Homework Help is Here – Start Your Trial Now!
Business
Accounting
Bears Entity revealed the bank statement balance on December 31 at P8,500,000. • A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 amount to P400,000, including P100,000 certified check. • The bank statement showed that on December 25 the bank collected a note for the entity and credited the proceeds of P935,000 to the entity's account which included P35,000 interest. The entity discovered that a check written in December for P200,000 in payment of an account had been recorded as P20,000. Included with the December 31 bank statement was an NSF check for P250,000 that the entity had received from a customer on December 20. The bank statement showed a P15,000 service charge for December.

Bears Entity revealed the bank statement balance on December 31 at P8,500,000. • A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 amount to P400,000, including P100,000 certified check. • The bank statement showed that on December 25 the bank collected a note for the entity and credited the proceeds of P935,000 to the entity's account which included P35,000 interest. The entity discovered that a check written in December for P200,000 in payment of an account had been recorded as P20,000. Included with the December 31 bank statement was an NSF check for P250,000 that the entity had received from a customer on December 20. The bank statement showed a P15,000 service charge for December.

College Accounting (Book Only): A Career Approach
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 5E
See similar textbooks
icon
Related questions
Question

What is the adjusted cash in bank on December 31?

Bears Entity revealed the bank statement balance on December 31 at P8,500,000. • A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 amount to P400,000, including P100,000 certified check. • The bank statement showed that on December 25 the bank collected a note for the entity and credited the proceeds of P935,000 to the entity's account which included P35,000 interest. The entity discovered that a check written in December for P200,000 in payment of an account had been recorded as P20,000. Included with the December 31 bank statement was an NSF check for P250,000 that the entity had received from a customer on December 20. The bank statement showed a P15,000 service charge for December.
Transcribed Image Text:Bears Entity revealed the bank statement balance on December 31 at P8,500,000. • A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 amount to P400,000, including P100,000 certified check. • The bank statement showed that on December 25 the bank collected a note for the entity and credited the proceeds of P935,000 to the entity's account which included P35,000 interest. The entity discovered that a check written in December for P200,000 in payment of an account had been recorded as P20,000. Included with the December 31 bank statement was an NSF check for P250,000 that the entity had received from a customer on December 20. The bank statement showed a P15,000 service charge for December.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS