X issued a check in favor of his creditor, Y. It reads: " Pay to Y the amount of Seven Thousand Hundred Pesos (Php700,000.00). Signed, X". What amount should be construed as true in such a case?
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- Winkler Company borrows $92,000 and pledges its receivables as security. The journal entry to record this transaction would be:What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial position? On June 1, Mickey Mouse Corporation accepted a customer's P10,000, 9 percent, 3-month note. On July 1, the note was discounted at a bank at a rate of 12 percent. How much cash did Mickey Mouse receive from the bank on the discounted note?The Cash account of Lydia reported a balance of RM2, 540 at December 31, 2018. There were outstanding checks totaling $400 and a December 31 deposit in transit of $100. The bank statement, which came from Park Bank, listed the December 31 balance of RM3, 340. Included in the bank balance was a collection of RM510 on account from Bella, a Lydia customer who pays the bank directly. The bank statement also shows a RM30 service charge and RM20 of interest revenue that Lydia earned on its bank balance. Prepare Lydia's bank reconciliation at December 31.
- Advanced Alloys, Inc., issued a check in the amount of $2,500 to Sergeant Steel Corporation. The check was presented for payment fourteen months later to the Chase Manhattan Bank, which made payment on the check and charged Advanced Alloy’s account. Can Advanced Alloys recover the payment made on the check? Why or why not?Josephine Company's checkbook balance on December 31, 2023 was P900,000. In addition, Josephine Company held the following items in its safe on December 31: Check payable to Josephine Co., dated January 5, 2024, not included in December 31 checkbook balance Check payable to Josephine Co., deposited December 20 and included in December 31 checkbook balance but returned by bank on December 30, stamped "NSF". The check was redeposited January 2, 2024 and cleared on January 3, 2024. Check drawn on Josephine Co.'s account and payable to a vendor, dated and recorded December 31 but not mailed until January 15, 2024. P200,000 50,000 150,000 What is the proper amount to be shown as cash on Josephine Co.'s statement of financial position on December 31, 2023?40. What amount should be reported as cash on December 31, 2022? 40. Huston's Company had a checkbook balance on December 31, 2022 of P820,000 and held the following items: L Check payable to Huston dated January 4, 2023 included in the December 31 checkbook balance, P90,000. 11. Check payable to Huston dated December 28, 2022 and included in the December 31 balance, it was returned by the bank on December 30 marked NSF. The check was redeposited January 3, 2023 and is cleared January 5, 2023, P80,000. III. Check payable to Regina Mills, a supplier, dated January 3, 2023 was delivered on December 29, 2022, P65,000. This was excluded in the December 31 balance.
- B. Problem (please refer to the picture.)Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held the following items in its safe on that date.*Check payable to Merry Company amounting to P65,000 dated January 2, 2022 in payment of a sale made in December 2021, was included in December 31 checkbook balance.*Check payable to Merry Company was deposited on December 15, but returned by the bank on December 22 stamped "DAIF." The check was redeposited by Merry Company on December 27, 2021. No entry was made in the books to record the return and the redeposit of this P20,000 check.*Check drawn on Merry Company's account, payable to a vendor, was dated and recorded on December 28. This check amounting to P15,000, however, was not yet mailed to the payee as of December 31, 2021.What is the correct amount shown as Cash on Merry Company's December 31, 2021 statement of financial position?Upon checking, the book of Meraki on December 31, 2020 is composed of the following:· Cash on Hand- P50,000· Demand Deposit- P200,000· Time Deposit, 30 days- P100,000· DAIF Check of customer- P4,000· Money market placement (due June 30, 2021)- P150000· Savings Deposit in a closed bank- P10000· IOU from employee- P2000· Pension Fund- P300000· Petty Cash Fund- P1000· Customer’s Check dated January 1, 2022- P5000· Customer’s Check outstanding for 18 months- P4000· Unused credit line- P50000 Additional information: a. P20,000 check was recorded as payment in December 31, 2020 but is mailed on January 5, 2021 to the suppliers. b. On December 31, 2020 a check dated January 15, 2021 of P10,000 in payment of accounts payable was recorded and mailed. c. While the Cash Receipt Journal is open until January 15, 2021, an amount of P40,000 was collected and recorded on December 31, 2020. d. The company uses the calendar year.…
- Please answer asap , I really need help.2. On September 29, Mr. Ramirez deposited the following: 240 twenty-five centavo coins 50 ₱50 bills 160 ₱1 coins 100 ₱100 bills 150 ₱5 coins 60 ₱500 bills 170 ₱10 coins 20 ₱1,000 bills 260 ₱20 bills Find the total deposit of Mr. Ramirez.On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…
