34. ABC’s checkbook balance on December 31, 20x1 was P18,500. In addition, ABC held the following items in its safe on December 31: Customers’ post-dated checks, P2,000 Check drawn on ABC’s account, payable to a vendor dated and recorded December 31, but not mailed until January 15, 20x2, P2,500. Check payable to ABC, dated January 2, 20x2 not included in December 31, checkbook balance, P 4,000 Check payable to ABC, deposited December 23, and included in December 31 checkbook balance, but returned by bank on December 30, stamped NSF. The check was redeposited January 2, 20x2 and cleared January 6, P1,500. The proper amount to be shown as cash on ABC’s balance sheet on December 31, 20x1 is The correct answer is: 19,500
34. ABC’s checkbook balance on December 31, 20x1 was P18,500. In addition, ABC held the following items in its safe on December 31: Customers’ post-dated checks, P2,000 Check drawn on ABC’s account, payable to a vendor dated and recorded December 31, but not mailed until January 15, 20x2, P2,500. Check payable to ABC, dated January 2, 20x2 not included in December 31, checkbook balance, P 4,000 Check payable to ABC, deposited December 23, and included in December 31 checkbook balance, but returned by bank on December 30, stamped NSF. The check was redeposited January 2, 20x2 and cleared January 6, P1,500. The proper amount to be shown as cash on ABC’s balance sheet on December 31, 20x1 is The correct answer is: 19,500
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5PA
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34. ABC’s checkbook balance on December 31, 20x1 was P18,500. In addition, ABC held the following items in its safe on December 31:
Customers’ post-dated checks, P2,000
Check drawn on ABC’s account, payable to a vendor dated and recorded December 31, but not mailed until January 15, 20x2, P2,500.
Check payable to ABC, dated January 2, 20x2 not included in December 31, checkbook balance, P 4,000
Check payable to ABC, deposited December 23, and included in December 31 checkbook balance, but returned by bank on December 30, stamped NSF. The check was redeposited January 2, 20x2 and cleared January 6, P1,500.
The proper amount to be shown as cash on ABC’s balance sheet on December 31, 20x1 is
The correct answer is: 19,500
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