1. Perlas Co. maintains a checking account at the Union Bank. The bank provides a bank statement along with the canceled checks on the last day of each month. The July bank statement included the following information:

Balance, July 1 275,000 Deposits 900,000

Checks processed 700,000 Service charge 15,000

NSF Check 60,000 Monthly automatic loan payment deduction by bank 50,000

Deposits outstanding totaled P50,000 and all checks written by the depositor were processed by the bank except for check of P75,000.

A P100,000 July deposit from a credit customer was recorded as P10,000 debit Cash and credit Accounts receivable.

A check correctly recorded by the entity as P15,000 disbursements was incorrectly processed by the bank as P150,000 disbursement.

What is the balance per bank on July 31?

• 475,000
• Answer not given
• 275,000
• 400,000
• 350,000