What is the correct cash in bank balance as of December 31 impactDELIVERYxe PHP to EUR | Conve..S Shopee Philippines.. fFacebook M Inbox (5) - rartsign...mdc1_usacode_43.I PAYPAL1pedwi ujusuanYou were assigned to audit the financial statement of Home Corp. on January 10, 2019, for the year ended December 31, 2018.BANK RECONCILIATIONThe cashier prepared the bank reconciliation statement as of December 31, 2018, which included the following information:Bank loan proceeds credited by the bank in December,recorded in the books in January 3Bank service charge for December, recorded in books inJanuary 3Outstanding checks, P34,550 of which has been certifiedby the bankCheck of Holmes Inc., charged by the bank in error onDecember 28, 2018; corrected by the bank onJanuary 2, 2019 as per the cut-off bank statementDeposit in transitCash per general ledger, December 31, 2018Cash per bank statement, December 31, 2018200,00010,000186,5004,50021,0001,239,2001,548,570Audit note:Cash collections from customers on account were erroneously recorded by the company as follows:DateAllowance for bad debtsAccounts receivableBad debt expenseAccounts receivable7/05/1842,00042,00012/15/1821,00021,000CASH COUNTFrom January 2, 2019, to January 10, 2019, the date of your cash count, total cash receipts appearing in the cash records for the said period amounted to P521,000. During the same period,deposits clearing the bank amounted to P322,790. The following cash and cash items were on hand at the close of business on January 10, 2019:P4,275Currencies and coinsCustomers' checksDated January 4,Dated January 6,Dated January 10, NSFExpense vouchers15,2004,00010,77522,250Audit notes:A. Check deposit on January 5, 2019, amounting to P12,000 was not recorded in the books.B. Undeposited collections on January 10, 2019 amounting to P27,000 was also not recorded in the books.What is the correct cash in bank balance as of December 31?

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Answered: What is the correct cash in bank…

Business

Accounting

What is the correct cash in bank balance as of December 31

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section5.2: Bank Reconciliation

Problem 1OYO

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