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?

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

Section: Chapter Questions

Problem 1Q

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