Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 points What is the net adjustment to cash in bank on June 30?* Immaculate Company kept all cash in a checking account. An examination

image text in transcribed

5 points What is the net adjustment to cash in bank on June 30?* Immaculate Company kept all cash in a checking account. An examination of the accounting records and bank statement for the month of June revealed the following information: The cash balance per book on June 30 is P8,500,000. A deposit of P1,000,000 that was placed in the bank's night depository on June 30 does not appear on the bank statement. The bank statement shows on June 30, the bank collected noted for Immaculate Company and credited the proceeds of P950,000 to the entity's account. * Checks outstanding on June 30 amount to P300,000 Immaculate Company discovered that a check written in June for P200,000 in payment of an account payable had been recorded in the entity's records as P20,000. Included with the June bank statement was NSF check for P250,000 that Immaculate Company had received from a customer on June 26. * The bank statement shows a P20,000 service charge for June

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Internet Market Research Audit

Authors: Cambridge

1st Edition

1902433742, 978-1902433745

More Books

Students also viewed these Accounting questions