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How much is the adjusted cash in bank and book at month-end

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Reference no: EM132839675

Jakarta Company prepares the bank reconciliation statements and analyzes the cash and cash equivalents account.

Jakarta Company provided the following information at month-end:

Cash per bank statement- P4,000,000

Balance per book- 2,700,000

Outstanding Checks- 600,000

Deposit in Transit- 475,000

Service Charge- 10,000

Proceeds of bank loan, December 1 discounted for 6 months at 12%,not recorded on Jakarta Company's book - 940,000

Customer check charged back by bank for absence of counter signature- 50,000

Deposit of P100,000 incorrectly recorded by bank as- 10,000

Check of Jack Company charged by bank against Jakarta account- 150,000

Customer Note collected by bank in favor of Jakarta company

Face- 400,000

Interest- 40,000

Total- 440,000

Collection fee- 5,000

Total- 435,000

Erroneous debit memo of December 28, to charge Jakarta account with the settlement of bank loan- 200,000

Deposit of Jackma company credited to Jakarta account- 300,000

Other related information:

Saving deposit in other bank closed by BSP- P1,000,000

Currency and coins on hand- 900,000

Petty cash fund- 50,000

Requirements:

Question 1: How much is the adjusted cash in the bank and book at month-end?

Question 2: How much are the Cash and cash equivalents?

Question 3: What are the related journal entries?

Reference no: EM132839675

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