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Problem 1 The bookkeeper of Tinhay Company recently prepared the following bank reconciliation: Tinhay Company Bank Reconciliation December 31, 2021 Balance per bank P 126,420 Add: Deposit in transit P 8,700 Charge on checkbook printing Error made in recording Check No. 25 issued in December 210 1,600 5,000 15,510 P 141,930 NSF check Total Deduct: P 4,480 Outstanding checks Note collected by bank (includes P50 interest) Balance per books 9,500 13,980 P 127,950 Hoover has P9,100 cash on hand on December 31, 2021. 1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be:

Problem 1 The bookkeeper of Tinhay Company recently prepared the following bank reconciliation: Tinhay Company Bank Reconciliation December 31, 2021 Balance per bank P 126,420 Add: Deposit in transit P 8,700 Charge on checkbook printing Error made in recording Check No. 25 issued in December 210 1,600 5,000 15,510 P 141,930 NSF check Total Deduct: P 4,480 Outstanding checks Note collected by bank (includes P50 interest) Balance per books 9,500 13,980 P 127,950 Hoover has P9,100 cash on hand on December 31, 2021. 1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be:

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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Problem 1 The bookkeeper of Tinhay Company recently prepared the following bank reconciliation: Tinhay Company Bank Reconciliation December 31, 2021 Balance per bank P 126,420 Add: Deposit in transit P 8,700 Charge on checkbook printing Error made in recording Check No. 25 issued in December 210 1,600 5,000 15,510 P 141,930 NSF check Total Deduct: P 4,480 Outstanding checks Note collected by bank (includes P50 interest) Balance per books 9,500 13,980 P 127,950 Hoover has P9,100 cash on hand on December 31, 2021. 1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be:
Transcribed Image Text:Problem 1 The bookkeeper of Tinhay Company recently prepared the following bank reconciliation: Tinhay Company Bank Reconciliation December 31, 2021 Balance per bank P 126,420 Add: Deposit in transit P 8,700 Charge on checkbook printing Error made in recording Check No. 25 issued in December 210 1,600 5,000 15,510 P 141,930 NSF check Total Deduct: P 4,480 Outstanding checks Note collected by bank (includes P50 interest) Balance per books 9,500 13,980 P 127,950 Hoover has P9,100 cash on hand on December 31, 2021. 1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be:
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