ABC Corporation recorded debits of P2,500,000 and credits of P2,450,000 in the Cash in Bank account during the month of September. The beginning balance was P300,000. Among the transactions recorded in the books was a credit memo of P150,000 and debit memo of P20,000 from August. The September bank statement received on October 5 showed that the bank collected P50,000 from a customer on behalf of the corporation and charged P3,000 for its services. What is the correct amount of cash receipts during September?

ABC Corporation recorded debits of P2,500,000 and credits of P2,450,000 in the Cash in Bank account during the month of September. The beginning balance was P300,000. Among the transactions recorded in the books was a credit memo of P150,000 and debit memo of P20,000 from August. The September bank statement received on October 5 showed that the bank collected P50,000 from a customer on behalf of the corporation and charged P3,000 for its services. What is the correct amount of cash receipts during September?

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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