Shown below is the bank reconciliation for Mat Company for November 20x7: Balance per bank, Nov 30, 20x7 P 300,000 Add: Deposits in transit 48,000 Total 348,000 Less: Outstanding checks P 56,000 Bank credit recorded in error 20,000 76,000 Cash balance per books, Nov 30, 20x7 P 272,000 The bank statement for December 20x7 contains the following data: Total deposits amounted to P220,000; Total charges (including an NSF check of P16,000 and a service charge of P800) amounted to P192,000 All outstanding checks on November 30, 20x7, including the bank credit, were cleared in the bank 1n December 20x7. There were outstanding checks of P60,000 and deposits in transit of P72,000 on December 31, 20x7. The adjusted cash in bank balance as of December 31, 20x7
Shown below is the bank reconciliation for Mat Company for November 20x7: Balance per bank, Nov 30, 20x7 P 300,000 Add: Deposits in transit 48,000 Total 348,000 Less: Outstanding checks P 56,000 Bank credit recorded in error 20,000 76,000 Cash balance per books, Nov 30, 20x7 P 272,000 The bank statement for December 20x7 contains the following data: Total deposits amounted to P220,000; Total charges (including an NSF check of P16,000 and a service charge of P800) amounted to P192,000 All outstanding checks on November 30, 20x7, including the bank credit, were cleared in the bank 1n December 20x7. There were outstanding checks of P60,000 and deposits in transit of P72,000 on December 31, 20x7. The adjusted cash in bank balance as of December 31, 20x7
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.21E
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- Shown below is the bank reconciliation for Mat Company for November 20x7:
|
Balance per bank, Nov 30, 20x7 |
|
P 300,000 |
|
Add: Deposits in transit |
|
48,000 |
|
Total |
|
348,000 |
|
Less: Outstanding checks |
P 56,000 |
|
|
Bank credit recorded in error |
20,000 |
76,000 |
|
Cash balance per books, Nov 30, 20x7 |
|
P 272,000 |
The bank statement for December 20x7 contains the following data:
- Total deposits amounted to P220,000;
- Total charges (including an NSF check of P16,000 and a service charge of P800) amounted to P192,000
All outstanding checks on November 30, 20x7, including the bank credit, were cleared in the bank 1n December 20x7.
There were outstanding checks of P60,000 and deposits in transit of P72,000 on December 31, 20x7.
The adjusted cash in bank balance as of December 31, 20x7 is
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