The accountant for the Goshen Company assembled the following data: June 30 July 31 Cash account balance P 15,822 P 39,745 Bank statement balance 107,082 137,817 Deposits in transit 8,201 12,880 Outstanding checks 27,718 30,112 Bank service charge* 72 60 Customer's check deposited July 10, returned by bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit 8,250 Collection by bank of company's notes receivable 71,815 80,900 * (Recorded on books in month following charge or collection) The bank statements and the company's cash records show these totals: Disbursements in July per bank statement P218,373 Cash receipts in July per Goshen's books 236,452 Checks written in July per Goshen's books 212,529 Receipts in July per bank statement 249,108 Determine the correct balance of the following: A. June 30 adjusted cash in bank balance B. July 31 adjusted receipts C. July 31 adjusted disbursements D. July 31 adjusted cash in bank balance
The accountant for the Goshen Company assembled the following data:
June 30 July 31
Cash account balance P 15,822 P 39,745
Bank statement balance 107,082 137,817
Deposits in transit 8,201 12,880
Outstanding checks 27,718 30,112
Bank service charge* 72 60
Customer's check deposited July 10, returned
by bank on July 16 marked NSF, and redeposited immediately;
no entry made on books for return or redeposit 8,250
Collection by bank of company's notes receivable 71,815 80,900
* (Recorded on books in month following charge or collection)
The bank statements and the company's cash records show these totals:
Disbursements in July per bank statement P218,373
Cash receipts in July per Goshen's books 236,452
Checks written in July per Goshen's books 212,529
Receipts in July per bank statement 249,108
Determine the correct balance of the following:
A. June 30 adjusted cash in bank balance
B. July 31 adjusted receipts
C. July 31 adjusted disbursements
D. July 31 adjusted cash in bank balance
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