The Cash in Metrobank account of Peace Corporation has a balance of P94,000 on December 31, 2021. Your review of the cash transactions recorded in December revealed the following: Cash receipts included customer's check for P4,000 dated January 10, 2022. Cash disbursements included: Check of P10,000 payable to Ace Company. The check dated December 23, was delivered to Ace on December 24, but had not been paid by the bank as of December 31. Check of P6,000 payable to King Company. The check was dated December 29 but still undelivered as of December 31, 2021. What is the correct Cash in Metrobank balance at December 31, 2021
The Cash in Metrobank account of Peace Corporation has a balance of P94,000 on December 31, 2021. Your review of the cash transactions recorded in December revealed the following: Cash receipts included customer's check for P4,000 dated January 10, 2022. Cash disbursements included: Check of P10,000 payable to Ace Company. The check dated December 23, was delivered to Ace on December 24, but had not been paid by the bank as of December 31. Check of P6,000 payable to King Company. The check was dated December 29 but still undelivered as of December 31, 2021. What is the correct Cash in Metrobank balance at December 31, 2021
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 Metrobank account of Peace Corporation has a balance of P94,000 on December 31, 2021. Your review of the cash transactions recorded in December revealed the following:
Cash receipts included customer's check for P4,000 dated January 10, 2022.
Cash disbursements included:
Check of P10,000 payable to Ace Company. The check dated December 23, was delivered to Ace on December 24, but had not been paid by the bank as of December 31.
Check of P6,000 payable to King Company. The check was dated December 29 but still undelivered as of December 31, 2021.
What is the correct Cash in Metrobank balance at December 31, 2021?
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