What is the correct cash balance? Fabulous Company provided the following data concerningcash on July 31:Checks drawnBank statementNo. 101.2,700,000600,000700,000300,000400,000.450,000600,000650,000Balance, July 31Charges:(Zhecks paidService chargeNo. 102No. 103No. 104No. 1054,000,00020,000Credits:No. 106.No. 107DepositsNote collected3,500,0001,500,000No. 108500,000Balance of cash per book on July 1, P1,270,000. Cash receiptsper cash book for the month of July P3,400,000.Checks paid by bank include all checks issued during themonth of July except No. 107 and No. 108. On July 31 cashreceived but not deposited in bank, P400,000.

The bank reconciliation statement (BRS) is prepared to reconcile the balance of the passbook and the…

Fabulous Company provided the following data concerning cash on July 31: Checks drawn Bank statement No. 101. 2,700,000 Balance, July 31 Charges: Zhecks paid Service charge 600,000 700,000 No. 102 No. 103 4,000,000 20,000 300,000 No. 104 400,000 450,000 600,000 650,000 500,000 No. 105 Credits: Deposits Note collected 3,500,000 1,500,000 No. 106. No. 107 No. 108 Balance of cash per book on July 1, P1,270,000. Cash receipts per cash book for the month of July P3,400,000. Checks paid by bank include all checks issued during the month of July except No. 107 and No. 108. On July 31 cash received but not deposited in bank, P400,000.

Fabulous Company provided the following data concerning cash on July 31: Checks drawn Bank statement No. 101. 2,700,000 Balance, July 31 Charges: Zhecks paid Service charge 600,000 700,000 No. 102 No. 103 4,000,000 20,000 300,000 No. 104 400,000 450,000 600,000 650,000 500,000 No. 105 Credits: Deposits Note collected 3,500,000 1,500,000 No. 106. No. 107 No. 108 Balance of cash per book on July 1, P1,270,000. Cash receipts per cash book for the month of July P3,400,000. Checks paid by bank include all checks issued during the month of July except No. 107 and No. 108. On July 31 cash received but not deposited in bank, P400,000.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.7C

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