Timex Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger Cash balance per bank statement Debit memo for July service charge Deposit of July 31 not recorded by bank until August 1 Outstanding checks, including certified check of P50,000 Proceeds of bank loan not recorded in ledger Proceeds from customer note, face P400,000, collected ? ? 5,000 450,000 740,000 500,000 by bank, collection fee of P15,000 435,000 A creditor check had been entered in the book as P20,000 and was erroneously deducted by the bank at 200,000 A customer check was returned by bank marked DAIF 50,000 Correct cash balance 3,000,000 What is the cash balance per ledger?

Timex Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger Cash balance per bank statement Debit memo for July service charge Deposit of July 31 not recorded by bank until August 1 Outstanding checks, including certified check of P50,000 Proceeds of bank loan not recorded in ledger Proceeds from customer note, face P400,000, collected ? ? 5,000 450,000 740,000 500,000 by bank, collection fee of P15,000 435,000 A creditor check had been entered in the book as P20,000 and was erroneously deducted by the bank at 200,000 A customer check was returned by bank marked DAIF 50,000 Correct cash balance 3,000,000 What is the cash balance per ledger?

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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Blanksheet entries for bank reconciliation
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