Lee Co. kept all cash in a checking account. An examination of the accounting records and bank statement for the month of June revealed the following information: *The cash balance per book on June 30 was P8,500,000. · A deposit of P1,000.000 that was placed in the bank's night depository on June 30 did not appear on the bank statement. The bank statement showed that on June 30 the bank collected note for the entity and credited the proceeds of P950,000 to the entity's account, net of collection charge P50,000.
Lee Co. kept all cash in a checking account. An examination of the accounting records and bank statement for the month of June revealed the following information: *The cash balance per book on June 30 was P8,500,000. · A deposit of P1,000.000 that was placed in the bank's night depository on June 30 did not appear on the bank statement. The bank statement showed that on June 30 the bank collected note for the entity and credited the proceeds of P950,000 to the entity's account, net of collection charge P50,000.
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 1PB
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