Reference no: EM131162393
Problem - Leo Company has just received the August 31, 2016 bank statement which is summarized below:
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Balance, August 1
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P 93,690
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Deposits during August
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320,000
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Note collected for depositor, including P360 interest
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10,360
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Checks cleared during August
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(344,000)
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Bank service charges
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(500)
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Balance, August 31
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P 79,550
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The general ledger cash account had the following entries for the month of August, 2015:
CASH
Balance, August 1 - 97,290
Disbursements in August - 349,000
Receipts during August - 350,000
All outstanding checks as of July 31, 2016 amounting to P6,400 cleared the bank in August. Deposits in transit at August 31, totaled P40,000.
REQUIRED- Determine the following:
a) Outstanding checks at August 31, 2016.
b) Deposits in transit at July 31, 2016.
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