Shown below is the bank reconciliation for Gatchalian Company for April 2018: Balance per bank, April 30, 2018 P300,000 Add: Deposits in transit 48.000 Total 348,000 P56,000 Less: Outstanding checks 15,000 Note collected by bank 20,000 91,000 Bank credit for recorded error P257,000 Cash balance per books, April 30, 2018 In the process of your audit, you gathered the following: • The cash account for May 2018 contains the followingdata: P247,000 Total receipts
Shown below is the bank reconciliation for Gatchalian Company for April 2018: Balance per bank, April 30, 2018 P300,000 Add: Deposits in transit 48.000 Total 348,000 P56,000 Less: Outstanding checks 15,000 Note collected by bank 20,000 91,000 Bank credit for recorded error P257,000 Cash balance per books, April 30, 2018 In the process of your audit, you gathered the following: • The cash account for May 2018 contains the followingdata: P247,000 Total receipts
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 5DQ
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Based on the above and result of your audit, determine the following:
The net adjustment to cash account on May 31,2018
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