Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Armenia Company reported the following information on December 31, 2020 Cash on hand Petty cash fund Cash in bank Savings deposit 1,000,000 50,000 4,000,000 2,000,000

image text in transcribed

Armenia Company reported the following information on December 31, 2020 Cash on hand Petty cash fund Cash in bank Savings deposit 1,000,000 50,000 4,000,000 2,000,000 7,050,000 Cash on hand included the following: The bank returned a customer check of P100,000 last December 26, 2020, due to insufficient funds. The check was subsequently redeposited and cleared by the bank on January 5, 2021. Customer check for P150,000 dated January 15, 2021, received last December 22, 2020. Postal money orders received from customers, P200,000. . A check was written last December 22, 2020, and delivered to payee on January 5, 2021, P200,000. A check was written last December 25, 2020 and dated January 31, 2021 delivered to payee on December 26, 2020, P300,000. Compute for the total cash

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_2

Step: 3

blur-text-image_3

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 Essentials Of Finance And Accounting For Nonfinancial Managers

Authors: Edward Fields

3rd Edition

0814436943, 9780814436943

More Books

Students also viewed these Accounting questions