Answered: Romalyn Beauty Products has the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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Question

Romalyn Beauty Products has the following items in its books:

Current account - Patricia Bank P200,000
Savings account - Jann Bank 500,000
Undeposited collections 50,000
Checking account - Claire Bank 1,000,000
90-day time deposit 2,000,000
Money market placement - Jean Bank 1,500,000

A check payable to Jolina Foods was drawn against Romalyn Beauty Products' account with Jann Bank amounting to P25,000 in December 2, 2020. The check was picked up by the messenger on January 5, 2021.

A customer check dated February 5, 2021 was included in the undeposited collections amounting P15,000.

What is the total cash to be reported as at December 31, 2020?. Single choice.

P5,250,000

P3,760,000

P1,760,000

P3,250,000

Definition Definition Financial market that deals in securities or assets that are short-term in nature. The money market is responsible for keeping up the liquidity of the businesses and the organizations. These securities are usually held for a period of 12 months or less and are issued by institutions that require cash or funds for their short-term cash flow requirements. The money market is regulated by the federal government.

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