What is the adjusted CASH IN BANK on December 31, 2020? Love Company reported the following data in relation to cash on Dec. 31, 2020 * Checkbook balance, P4,000,000 * Undeposited collections, P400,000 * A customer check amounting to P200,000 dated January 2, 2021 was inclu the December 31, 2020 checkbook balance. * Another customer check for P500,000 deposited on December 22, 2020 wa included in the checkbook balance but returned by the bank for insufficieno fund. This check was redeposited on December 26, 2020 and cleared two days * A P400,000 check payable to supplier dated and recorded on December 30 2020 was mailed on January 16. 2021
What is the adjusted CASH IN BANK on December 31, 2020? Love Company reported the following data in relation to cash on Dec. 31, 2020 * Checkbook balance, P4,000,000 * Undeposited collections, P400,000 * A customer check amounting to P200,000 dated January 2, 2021 was inclu the December 31, 2020 checkbook balance. * Another customer check for P500,000 deposited on December 22, 2020 wa included in the checkbook balance but returned by the bank for insufficieno fund. This check was redeposited on December 26, 2020 and cleared two days * A P400,000 check payable to supplier dated and recorded on December 30 2020 was mailed on January 16. 2021
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5PA
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