Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PROBLEM B GINA Company is preparing its March 31 bank reconciliation. The following data are available for the month of March: Per Bank Per Book

image text in transcribed

PROBLEM B GINA Company is preparing its March 31 bank reconciliation. The following data are available for the month of March: Per Bank Per Book Balance, March 1 7,414 7,194 March deposits reflected 4,760 4,900 March checks reflected 6,170 6,100 Note collected (including P20 interest) 2,020 Service charges 12 Balance, March 31 8,012 5,994 Additional information: A. March checks reflected by the bank has erroneously includes a check drawn by Gino Inc. for P150. B. From the February 28 bank reconciliation: Deposit in transit amounted to P170; and outstanding check was P390. Required: 4. Compute for the deposit in transit on March 31. 5. Compute for the outstanding checks on March 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Data Analytics For Accounting

Authors: Author

2nd Edition

1264152000, 9781264152001

More Books

Students also viewed these Accounting questions

Question

What is the status (prevalence) of unions today?

Answered: 1 week ago