ABC Company prepared the following bank reconciliation dated June 30 of the current year: Balance per bank Deposits-in-transit Outstanding checks Balance per book 9,800,000 400,000 (1,400,000) 8,800,000 In the July bank statement, there were total credits of P6,500,000 and total debits of P9,000,000. All reconciliation items on June 30 cleared the bank as of July 31. Deposits-in-transit and checks outstanding amounted to P600,000 and P1,000,000, respectively, on July 31.

ABC Company prepared the following bank reconciliation dated June 30 of the current year: Balance per bank Deposits-in-transit Outstanding checks Balance per book 9,800,000 400,000 (1,400,000) 8,800,000 In the July bank statement, there were total credits of P6,500,000 and total debits of P9,000,000. All reconciliation items on June 30 cleared the bank as of July 31. Deposits-in-transit and checks outstanding amounted to P600,000 and P1,000,000, respectively, on July 31.

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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