Iron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank reconciliation: Deposit in transit P6,800 Outstanding checks 15,600 April 2019 data: Per Bank Per Book Balance, March 31 296,560 287,760 Deposits reflected 190,400 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) Balance, April 30 319,680 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. How much is Iron’s deposits in transit at April 30? P12,400 P18,000 P1,200 P5,600 How much is Iron’s outstanding checks at April 30? P27,600 P34,400 P18,800 P24,800
Iron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank reconciliation: Deposit in transit P6,800 Outstanding checks 15,600 April 2019 data: Per Bank Per Book Balance, March 31 296,560 287,760 Deposits reflected 190,400 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) Balance, April 30 319,680 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. How much is Iron’s deposits in transit at April 30? P12,400 P18,000 P1,200 P5,600 How much is Iron’s outstanding checks at April 30? P27,600 P34,400 P18,800 P24,800
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Internal Control And Cash
Section: Chapter Questions
Problem 21E
Related questions
Question
Iron Company has provided the following data in relation to its bank reconciliation for April 2019.
From March 31 bank reconciliation:
Deposit in transit P6,800
Outstanding checks 15,600
April 2019 data:
|
Per Bank |
Per Book |
|
|
Balance, March 31 |
296,560 |
287,760 |
|
Deposits reflected |
190,400 |
196,000 |
|
Checks reflected |
(246,800) |
(244,000) |
|
Note collected |
80,000 |
|
|
Service charge |
(480) |
|
|
Balance, April 30 |
319,680 |
239,760 |
The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company.
- How much is Iron’s deposits in transit at April 30?
- P12,400
- P18,000
- P1,200
- P5,600
- How much is Iron’s outstanding checks at April 30?
- P27,600
- P34,400
- P18,800
- P24,800
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 3 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
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage