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Please answer as much as possible thank you 3. Red Corp. provided the following information for the purpose of reconciling the cash balance per book
Please answer as much as possible thank you
3. Red Corp. provided the following information for the purpose of reconciling the cash balance per book with the balance per bank statement on Dec. 31, 20X3. a. The bank statement showed a balance of P200,000 on Dec. 31. b. Outstanding checks as of Dec. 31 amounted to P50,000, including a P10,000 certified check issued by the corporation. c. Deposit in transit on Dec. 31 was P20,000. d. During Dec. the bank returned NSF checks of P25,000 of which P5,000 had been rede- posited and cleared by Dec. 27. On December 23, the bank erroneously credited the account of the corp. for P30,000 representing proceeds of loan granted to Green Company. f. During Dec., the proceeds from notes collected for the corporation amounted to P75,000 net of service charge of P2,000. What is the cash balance to be shown on the balance sheet on Dec. 31, 20X3 e
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