What is the correct cash in bank balance

Assignment Help Financial Accounting
Reference no: EM132742116

Problem 1: ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and ending balance of P500,000, collection of a customer note by the bank of P100,000, bank service charge of P10,000, and an erroneous bank debit of P5,000 which it immediately corrected within the month. The cash in bank balance per ledger is P400,000. You determined that the entity recorded a P50,000 check payment as P5,000. What is the correct cash in bank balance?

Reference no: EM132742116

Questions Cloud

Explain how chancer plc should account for asset r : Explain how Chancer plc should account for Asset R and Asset S in its financial statements for the year ended 31 December 2019 in accordance
Operations management strategy for a company : Identify how changes in the external environment by COVID-19 affect the operations management strategy for a company?
Prepare the required compound closing entries : The Asuka Sueda Department Store is located in midtown Toronto. Over the past year, net income has been declining because of competition from suburban shopping.
Capacity leads demand with incremental expansion : What is "Capacity Leads Demand with Incremental Expansion" strategy?
What is the correct cash in bank balance : Bank balance per ledger is P400,000. You determined that the entity recorded a P50,000 check payment as P5,000. What is the correct cash in bank balance?
Implement quality improvement initiatives : What can leaders "do" to effectively implement quality improvement initiatives?
Compute the VAT payable : A manufacturing subcontractor generated the following receipts for various clients: Receipts from PEZA locator P4,000,000. Compute the VAT payable
What is the minimum transfer price that trudat corporation : What is the minimum transfer price that Trudat Corporation (Canada) would be willing to accept independently of the subsidiaries?
What is the highest acceptable manufacturing cost : Leno Company makes swimsuits and sells these suits directly to retailers. Although Leno has a variety of suits, it does not make the All-Body suit used.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare a brief description of the company

HI5002: Finance for Business - Analyse for the purposes of possible recommendation to your client. The group should obtain all information

  How do account for a forward hedge for a foreign currency

How do you account for a forward hedge for a foreign currency transaction at the settlement date in ASPE? What would the journal entry look like?

  Future cash inflow-determine the amount of cash

Adam Wilton turned 20 years old today. His grandfather had established a trust fund that will pay him $88,000 on his next birthday. However, Adam needs money today to start his college education, and his father is willing to help. Determine the amoun..

  How to pay bills electronically

What recommendations do you have regarding if/when/how to pay bills electronically? Smart Phones are simply small computers

  Two types of handbags-standard and custom

Wilkins Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if t..

  Calculate the fixed variable and total gross margin

calculate the fixed, variable and total gross margin for the new potential "Gleamz" sunglasses.- compare "Beamz" with "Gleamz".

  Relation between unit sales and unit production

What was the relation between unit sales and unit production levels in each year? For each year, indicate whether inventories grew or shrank.

  Find amount of interest expense pertaining to the bond

Find amount of interest expense pertaining to the bond that the company will report on its income statement for the year ending December 31, 20X1.

  How do solve the transaction price to be allocated

How Solve the transaction price to be allocated to the performance obligations of AllFuels Limited and prepare the journal entry to record the March 2020 sales.

  Find what is the average accounts payable for app

What is the average accounts payable for APP? Round your answer to the nearest dollar. The discount but takes the full 15 days to pay its bills.

  Preferred dividends-options and convertible debt

“Earnings per share” (EPS) is the most featured, single financial statistic about modern corporations. Daily published quotations of stock prices have recently been expanded to include for many securities a “times earnings” figure that is based on EP..

  Analysis of the account determined that sales on account

Simmons Company began the month with a balance of $83,000 in Accounts Receivable. An analysis of the account determined that sales on account for the month totaled $110,000. At the end of the? month, the balance in Accounts Receivable was $88,000. Fr..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd