What is the adjusted cash in bank on December 31, 20XX?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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16. In an audit of Mindanao Company on December 31, 20XX, the following data are gathered:
Balance per book, P1,000,000
Bank charges, P3,000
Outstanding checks, P235,000
Deposit in transit, P300,000
Customer note collected by bank, P375,000
Interest on customer note, P15,000
Customer check returned, NSF, P62,000
Depositor's note charged to account, P250,000
What is the adjusted cash in bank on December 31, 20XX?
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