FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How much is the correct cash balance
on December 31, 2020? *
Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bank
reconciliation for November 2020:
Balance per ledger
Bank service charges
P2,372,000
(2,000)
Adjusted balance
P2,370,000
Balance per bank statement
P2,100,000
Deposit in transit
300,000
Outstanding checks
Adjusted balance
(30,000)
P2,370,000
Information gathered for December 2020 are as follows:
Bank
Book
Checks recorded
2,300,000
2,360,000
Deposits recorded
Collection by bank (P400,000 note
plus interest)
NSF check returned with Dec. 31
1,620,000
1,800,000
420,000
bank statement
10,000
Service charge
2,000
Balances
1,828,000
1,810,000
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Transcribed Image Text:How much is the correct cash balance on December 31, 2020? * Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bank reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) Adjusted balance P2,370,000 Balance per bank statement P2,100,000 Deposit in transit 300,000 Outstanding checks Adjusted balance (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 1,800,000 420,000 bank statement 10,000 Service charge 2,000 Balances 1,828,000 1,810,000
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