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The trial balance as of March 31, 2021 of West Fruits has a Cash in bank balance of P167,000. The company received the bank statement for December. Deposit in transit at year-end is P30,000 and outstanding checks totaled P25,000. The bank statement showed a balance of P140,000. Bank charges includes the following: bank service charge for the checkbooks, P2,000 and check issued by East Fruits P20,000 erroneously debited to the account of West Fruits. What is the correct Cash in Bank balance of the company at year-end? What is the net adjusting amount for Cash in bank account?

The trial balance as of March 31, 2021 of West Fruits has a Cash in bank balance of P167,000. The company received the bank statement for December. Deposit in transit at year-end is P30,000 and outstanding checks totaled P25,000. The bank statement showed a balance of P140,000. Bank charges includes the following: bank service charge for the checkbooks, P2,000 and check issued by East Fruits P20,000 erroneously debited to the account of West Fruits. What is the correct Cash in Bank balance of the company at year-end? What is the net adjusting amount for Cash in bank account?

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 2AP
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The trial balance as of March 31, 2021 of West Fruits has a Cash in bank balance of P167,000. The company received the bank statement for December. Deposit in transit at year-end is P30,000 and outstanding checks totaled P25,000. The bank statement showed a balance of P140,000. Bank charges includes the following: bank service charge for the checkbooks, P2,000 and check issued by East Fruits P20,000 erroneously debited to the account of West Fruits.

What is the correct Cash in Bank balance of the company at year-end?

What is the net adjusting amount for Cash in bank account?

 

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