Question
urgent...please answer as soon as possible Ming Company presented you the following information regarding its Cash in bank account for the month of May of
urgent...please answer as soon as possible
Ming Company presented you the following information regarding its Cash in bank account for the month of May of the current year: a) Balances per bank statements: April 30, P1,250,000 and May 31, P1,350,000 b) Balances of cash in bank account in companys books: April 30, P1,251,000 and May 31, 1,051,000 c) Total charges in the bank statement during May were P1,300,000 d) Undeposited receipts were: April 30, P200,000 and May 31, P153,000 e) Outstanding checks as of April 30, P150,000 f) Erroneous bank credits: April 30, P45,000 and May 31, P17,000 g) Erroneous bank charge: April 30, P20,000 and May 31, P30,000 h) Collection by the bank not yet recorded in the books were: April 30, P125,000 and P150,000 in May i) NSF not entered in the books were: April 30, P110,000 and P75,000 in May j) Customers check deposited in April amounting to P21,000 was erroneously entered in the books as P12,000. Assumed this was corrected in May. REQUIRED: 1) How much were the cash disbursements per books in May? 2) How much are the outstanding checks at the end of May? 3) How much is the adjusted cash balance as of April 30? 4) How much is the adjusted book disbursements for May? 5) How much is the adjusted cash balance as of May 31? 6) Provide the adjusting entries.
Ming Company presented you the following information regarding its Cash in bank account for the month of May of the current year: a) Balances per bank statements: April 30, P1.250,000 and May 31, P1.350.000 b) Balances of cash in bank account in company's books: April 30, P1,251,000 and May 31, 1.051.000 c) Total charges in the bank statement during May were P1,300.000 d) Undeposited receipts were: April 30. P200.000 and May 31, P153.000 e) Outstanding checks as of April 30, P150,000 f) Erroneous bank credits: April 30, P45,000 and May 31, P17,000 g) Erroneous bank charge: April 30, P20,000 and May 31, P30,000 h) Collection by the bank not yet recorded in the books were: April 30, P125,000 and P150,000 in May 1) NSF not entered in the books were: April 30, P110.000 and P75,000 in May 1) Customer's check deposited in April amounting to P21,000 was erroneously entered in the books as P12,000. Assumed this was corrected in May. REQUIRED: 1) How much were the cash disbursements per books in May? 2) How much are the outstanding checks at the end of May? 3) How much is the adjusted cash balance as of April 307 4) How much is the adjusted book disbursements for May? 5) How much is the adjusted cash balance as of May 317 6) Provide the adjusting entries. Ming Company presented you the following information regarding its Cash in bank account for the month of May of the current year: a) Balances per bank statements: April 30, P1.250,000 and May 31, P1.350.000 b) Balances of cash in bank account in company's books: April 30, P1,251,000 and May 31, 1.051.000 c) Total charges in the bank statement during May were P1,300.000 d) Undeposited receipts were: April 30. P200.000 and May 31, P153.000 e) Outstanding checks as of April 30, P150,000 f) Erroneous bank credits: April 30, P45,000 and May 31, P17,000 g) Erroneous bank charge: April 30, P20,000 and May 31, P30,000 h) Collection by the bank not yet recorded in the books were: April 30, P125,000 and P150,000 in May 1) NSF not entered in the books were: April 30, P110.000 and P75,000 in May 1) Customer's check deposited in April amounting to P21,000 was erroneously entered in the books as P12,000. Assumed this was corrected in May. REQUIRED: 1) How much were the cash disbursements per books in May? 2) How much are the outstanding checks at the end of May? 3) How much is the adjusted cash balance as of April 307 4) How much is the adjusted book disbursements for May? 5) How much is the adjusted cash balance as of May 317 6) Provide the adjusting entriesStep by Step Solution
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