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Information pertaining to 76ers Company appears below: Balance per ledger, July 31 P 650,000 Balance per bank statement July 31 1,240,000 Deposit in transit 280,000 Debit memo service charges 10,000 Credit memo collection of note receivable by bank for 76ers 300,000 Outstanding checks Check for purchase of supplies was drawn for P60,000 but was recorded as P90,000. What is the amount of outstanding checks on July 31?

Information pertaining to 76ers Company appears below: Balance per ledger, July 31 P 650,000 Balance per bank statement July 31 1,240,000 Deposit in transit 280,000 Debit memo service charges 10,000 Credit memo collection of note receivable by bank for 76ers 300,000 Outstanding checks Check for purchase of supplies was drawn for P60,000 but was recorded as P90,000. What is the amount of outstanding checks on July 31?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
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Information pertaining to 76ers Company appears below: Balance per ledger, July 31 P 650,000 Balance per bank statement July 31 1,240,000 Deposit in transit 280,000 Debit memo - service charges 10,000 Credit memo - collection of note receivable by bank for 76ers 300,000 Outstanding checks Check for purchase of supplies was drawn for P60,000 but was recorded as P90,000. What is the amount of outstanding checks on July 31?
Transcribed Image Text:Information pertaining to 76ers Company appears below: Balance per ledger, July 31 P 650,000 Balance per bank statement July 31 1,240,000 Deposit in transit 280,000 Debit memo - service charges 10,000 Credit memo - collection of note receivable by bank for 76ers 300,000 Outstanding checks Check for purchase of supplies was drawn for P60,000 but was recorded as P90,000. What is the amount of outstanding checks on July 31?
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