Problem 1 Prime Company prepared the following bank reconciliation on December 31: Balance per bank statement Add: NSF check Checkbook printing charge Deposit in transit Error made by Prime in recording check issued in December Less: Outstanding check P1,680,000 66,000 3,000 117,000 21,000 60,000 129,000 P1,698,000 Note collected by bank, including P9,000 interest Balance per ledger The entity had cash on hand P300,000 and petty cash fund P30,000 on December 31. What amount should be reported as cash in bank at December 31, 2021? What total amount should be reported as cash on December 31, 2021?_

Problem 1 Prime Company prepared the following bank reconciliation on December 31: Balance per bank statement Add: NSF check Checkbook printing charge Deposit in transit Error made by Prime in recording check issued in December Less: Outstanding check P1,680,000 66,000 3,000 117,000 21,000 60,000 129,000 P1,698,000 Note collected by bank, including P9,000 interest Balance per ledger The entity had cash on hand P300,000 and petty cash fund P30,000 on December 31. What amount should be reported as cash in bank at December 31, 2021? What total amount should be reported as cash on December 31, 2021?_

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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