Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 Bank service charge for December Interest paid by bank to Sapphire Company for December Deposits made but not yet recorded by the bank Checks written but not yet recorded by the bank 2,800,000 12,000 10,000 350,000 650,000 The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31? a. 2,500,000 b. 2,520,000 C. 2,540,000 d. 2,800,000 с.

Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 Bank service charge for December Interest paid by bank to Sapphire Company for December Deposits made but not yet recorded by the bank Checks written but not yet recorded by the bank 2,800,000 12,000 10,000 350,000 650,000 The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31? a. 2,500,000 b. 2,520,000 C. 2,540,000 d. 2,800,000 с.

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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The September 31 bank statement of Klein Inc showed a balance of $125,000. Deducted in arriving at this amount was a customer's NSF check for $14,400 that had been returned. Klein had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling $29,200 and that outstanding checks total $22,800. What is the cash balance per books at August 31 (prior to adjustments)?
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