How much is the correct cash balanceon December 31, 2020? *Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bankreconciliation for November 2020:Balance per ledgerBank service chargesP2,372,000(2,000)Adjusted balanceP2,370,000Balance per bank statementP2,100,000Deposit in transit300,000Outstanding checksAdjusted balance(30,000)P2,370,000Information gathered for December 2020 are as follows:BankBookChecks recorded2,300,0002,360,000Deposits recordedCollection by bank (P400,000 noteplus interest)NSF check returned with Dec. 311,620,0001,800,000420,000bank statement10,000Service charge2,000Balances1,828,0001,810,000

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Business

Accounting

How much is the correct cash balance on December 31, 2020?

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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How much is the correct cash balance on December 31, 2020?
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