What is the cash balance per ledger on December 31?
Donald’s Company provided the bank statement for the month of December which included the following information:
Ending balance, December 31 Php 3,500,000
Bank service charge for December 20,000
Interest paid by bank to Donald’s Company for December 15,000
In comparing the bank statement to its own cash records, the entity found the following:
Deposits made but not yet recorded by the bank 500,000
Checks written and mailed but not yet recorded by the bank 750,000
In addition, the entity discovered that it had drawn and erroneously recorded a check for Php 58,000 that should been recorded for Php 85,000.
What is the cash balance per ledger on December 31?
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