Reference no: EM132690796
Sterling Company provided the bank statement for the month of December which included the following information:
Ending balance, December 31 P 2,800,000
Bank service charge for December 12,000
Interest paid by bank to Sterling Company for December 10,000
In comparing the bank statement to its own cash records, the entity found the following:
Deposits made but not yet recorded by the bank P350,000
Checks written and mailed but not yet recorded by the bank 650,000
In addition, the entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000
Problem 1: What is the cash balance per ledger on December 31?
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