What amount should be reported as cash on december 31, 2022 Huston’s company had a checkbook balance on December 31, 2022, of P820,000 and held back the following terms: I. Check payable to Huston dated January 4, 2023, included in the December 31 checkbook balance, P90,000. II. Check payable to Huston dated December 28, 2022, and included in the December 31 balance, it was returned by the bank on December on December 30 marked NSF. The
What amount should be reported as cash on december 31, 2022 Huston’s company had a checkbook balance on December 31, 2022, of P820,000 and held back the following terms: I. Check payable to Huston dated January 4, 2023, included in the December 31 checkbook balance, P90,000. II. Check payable to Huston dated December 28, 2022, and included in the December 31 balance, it was returned by the bank on December on December 30 marked NSF. The
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 6DQ
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What amount should be reported as cash on december 31, 2022
Huston’s company had a checkbook balance on December 31, 2022, of P820,000 and held back the following terms:
I. Check payable to Huston dated January 4, 2023, included in the December 31 checkbook balance, P90,000.
II. Check payable to Huston dated December 28, 2022, and included in the December 31 balance, it was returned by the bank on December on December 30 marked NSF. The check was redeposited on January 3, 2023 and is cleared January 5, 2023, P80,000.
III. Check payable to Regina Mills, a supplier, dated January 3, 2023, was delivered on December 29, 2022, P65,000. This was excluded in the December 31 balance.
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