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The book balance of a cash in bank account of Stands Corp. is P1,090,00O. As of this date, outstanding checks totaled P60,000 while deposits in transit amount to P120,000. The accountant of Stands determined that debit memos and credit memos for the month amounting to P30,00O and P200,000 has not yet been recorded. What is the adjusted cash in bank balance? * A.P920,000 B.P1,030,000 C.P1,090,000 D.P1,260,000

The book balance of a cash in bank account of Stands Corp. is P1,090,00O. As of this date, outstanding checks totaled P60,000 while deposits in transit amount to P120,000. The accountant of Stands determined that debit memos and credit memos for the month amounting to P30,00O and P200,000 has not yet been recorded. What is the adjusted cash in bank balance? * A.P920,000 B.P1,030,000 C.P1,090,000 D.P1,260,000

College Accounting (Book Only): A Career Approach
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 5E
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The book balance of a cash in bank account of Stands Corp. is P1,090,00O. As of this date, outstanding checks totaled P60,000 while deposits in transit amount to P120,00O. The accountant of Stands determined that debit memos and credit memos for the month amounting to P30,000 and P200,000 has not yet been recorded. What is the adjusted cash in bank balance? * A.P920,000 B.P1,030,000 O C.P1,090,000 O D.P1,260,000
Transcribed Image Text:The book balance of a cash in bank account of Stands Corp. is P1,090,00O. As of this date, outstanding checks totaled P60,000 while deposits in transit amount to P120,00O. The accountant of Stands determined that debit memos and credit memos for the month amounting to P30,000 and P200,000 has not yet been recorded. What is the adjusted cash in bank balance? * A.P920,000 B.P1,030,000 O C.P1,090,000 O D.P1,260,000
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