check drawn for P840 was erroneously entered in the books as P480.
Transcribed Image Text:Following the information pertains to the Cash in Bank account of Mango Company for the month of April, 2018: a. Balances per bank statement March 31, P21,560, and April 30, P23,040. b. Balances of Cash in Bank account in Company's books: March 31, P16,545, and April 30, P22,680. Total receipts per books were P222,190 of which P1,210 was paid in cash to a creditor on April 16. C. d. Total charges in the bank statement during April were P218,970. e. Undeposited receipts were: March 31, P9,060 and April 30, P10,120. f. Outstanding checks were: March 31, P2,675 and April 30, P1,930, of which a check for P500 was certified by the bank on April 22. NSF checks returned, recorded as reductions of cash receipts were: 1. Returned by Bank in April, recorded also in April, P1,040 2. Returned by Bank in April but recorded in May, P860. g. h. Collections by Bank not recorded by company were P12,150 in March, and P11,640 in April. i. Bank service charges not entered in company's books were: March 31, P750, and April 30 P420. j. A check for P950 of Marang Company was charged to Mango Company in error. k. A check drawn for P840 was erroneously entered in the books as P480.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS