Long Champ Company is preparing its March 31 bank reconciliation. The following data are available: March data                                                                              Per bank          Per books Balance, February 28                                                             P859,500           P839,600 March deposits reflected                                                           476,000          490,000** March checks reflected                                                            (617,000)*        (610,000) Note collected (including P2,000 interest)                                 202,000 Service charge                                                                             (1,200) Balance, March 31                                                                    919,300            719,600 From the February 28 bank reconciliation: Deposits in transit, P18,200 Outstanding checks, P38,100 * Erroneously includes a check drawn by Long Camp Company for P15,000. ** Includes a collection of P20,800 recorded erroneously. The correct amount of P28,000 was properly reflected in the bank statement. Question: How much is the deposit in transit at March 31? a. P39,400 b. P32,200 c. P18,200 d. P14,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Long Champ Company is preparing its March 31 bank reconciliation. The following data are available:

March data                                                                              Per bank          Per books
Balance, February 28                                                             P859,500           P839,600
March deposits reflected                                                           476,000          490,000**
March checks reflected                                                            (617,000)*        (610,000)
Note collected (including P2,000 interest)                                 202,000
Service charge                                                                             (1,200)
Balance, March 31                                                                    919,300            719,600

From the February 28 bank reconciliation:
Deposits in transit, P18,200
Outstanding checks, P38,100

* Erroneously includes a check drawn by Long Camp Company for P15,000.
** Includes a collection of P20,800 recorded erroneously. The correct amount of P28,000 was properly reflected in the bank statement.

Question:
How much is the deposit in transit at March 31?
a. P39,400
b. P32,200
c. P18,200
d. P14,000

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