Reference no: EM132845598
Question - Use the following data:
Balance per ledger 770,000
Balance per bank 510,000
Undeposited collections for December 31, 2020 110,000
Deposit made at the night deposit of the bank 75,000
Outstanding checks 120,000
Bank service charges for December 2020 5,000
Loan amortization automatically debited from account by bank 200,000
Interest on bank loan debited from account by bank 10,000
Collection by bank of accounts receivable on behalf of company 60,000
NSF Checks returned by bank 50,000
Bank recorded a deposit of P75,000 at 85,000
Required -
1. Compute for the adjusted Cash and Cash Equivalents.
2. How much is the adjustment to cash?
3. How much is the adjustment to cash equivalents?
4. How much is the adjusted Cash and Cash Equivalents?