On January 1, 2021, Rica Company received its December 2020 bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. A bank reconciliation is prepared from the following available information for December 2020: December 31, 2020 book balance, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit of December 31, 2020 placed in night depository, P85,000 Check issued by Erick Company charged to Rica Company’s account, P20,000 What was the cash balance per bank statement?
On January 1, 2021, Rica Company received its December 2020 bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. A bank reconciliation is prepared from the following available information for December 2020: December 31, 2020 book balance, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit of December 31, 2020 placed in night depository, P85,000 Check issued by Erick Company charged to Rica Company’s account, P20,000 What was the cash balance per bank statement?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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On January 1, 2021, Rica Company received its December 2020 bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. A bank reconciliation is prepared from the following available information for December 2020:
December 31, 2020 book balance, P1,460,000
Note collected by bank, P100,000
Interest earned on note, P10,000
NSF check of customer, P130,000
Bank service charge on NSF check, P2,000
Other bank service charges, P3,000
Outstanding checks, P202,000
Deposit of December 31, 2020 placed in night depository, P85,000
Check issued by Erick Company charged to Rica Company’s account, P20,000
What was the cash balance per bank statement?
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