The books of Habagat Service, Inc. disclosed a cash balance of 45,700 on June 30. The bank statement as of June 30 showed a balance of 50,300. Additional information that might be useful in reconciling the two balances follows: · Check payable to creditors for 3,000 was erroneously recorded on the books as P4,500. · Outstanding checks totaled P9,800 including a certain check of P2,000 payable to supplier recorded on June 25 but not yet mailed as of June 30. · There were bank service charges for June of P200 not yet recorded on the books. · Habagat’s account had been charged on June 26 for a customer’s NSF check for P1,200. No entry has been made for the return of NSF check. · Habagat’s account had been credited by the bank for P600. This amount should have been credited to typhoon account. · Undeposited collections as of June 30 for P13,400 including post-dated check of P1,300 from customer recorded on June 29. · A bank memo stated that a customer’s note for P7,500 had been collected on June 27 but not yet recorded on the books. How much is the correct cash in bank balance as of June 30? 52,000 53,300 54,000 55,300
The books of Habagat Service, Inc. disclosed a cash balance of 45,700 on June 30. The bank statement as of June 30 showed a balance of 50,300. Additional information that might be useful in reconciling the two balances follows: · Check payable to creditors for 3,000 was erroneously recorded on the books as P4,500. · Outstanding checks totaled P9,800 including a certain check of P2,000 payable to supplier recorded on June 25 but not yet mailed as of June 30. · There were bank service charges for June of P200 not yet recorded on the books. · Habagat’s account had been charged on June 26 for a customer’s NSF check for P1,200. No entry has been made for the return of NSF check. · Habagat’s account had been credited by the bank for P600. This amount should have been credited to typhoon account. · Undeposited collections as of June 30 for P13,400 including post-dated check of P1,300 from customer recorded on June 29. · A bank memo stated that a customer’s note for P7,500 had been collected on June 27 but not yet recorded on the books. How much is the correct cash in bank balance as of June 30? 52,000 53,300 54,000 55,300
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 5PA
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The books of Habagat Service, Inc. disclosed a cash balance of 45,700 on June 30. The bank statement as of June 30 showed a balance of 50,300. Additional information that might be useful in reconciling the two balances follows:
· Check payable to creditors for 3,000 was erroneously recorded on the books as P4,500.
· Outstanding checks totaled P9,800 including a certain check of P2,000 payable to supplier recorded on June 25 but not yet mailed as of June 30.
· There were bank service charges for June of P200 not yet recorded on the books.
· Habagat’s account had been charged on June 26 for a customer’s NSF check for P1,200. No entry has been made for the return of NSF check.
· Habagat’s account had been credited by the bank for P600. This amount should have been credited to typhoon account.
· Undeposited collections as of June 30 for P13,400 including post-dated check of P1,300 from customer recorded on June 29.
· A bank memo stated that a customer’s note for P7,500 had been collected on June 27 but not yet recorded on the books.
How much is the correct cash in bank balance as of June 30?
· Check payable to creditors for 3,000 was erroneously recorded on the books as P4,500.
· Outstanding checks totaled P9,800 including a certain check of P2,000 payable to supplier recorded on June 25 but not yet mailed as of June 30.
· There were bank service charges for June of P200 not yet recorded on the books.
· Habagat’s account had been charged on June 26 for a customer’s NSF check for P1,200. No entry has been made for the return of NSF check.
· Habagat’s account had been credited by the bank for P600. This amount should have been credited to typhoon account.
· Undeposited collections as of June 30 for P13,400 including post-dated check of P1,300 from customer recorded on June 29.
· A bank memo stated that a customer’s note for P7,500 had been collected on June 27 but not yet recorded on the books.
How much is the correct cash in bank balance as of June 30?
52,000
53,300
54,000
55,300
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