Based on the following information, the cause of the discrepancies between the book credits and bank debits are ascertained: Book credits in May 85,800 Bank debits in May 97,650 Check issued on May 29 for P5,700 erroneously Recorded in the books of the depositor as 7,500 Customer's DAIF check, returned by the bank of the depositor in May 2,300 April bank service charges, taken up in the books in May 30 Payment of VISA credit card automatically debited by the bank on May 25, as per ADA, but taken up in the books of the depositor in June 3,000 Outstanding checks as May 31 4,500 How much is the outstanding checks at the beginning of the period? a. P4,500 b. P5,300 c. P12,880 d. P11,880
Based on the following information, the cause of the discrepancies between the book credits and bank debits are ascertained: Book credits in May 85,800 Bank debits in May 97,650 Check issued on May 29 for P5,700 erroneously Recorded in the books of the depositor as 7,500 Customer's DAIF check, returned by the bank of the depositor in May 2,300 April bank service charges, taken up in the books in May 30 Payment of VISA credit card automatically debited by the bank on May 25, as per ADA, but taken up in the books of the depositor in June 3,000 Outstanding checks as May 31 4,500 How much is the outstanding checks at the beginning of the period? a. P4,500 b. P5,300 c. P12,880 d. P11,880
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EA: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:...
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Transcribed Image Text:Based on the following information, the cause of the discrepancies between the book credits and
bank debits are ascertained:
Book credits in May
85,800
Bank debits in May
97,650
Check issued on May 29 for P5,700 erroneously
Recorded in the books of the depositor as
7,500
Customer's DAIF check, returned by the bank of the depositor in May
2,300
April bank service charges, taken up in the books in May
30
Payment of VISA credit card automatically debited by the bank on May 25,
as per ADA, but taken up in the books of the depositor in June
3,000
Outstanding checks as May 31
4,500
How much is the outstanding checks at the beginning of the period?
a. P4,500
b. P5,300
c. P12,880
d. P11,880
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