The following cash transactions occurred during the month of May: 青 Collection from customers: P50,000 in cash and P150,000 in checks. Payments for various expenses, P20,000 in cash and P10,000 in checks. Deposits to the bank P10,000 in cash, P100,000 in checks. What was the balance of the cash in bank account? O P140,000 P240,000 P100,000 O P110,000

The following cash transactions occurred during the month of May: 青 Collection from customers: P50,000 in cash and P150,000 in checks. Payments for various expenses, P20,000 in cash and P10,000 in checks. Deposits to the bank P10,000 in cash, P100,000 in checks. What was the balance of the cash in bank account? O P140,000 P240,000 P100,000 O P110,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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