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Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000.   Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000.   Compute for the adjusted bank balance on July 31

Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000.   Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000.   Compute for the adjusted bank balance on July 31

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 3AP
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Choose the letter of the correct answer:

Sassy Company provided the following data for the month of July:

Cash in bank:

*Balance June 30 - 1,000,000;

*Book debits for July including June CM for note collected, P300,000 - 4,000,000;

*Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000.

 

Bank statement for July:

*Balance June 30 - 1,650,000;

*Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000;

*Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000.

 

Compute for the adjusted bank balance on July 31 

a.1,899,000
b.1,196,000
c.1,400,000
d.2,650,000

 

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