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Problem 3-11 (AICPA Adapted) Lovable Company prepared the following bank reconciliati on June 30: Balance per bank statement, June 30 Deposit in transit Total Jutstanding checks Balance per book, June 30 3,000,00 400,00 3,400,00 ( 900,00 2,500,0

Problem 3-11 (AICPA Adapted) Lovable Company prepared the following bank reconciliati on June 30: Balance per bank statement, June 30 Deposit in transit Total Jutstanding checks Balance per book, June 30 3,000,00 400,00 3,400,00 ( 900,00 2,500,0

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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Problem 3-11 (AIСРА Adapted) Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit 3,000,000 400,000 Total Outstanding checks 3,400,000 900,000) 2,500,000 The bank statement for the month of July showed the Balance per book, June 30 following: Deposits, including P200,000 note collected for Lovable Disbursements, including P140,000 NSF check and P10,000,service charge 9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 1. What is the adjusted cash in bank on July 31? а. 5,000,000 b. 5,200,000 с. 5,550,000 d. 5,400,000 2. What is the cash balance per book on July 31? а. 5,400,000 b. 5,350,000 с. 5,550,000 d. 4,500,000 3. What is the amount of cash receipts per book in July? а. 9,400,000 b. 9,600,000 c. 8,600,000 d. 9,800,000 4. What is the amount of cash disbursements per book in July? а. 6,550,000 b. 6,700,000 с. 7,300,000 d. 6,850,000 cs
Transcribed Image Text:Problem 3-11 (AIСРА Adapted) Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit 3,000,000 400,000 Total Outstanding checks 3,400,000 900,000) 2,500,000 The bank statement for the month of July showed the Balance per book, June 30 following: Deposits, including P200,000 note collected for Lovable Disbursements, including P140,000 NSF check and P10,000,service charge 9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 1. What is the adjusted cash in bank on July 31? а. 5,000,000 b. 5,200,000 с. 5,550,000 d. 5,400,000 2. What is the cash balance per book on July 31? а. 5,400,000 b. 5,350,000 с. 5,550,000 d. 4,500,000 3. What is the amount of cash receipts per book in July? а. 9,400,000 b. 9,600,000 c. 8,600,000 d. 9,800,000 4. What is the amount of cash disbursements per book in July? а. 6,550,000 b. 6,700,000 с. 7,300,000 d. 6,850,000 cs
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