What is the adjusted CASH INBANK on December 31, 2020?Love Company reported the following data in relation to cash on Dec. 31, 2020:* Checkbook balance, P4,000,000* Undeposited collections, P400,000* A customer check amounting to P200,000 dated January 2, 2021 was included inthe December 31, 2020 checkbook balance.* Another customer check for P500,000included in the checkbook balance but returned by the bank for insufficiency ofposited on December 22, 2020 wasfund.This check was redeposited on December 26, 2020 and cleared two days later.* A P400,000 check payable to supplier dated and recorded on December 30,2020 was mailed on January 16, 2021.* A petty cash fund of P50,000 comprised the following on December 31 2020:5,0005,00040,00050,000* A check of P40,000 was drawn on December 31, 2020 payable to the petty cashCoins and currenciesRefundable deposit for returnable containersPetty cash vouchersTotal

1) Checkbook balance 4,000,000 2) Postdated customer check (200,000) 3) Undelivered check…

What is the adjusted CASH IN BANK on December 31, 2020? Love Company reported the following data in relation to cash on Dec. 31, 2020 * Checkbook balance, P4,000,000 * Undeposited collections, P400,000 * A customer check amounting to P200,000 dated January 2, 2021 was inclu the December 31, 2020 checkbook balance. * Another customer check for P500,000 deposited on December 22, 2020 wa included in the checkbook balance but returned by the bank for insufficieno fund. This check was redeposited on December 26, 2020 and cleared two days * A P400,000 check payable to supplier dated and recorded on December 30 2020 was mailed on January 16. 2021

What is the adjusted CASH IN BANK on December 31, 2020? Love Company reported the following data in relation to cash on Dec. 31, 2020 * Checkbook balance, P4,000,000 * Undeposited collections, P400,000 * A customer check amounting to P200,000 dated January 2, 2021 was inclu the December 31, 2020 checkbook balance. * Another customer check for P500,000 deposited on December 22, 2020 wa included in the checkbook balance but returned by the bank for insufficieno fund. This check was redeposited on December 26, 2020 and cleared two days * A P400,000 check payable to supplier dated and recorded on December 30 2020 was mailed on January 16. 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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