The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are: *Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000. *Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000. What amount of cash will be shown on December 31, 2018?
The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are: *Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000. *Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000. What amount of cash will be shown on December 31, 2018?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
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The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are:
*Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000.
*Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000.
What amount of cash will be shown on December 31, 2018?
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