Homework Help is Here – Start Your Trial Now!
Business
Accounting
The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 • Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. • Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. • Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A 970,000 B. 952,000 C. 945,000 D. 927,000

The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 • Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. • Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. • Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A 970,000 B. 952,000 C. 945,000 D. 927,000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 2SEQ
See similar textbooks
icon
Related questions
Question
3) The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A. 970,000 B. 952,000 C. 945,000 D. 927,000
Transcribed Image Text:3) The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A. 970,000 B. 952,000 C. 945,000 D. 927,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS