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Problem 1 Lim Company provided the following bank reconciliation for the month February: Balance per bank statement, February 28 Deposits outstanding Checks outstanding Bank credit recorded in error Balance per book, February 28 Data per bank statement for the month of March follow: March deposits, including note collected of P1,000,000 for Lim March disbursements, including NSF customer check P350,000 and service charge of P50,000 P3,600,000 800,000 (1,200,000) (200,000) P3,000,000 P5,500,000 4,400,000 All items that were outstanding on February cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on March 31. 1. What is the adjusted cash in bank on March 31?_ 2. What is the cash balance per ledger on March 31?_ 3. What is the amount of unadjusted cash receipts per book in March? 4. What is the amount of unadjusted cash disbursements per book in March?

Problem 1 Lim Company provided the following bank reconciliation for the month February: Balance per bank statement, February 28 Deposits outstanding Checks outstanding Bank credit recorded in error Balance per book, February 28 Data per bank statement for the month of March follow: March deposits, including note collected of P1,000,000 for Lim March disbursements, including NSF customer check P350,000 and service charge of P50,000 P3,600,000 800,000 (1,200,000) (200,000) P3,000,000 P5,500,000 4,400,000 All items that were outstanding on February cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on March 31. 1. What is the adjusted cash in bank on March 31?_ 2. What is the cash balance per ledger on March 31?_ 3. What is the amount of unadjusted cash receipts per book in March? 4. What is the amount of unadjusted cash disbursements per book in March?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 18P
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Problem 1 Lim Company provided the following bank reconciliation for the month February: Balance per bank statement, February 28 Deposits outstanding Checks outstanding Bank credit recorded in error Balance per book, February 28 Data per bank statement for the month of March follow: March deposits, including note collected of P1,000,000 for Lim March disbursements, including NSF customer check P350,000 and service charge of P50,000 P3,600,000 800,000 (1,200,000) (200,000) P3,000,000 P5,500,000 4,400,000 All items that were outstanding on February cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on March 31. 1. What is the adjusted cash in bank on March 31?_ 2. What is the cash balance per ledger on March 31?_ 3. What is the amount of unadjusted cash receipts per book in March? 4. What is the amount of unadjusted cash disbursements per book in March?
Transcribed Image Text:Problem 1 Lim Company provided the following bank reconciliation for the month February: Balance per bank statement, February 28 Deposits outstanding Checks outstanding Bank credit recorded in error Balance per book, February 28 Data per bank statement for the month of March follow: March deposits, including note collected of P1,000,000 for Lim March disbursements, including NSF customer check P350,000 and service charge of P50,000 P3,600,000 800,000 (1,200,000) (200,000) P3,000,000 P5,500,000 4,400,000 All items that were outstanding on February cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on March 31. 1. What is the adjusted cash in bank on March 31?_ 2. What is the cash balance per ledger on March 31?_ 3. What is the amount of unadjusted cash receipts per book in March? 4. What is the amount of unadjusted cash disbursements per book in March?
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