Question
The following information pertains to the cash account of Arrow Corporation on December 31, 2018: Balances per book 67,750 Balance in checking account (outstanding checks,
The following information pertains to the cash account of Arrow Corporation on December 31, 2018:
Balances per book 67,750
Balance in checking account (outstanding checks, PP9,876) 65,323
Deposit in bank closed by BSP 16,000
Deposit in transit 12,345
Currency and coins counted 9,600
Petty cash fund (P500 in the form of paid vouchers) 1,000
Bank service charge 100
Bond sinking fund-cash 10,000
Check disbursement paid by the bank P980, but recorded
in the company's journal in error as 890
What is the correct cash on hand balance for Arrow Company on December 31, 2018?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
