Assume the following facts for Kurt Company: The month end bank statement shows a balance of P40,000; outstanding checks total P2,000; a deposit of P8,000 is in transit at month end; and a check for P400 was erroneously charged against the account by the bank. What is the correct cash balance at the end of the month?__________________________________

Problem 8 Assume the following facts for Kurt Company: The month end bank statement shows a balance of P40.000; outstanding checks total P2,000; a deposit of P8,000 is in transit at month end; and a check for P400 was erroneously charged against the account by the bank. What is the correct cash balance at the end of the month