Reference no: EM133153014
Question - The following limited information was made available from the cash record of Wonder Company and its bank statement for the month of December 31, 2020: Book receipts, P1,870,000; Bank receipts, P1,800,000; November 30 deposit in transit (of which P20,000 remained to be outstanding as of December 31, 2020), P260,000; Erroneous bank credit for December, P10,000; Erroneous bank credit for November, corrected in December, P20,000; Erroneous bank debit in November, corrected in December, P5,000; Credit memo for December not yet recorded by Wonder, P120,000; Credit memo for November, recorded by Wonder in December, P150,000; Customer's check received and deposited but posted as disbursement by Wonder, P60,000; Erroneous book disbursement in November corrected in December, P35,000; Receipt of November recorded by the company in December, P20,000. What is the total amount of deposit still in transit as of December 31, 2020?
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