The cash balance of AA Company had the following information: Descriptions November December Cash balances per book P1,200,000 P1,450,000
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The cash balance of AA Company had the following information:
|
Descriptions |
November |
December |
|
Cash balances per book |
P1,200,000 |
P1,450,000 |
|
Cash balances per bank |
1,400,000 |
1,838,500 |
|
Bank service charges |
12,000 |
11,500 |
|
NSF checks |
100,000 |
150,000 |
|
Notes collected by the bank |
350,000 |
410,000 |
|
Deposit in transit |
320,000 |
? |
|
Outstanding checks |
? |
185,000 |
|
Book debit error |
25,000 |
– |
|
Book credit error |
50,000 |
70,000 |
|
Bank credit error |
– |
65,000 |
|
Bank debit error |
75,000 |
90,000 |
|
Bank receipts |
2,550,000 |
|
|
Book disbursements |
1,920,000 |
|
|
Note: errors were corrected in the following period. No other errors affecting the cash balances. |
Statement 1: The adjusted receipts for the month of December is P2,180,000.
Statement 2: The adjusted disbursement for the month of December is P1,874,500.
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