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Aljon Co. had the following bank reconciliation on June 30: Balance per bank statement, June 30 3,000,000 Deposit in transit 400,000 Total 3,400,000 Outstanding checks (900,000) Balance per book, June 30 2,500,000 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Aljon 9,000,000 Disbursements, including P140,000 NSF customer check And P10,000 service charge All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounte P1,000,000 on July 31. 7,000,000 1. What is adjusted cash in bank on July 31? 2. What is the cash balance per book on July 31? 3. What is the amount of cash receipts per book in July? 4. What is the amount of cash disbursements per book in July?

Aljon Co. had the following bank reconciliation on June 30: Balance per bank statement, June 30 3,000,000 Deposit in transit 400,000 Total 3,400,000 Outstanding checks (900,000) Balance per book, June 30 2,500,000 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Aljon 9,000,000 Disbursements, including P140,000 NSF customer check And P10,000 service charge All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounte P1,000,000 on July 31. 7,000,000 1. What is adjusted cash in bank on July 31? 2. What is the cash balance per book on July 31? 3. What is the amount of cash receipts per book in July? 4. What is the amount of cash disbursements per book in July?

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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PROBLEM #7 Aljon Co. had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Aljon Disbursements, including P140,000 NSF customer check And P10,000 service charge All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 3,000,000 400,000 3,400,000 (900,000) 2,500,000 9,000,000 7,000,000 1. What is adjusted cash in bank on July 31? 2. What is the cash balance per book on July 31? 3. What is the amount of cash receipts per book in July? 4. What is the amount of cash disbursements per book in July?
Transcribed Image Text:PROBLEM #7 Aljon Co. had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Aljon Disbursements, including P140,000 NSF customer check And P10,000 service charge All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 3,000,000 400,000 3,400,000 (900,000) 2,500,000 9,000,000 7,000,000 1. What is adjusted cash in bank on July 31? 2. What is the cash balance per book on July 31? 3. What is the amount of cash receipts per book in July? 4. What is the amount of cash disbursements per book in July?
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