Fairy Company is engaged in the sale of ladies accessories that are being distributed in some malls located in Metro Manila. The company's accounting assistant prepares monthly bank reconciliation. At August 31, 2021, cash receipts and disbursements per general ledger account Cash in Bank of Fairy Company are P321,000 and P265,000, respectively. The bank statement for the same month indicates that only P302,000 in deposits were received during the month and checks clearing the bank were P326,000. The July 31, 2021 bank reconciliation showed deposits in transit of P25,800. Outstanding checks at August 31, 2021 were P95,000. How much were the outstanding checks at July 31, 2021?
Fairy Company is engaged in the sale of ladies accessories that are being distributed in some malls located in Metro Manila. The company's accounting assistant prepares monthly bank reconciliation. At August 31, 2021, cash receipts and disbursements per general ledger account Cash in Bank of Fairy Company are P321,000 and P265,000, respectively. The bank statement for the same month indicates that only P302,000 in deposits were received during the month and checks clearing the bank were P326,000. The July 31, 2021 bank reconciliation showed deposits in transit of P25,800. Outstanding checks at August 31, 2021 were P95,000. How much were the outstanding checks at July 31, 2021?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter5: Bank Reconciliation (bankrec)
Section: Chapter Questions
Problem 1R
Related questions
Question
Fairy Company is engaged in the sale of ladies accessories that are being distributed in some malls located in Metro Manila. The company's accounting assistant prepares monthly bank reconciliation. At August 31, 2021, cash receipts and disbursements per general ledger account Cash in Bank of Fairy Company are P321,000 and P265,000, respectively. The bank statement for the same month indicates that only P302,000 in deposits were received during the month and checks clearing the bank were P326,000. The July 31, 2021 bank reconciliation showed deposits in transit of P25,800. Outstanding checks at August 31, 2021 were P95,000.
How much were the outstanding checks at July 31, 2021?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage