Liza Company maintains a checking account at the City Bank. The bank provides abank statement along with canceled checks on the last day of each month. The Julybank statement included the following information:Balance, July 1550,000DepositsChecks processedService charge1,800,0001,400,00030,000120,000NSF checkMonthly loan payment deducted by bank from accountDeposits outstanding totaled P100,000 and all checks written by the depositor wereprocessed by the bank except for check of P150,000.A P200,000 July deposit from a credit customer was recorded as P20,000 debit cash100,000and credit accounts receivable.A check correctly recorded by the entity as P30,000 disbursement was incorrectlyprocessed by the bank as P300,000 disbursement.What is the balance per bank on July 31?

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Answered: What is the balance per bank on July…

Business

Accounting

What is the balance per bank on July 31?

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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