Assume the following facts for Kurt Company: The month-end bank statement shows a balance of P40,000; outstanding checks total P2,000; a deposit of P8,000 is in transit at month-end; and a check for P400 was erroneously charged against the account by the bank.

What is the correct cash balance at the end of the month?

Answer rating: 100% (QA)

To calculate the correct cash balance at the end of the month for Kurt Co... View the full answer