Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information was provided by balancer

The following information was provided by BALANCERIGHT Corp. as of the fiscal year ended September...

50.1K

Verified Solution

Question

Accounting

The following information was provided by BALANCERIGHT Corp. as of the fiscal year ended September 30, 2020:

 

 

August 31

September 30

Loan proceeds directly credited by the bank

P200,000

P   250,000

Note payable payment by the bank

120,000

80,000

Undeposited collections

450,000

???

Outstanding checks

180,000

???

Total credits per bank statement

 

1,955,000

Total debits per bank statement

 

1,655,000

Total debits per books

 

1,795,000

Total credits per books

 

1,800,000

 

Additional information:

  1. A P100,000 collections was erroneously recorded twice in the books in September, the company discovered the error and corrected the same immediately in September.
  2. A P50,000 disbursement check was recorded in the books as P5,000 in August.  The correction was made in September.
  3. The bank erroneously credited the company P80,000 in August for a collection of NOTBALANCED Corp.  the bank corrected the error in September.
  4. The unadjusted balance per book in August was at P640,000.  The unadjusted balance per bank in September was at P785,000.

 

Required:

  1. What is the correct cash in bank balance as of August 31, 2020?

  3. What is the correct deposit in transit as of September 30?

  5. What is the correct outstanding check as of September 30?

  7. What is the correct cash in bank balance as of September 30?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Use Excel to perform various analyses and generate graphs, charts and plots of the following activities:...

Basic Math
Q

Find the structure of vanillin and suggest how one could extract this compound from vanilla beans....

Chemistry
Q

1. Consider this argument: “We should continue to resist the calls to change the NFL franchise...

Electrical Engineering
Q

Solve the system of equations.2x-3y-5z = -46x-9y-15z = -32x-2y-3z=4Select the correct choice below and fill...

Calculus
Q

The bar graph shows the rents paid per month for apartments in an urban The...

Algebra
Q

Question 3 (1 point): Richmond Supply Ltd. is a merchandising company that sells art supplies....

Accounting
Q

The accounting equation is expressed as a. assets = liabilities * stockholders equity. b. assets...

Accounting
Q

Q1: Discuss fraud and the principles of internal control and how using of a bank...

Accounting
Q

-19. Tax Custodial Fund. (LO8-2) The county collector of Suncoast County is responsible for collecting...

Accounting
Q

Hi-Tech Commerce Co. (HTC) sells and provides service of efficient end-to-end communications and IT systems...

Accounting
Q

Journalize the transactions on the books of Browns Tire inc. assuming the net method is...

Accounting
Q

Required information The followng information apolles to the questions displayed below; Laker Company reported the...

Accounting