MC41 Garnet Company is preparing its March 31 bank reconciliation. The following data are available: 1. March data: Per Bank Per Books Balance, February 28 P741,400 P719,400 March deposits reflected 476,000 490,000 March checks reflected (617,000)* (610,000) Note collected (including P2,000 interest) 202,000 Service Charge (1,200) Balance, March 31 P801,200 P599,400 *Erroneously includes a check drawn by Garment for P15,000. 2. From February 28 bank reconciliation: Deposits in transit, P17,000 Outstanding Checks, P39,000 What is the amount of outstanding checks at March 31? (with solution) a. P47,000 b. P15,000 c. P8,000 d. P7,000
MC41 Garnet Company is preparing its March 31 bank reconciliation. The following data are available: 1. March data: Per Bank Per Books Balance, February 28 P741,400 P719,400 March deposits reflected 476,000 490,000 March checks reflected (617,000)* (610,000) Note collected (including P2,000 interest) 202,000 Service Charge (1,200) Balance, March 31 P801,200 P599,400 *Erroneously includes a check drawn by Garment for P15,000. 2. From February 28 bank reconciliation: Deposits in transit, P17,000 Outstanding Checks, P39,000 What is the amount of outstanding checks at March 31? (with solution) a. P47,000 b. P15,000 c. P8,000 d. P7,000
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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MC41
Garnet Company is preparing its March 31 bank reconciliation. The following data are available:
1. March data:
| Per Bank | Per Books | |
| Balance, February 28 | P741,400 | P719,400 |
| March deposits reflected | 476,000 | 490,000 |
| March checks reflected | (617,000)* | (610,000) |
| Note collected (including P2,000 interest) | 202,000 | |
| Service Charge | (1,200) | |
| Balance, March 31 | P801,200 | P599,400 |
*Erroneously includes a check drawn by Garment for P15,000.
2. From February 28 bank reconciliation:
Deposits in transit, P17,000
Outstanding Checks, P39,000
What is the amount of outstanding checks at March 31? (with solution)
a. P47,000
b. P15,000
c. P8,000
d. P7,000
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