Homework Help is Here – Start Your Trial Now!
Business
Accounting
Jane Company provided following information at month-end: Cash in bank per bank statement 8,000,000 1,200,000 Deposit in transit Outetanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including interest of P100,000 Service charge for the current month NSF checks of customere returned by bank Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book Saving deposit in other bank closed by BSP Currency and coins on hand Petty cash fund 1,500,000 150,000 1,100,000 20,000 500,000 100,000 1,000,000 900,000 50,000 1. What is the adjusted cash in bank at month-end? a. 7,750,000 b. 7,900,000 c. 8,050,000 d. 7,550,000 2. What is the unadjusted cash in bank per ledger at month-end? a. 7,070,000 b. 7,220,000 c. 7,270,000 d. 7,750,000 3. What total amount of cash should be reported as current asset? a. 8,700,000 b. 9,700,000 c. 8,020,000 d. 8,850,000

Jane Company provided following information at month-end: Cash in bank per bank statement 8,000,000 1,200,000 Deposit in transit Outetanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including interest of P100,000 Service charge for the current month NSF checks of customere returned by bank Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book Saving deposit in other bank closed by BSP Currency and coins on hand Petty cash fund 1,500,000 150,000 1,100,000 20,000 500,000 100,000 1,000,000 900,000 50,000 1. What is the adjusted cash in bank at month-end? a. 7,750,000 b. 7,900,000 c. 8,050,000 d. 7,550,000 2. What is the unadjusted cash in bank per ledger at month-end? a. 7,070,000 b. 7,220,000 c. 7,270,000 d. 7,750,000 3. What total amount of cash should be reported as current asset? a. 8,700,000 b. 9,700,000 c. 8,020,000 d. 8,850,000

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
Problem 2-18 (AICPA Adapted) Jane Company provided following information at month-end: Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including intereet of P100,000 Service charge for the current month NSF checks of customers returned by bank Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book Saving deposit in other bank closed by BSP Currency and coins on hand Petty cash fund 8,000,000 1,200,000 1,500,000 150,000 1,100,000 20,000 500,000 100,000 1,000,000 900,000 50,000 1. What is the adjusted cash in bank at month-end? a. 7,750,000 b. 7,900,000 c. 8,050,000 d. 7,550,000 2. What is the unadjusted cash in bank per ledger at month-end? a. 7,070,000 b. 7,220,000 c. 7,270,000 d. 7,750,000 3. What total amount of cash should be reported as current asset? a. 8,700,000 b. 9,700,000 c. 8,020,000 d. 8,850,000 78
Transcribed Image Text:Problem 2-18 (AICPA Adapted) Jane Company provided following information at month-end: Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including intereet of P100,000 Service charge for the current month NSF checks of customers returned by bank Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book Saving deposit in other bank closed by BSP Currency and coins on hand Petty cash fund 8,000,000 1,200,000 1,500,000 150,000 1,100,000 20,000 500,000 100,000 1,000,000 900,000 50,000 1. What is the adjusted cash in bank at month-end? a. 7,750,000 b. 7,900,000 c. 8,050,000 d. 7,550,000 2. What is the unadjusted cash in bank per ledger at month-end? a. 7,070,000 b. 7,220,000 c. 7,270,000 d. 7,750,000 3. What total amount of cash should be reported as current asset? a. 8,700,000 b. 9,700,000 c. 8,020,000 d. 8,850,000 78
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

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
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS