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The following data pertain to Valdez & Co. on December 31, 2005:
Checkbook balance P10,000,000
Bank statement balance 15,000,000
Check drawn on Balagtas’ account, payable to supplier, dated and recorded on Dec. 31, 2005, but not mailed until Jan. 15, 2006 : 3,000,000
Cash in sinking fund 4,000,000
Money market, three months due January 31, 2006 5,000,000
On December 31, 2005, how much should be reported as “cash and cash equivalents”?
In preparing its bank reconciliation for the month of February, James Company has available the following information:
Balance per bank statement, February 28 ................. P18,025
Deposit in transit, February 28 ......................... 3,125
Outstanding checks, February 28 ......................... 2,875
Check erroneously deducted by bank from James' account,
February 10 ........................................... 125
Bank service charges for February ....................... 25
What is the corrected cash balance at February 28?
In preparing the bank reconciliation of Crews Company for the month of July, the following information is available:
Balance per bank statement, 7/31 ..................... P54,075
Deposits in transit, 7/31 ............................ 9,375
Outstanding checks, 7/31 ............................. 8,625
Deposit erroneously recorded by bank to Crews
account, 7/18 ...................................... 375
Bank service charges for July ........................ 75
What is the correct cash balance at July 31? Answer
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