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Colors Company provided the following data for the month of January: Balance per bank statement, January 31 3,500,000 Collections on January 31 but undeposited 550,000
Colors Company provided the following data for the month of January:
Balance per bank statement, January 31 | 3,500,000 |
Collections on January 31 but undeposited | 550,000 |
returned by bank on February 5 with the january bank statement | 50,000 |
Checks outstanding on january 31 | 650,000 |
Bank debit memo for safety deposit box rental not recorded by depostor | 5,000 |
A creditors check for 30,000 was incorrectly recorded in the depositors book as | 300,000 |
A customer's check for 200,000 was recorded by the depositors as | 20,000 |
The depositor neglected to make an entry in its books for a check drawn in payment of an account payable | 125,000 |
Required: Compute the balance in the cash account before corrections and prepare adjusting entries.
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