onth of October 2021: • The bank statement at the of the month shows P10,000. Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. • The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. • Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. • Moonlight Company received a check from BTS Company amounting to P7,000 but it was drawn against insufficient funds. • There was a bank-related transaction that erroneously credited the ledger balance of cash-in- bank account amounting to 8 000
onth of October 2021: • The bank statement at the of the month shows P10,000. Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. • The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. • Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. • Moonlight Company received a check from BTS Company amounting to P7,000 but it was drawn against insufficient funds. • There was a bank-related transaction that erroneously credited the ledger balance of cash-in- bank account amounting to 8 000
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.17E
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