Question
LA Company's checkbook balance on December 31, 2019 was P5,000,000. In addition, LA held the following items in its safe on that date: Check payable
LA Company's checkbook balance on December 31, 2019 was P5,000,000. In addition, LA held the following items in its safe on that date:
Check payable to LA, dated January 2, 2020 in payment of a sale made in December 2012,notincluded in December 31, checkbook balance
2,000,000
Check payable to LA, deposited December 15, and included in December 31 checkbook balance, but returned by bank on December 30 stamped "NSF". The check was redeposited on January 2, 2020 and cleared on January 9, 2020
500,000
Check drawn on LA's account, payable to a vendor, dated and recorded in LA's books on December 31, 2019 but not mailed until January 10, 2020
300,000
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