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Timex Company provided the following data relating to the cash transactions and bank account for the month of July : ? Cash balance per ledger Cash balance per bank statement Debit memo for July service charge Deposit of July 31 not recorded by bank until 5,000

Timex Company provided the following data relating to the cash transactions and bank account for the month of July : ? Cash balance per ledger Cash balance per bank statement Debit memo for July service charge Deposit of July 31 not recorded by bank until 5,000

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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Problem 2-17 (IAA) Timex Company provided the following data relating to the cash transactions and bank account for the month of July : Cash balance per ledger Cash balance per bank statement Debit memo for July service charge Deposit of July 31 not recorded by bank until August 1 Outstanding checks, including certified check of P50,000 Proceeds of bank loan not recorded in ledger Proceeds from customer note, face P400,000, collected by bank, collection fee of P15,000 A creditor check had been entered in the book as P20,000 and was erroneously deducted by the bank at A customer check was returned by bank marked DAIF ? 5,000 450,000 750,000 500,000 435,000 200,000 50,000 3,000,000 Correct cash balance 1. What is the cash balance per ledger? a. 2,120,000 b. 3,055,000 c. 2,555,000 d. 2,065,000 2. What is the cash balance per bank statement? а. 3,700,000 b. 3,070,000 c. 3,050,000 d. 2,370,000 CS
Transcribed Image Text:Problem 2-17 (IAA) Timex Company provided the following data relating to the cash transactions and bank account for the month of July : Cash balance per ledger Cash balance per bank statement Debit memo for July service charge Deposit of July 31 not recorded by bank until August 1 Outstanding checks, including certified check of P50,000 Proceeds of bank loan not recorded in ledger Proceeds from customer note, face P400,000, collected by bank, collection fee of P15,000 A creditor check had been entered in the book as P20,000 and was erroneously deducted by the bank at A customer check was returned by bank marked DAIF ? 5,000 450,000 750,000 500,000 435,000 200,000 50,000 3,000,000 Correct cash balance 1. What is the cash balance per ledger? a. 2,120,000 b. 3,055,000 c. 2,555,000 d. 2,065,000 2. What is the cash balance per bank statement? а. 3,700,000 b. 3,070,000 c. 3,050,000 d. 2,370,000 CS
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