Reference no: EM132757950
Question: Epsilon Corporation has unadjusted cash in bank balances of P1,000,000 and P900000 at the beginning and end of the month, respectively. Book debits totaled P1,800,000. An analysis with recent bank statements showed deposits in transit of P350,000 at the start of the month, deposits in transit of P220,000 at the end of the month, outstanding checks of P80,000 at the beginning of the month, and outstanding checks of P70,000 at the end of the month. Credit memos were P200,000 last month while it is P50,000 for this month. Bank service charge totaled P30,000 last month. A P120,000 customer check deposited this month was returned by the bank due to insufficient fund. How much is the unadjusted total bank credit for the month?
HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total debits and total credits are P 350,000, P 2,800.000 and P3350000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount to P350000. Deposit in transit at the beginning and end of the month total P200,000 and P350.000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRD bank account during May. What is the correct cash receipts amount for the month?
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