Abne Company provided the following data for the purpose of reconciling the cash balance per book with the balance per bank statement on December 31,2020: Balance per book 2,550,000 Balance per bank statement 6,000,000 Outstanding checks, including certified check of P300,000 1,500,000 Deposit in Transit 600,000 December NSF checks (of which P150,000 had been redeposited and cleared on December 27) 450,000 Erroneous credit to Abne’s account, representing proceeds of Loan granted to another company 900,000 Proceeds of note collected by bank for Abne, net of service Charge of P60,000 2,250,000 3. What amount should be reported as cash in bank on December 31, 2020?
Abne Company provided the following data for the purpose of reconciling the cash balance per book with the balance per bank statement on December 31,2020: Balance per book 2,550,000 Balance per bank statement 6,000,000 Outstanding checks, including certified check of P300,000 1,500,000 Deposit in Transit 600,000 December NSF checks (of which P150,000 had been redeposited and cleared on December 27) 450,000 Erroneous credit to Abne’s account, representing proceeds of Loan granted to another company 900,000 Proceeds of note collected by bank for Abne, net of service Charge of P60,000 2,250,000 3. What amount should be reported as cash in bank on December 31, 2020?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 19E
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Question
Abne Company provided the following data for the purpose of reconciling the cash balance
per book with the balance per bank statement on December 31,2020:
Balance per book 2,550,000
Balance per bank statement 6,000,000
Outstanding checks, including certified check of P300,000 1,500,000
Deposit in Transit 600,000
December NSF checks (of which P150,000 had been redeposited
and cleared on December 27) 450,000
Erroneous credit to Abne’s account, representing proceeds of
Loan granted to another company 900,000
Proceeds of note collected by bank for Abne, net of service
Charge of P60,000 2,250,000
3. What amount should be reported as cash in bank on December 31, 2020?
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