Reference no: EM132761782
Problem - Buddha Corporation provided the following information:
Balance per bank statement - May 31 P2,600,000
Deposits outstanding 300,000
Checks outstanding (100,000)
Correct bank balance - May 31 P2,800,000
Balance per book - May 31 P2,810,000
Bank service charge (10,000)
Correct book balance - May 31 P2,800,000
June data are as follows:
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Bank
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Book
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Check recorded
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P2,200,000
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P2,500,000
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Deposits recorded
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1,600,000
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1,800,000
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Service charges recorded
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50,000
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Notes collected by bank, P500,000 plus interest
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550,000
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NSF check returned with June 30 statement
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100,000
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Balances
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2,400,000
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2,100,000
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Required -
1. What is the amount of outstanding checks on June 30?
2. What is the amount of deposit in transit on June 30?
3. What is the adjusted cash in bank on June 30?
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Find the federal gift tax applies to
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