Reference no: EM132612794
Problem 1: Company provided the following information: Balance per bank statement, May 31 1,300,000 Balance per book - May 31 1,405,000 Deposits outstanding 150,000 Bank service charge (5,000) Checks outstanding (50,000) Correct bank balance - May 31 1,400,000 Correct book balance - May 31 1,400,000 June data are as follows: Bank Book Checks recorded 1,100,000 1,250,000 Deposits recorded 800,000 900,000 Service charges recorded 25,000 - Note collected by bank, P250,000 plus interest 275,000 NSF checks returned with June 30 statement 50,000 Balances 1,200,000 1,050,000 What is the adjusted cash balance on June 30?
Option A. 1,400,000
Option B. 1,200,000
Option C. 1,050,000
Option D. Answer not given
Option E. 1,250,000
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