On March 2, 2022, Jenny received its bank statement of the month ending February 28. The statement showed a P209,500 balance while the cash account balance on February 28 was P35,000. In reconciling the balances, the following were noticed: a. The February 28 collections of P176,000 were recorded on the books but were not deposited until March. b. The bank service charges for the month of February totaled P3,000. c. A paid check for P24,300 was entered incorrectly in the cash payments journal as P34,200. What is the total outstanding checks at February 28, 2022?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On March 2, 2022, Jenny received its bank statement of the month ending February 28. The statement showed a P209,500 balance
while the cash account balance on February 28 was P35,000. In reconciling the balances, the following were noticed:
a. The February 28 collections of P176,000 were recorded on the books but were not deposited until March.
b. The bank service charges for the month of February totaled P3,000.
c. A paid check for P24,300 was entered incorrectly in the cash payments journal as P34,200.
What is the total outstanding checks at February 28, 2022?
Transcribed Image Text:On March 2, 2022, Jenny received its bank statement of the month ending February 28. The statement showed a P209,500 balance while the cash account balance on February 28 was P35,000. In reconciling the balances, the following were noticed: a. The February 28 collections of P176,000 were recorded on the books but were not deposited until March. b. The bank service charges for the month of February totaled P3,000. c. A paid check for P24,300 was entered incorrectly in the cash payments journal as P34,200. What is the total outstanding checks at February 28, 2022?
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