46. How much is the correct cash balance at June 30? The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank A customer's check returned by the bank for insufficient fund 350,000 150,000 70,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees' I.O.U.: and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total P1,950,000 300,000 Less: Overdraft with BPI Bank secured by a Chattel mortgage on the inventories Balance per ledger P1,660,000

46. How much is the correct cash balance at June 30? The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank A customer's check returned by the bank for insufficient fund 350,000 150,000 70,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees' I.O.U.: and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total P1,950,000 300,000 Less: Overdraft with BPI Bank secured by a Chattel mortgage on the inventories Balance per ledger P1,660,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
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