Question: Please provide solution and explanation to this problem. ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and

Please provide solution and explanation to this problem.

ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and ending balance of P500,000. collection of a customer note by the bank of P100,000, bank service charge of P10,000, and an erroneous bank debit of P5,000 which it immediately corrected within the month. The cash in bank balance per ledger is P400,000. You determined that the entity recorded a P50,000 check payment as P5,000. What is the correct cash in bank balance? * Your

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed an ending balance of P500,000, collection of a customer note by the bank of P100,000, bank...

ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and ending balance of P500,000, collection of a customer note by the bank of P100,000, bank...

Please provide solution and explanation. Thank You! Problem 3 ce on Problem 2-3 (LAA) 0 and Xanthous Company provided the following bank reconciliation on January 31 of the current year: Bank balance...

Please provide solution and explanation for my guidance thank you ?? Problem 3-13 (AICPA Adapted) Opaque Company prepared the following bank reconciliation on March 31: Balance per bank statement,...

Please provide solution and explanation. Thank You! DL & worgold Rancor Company Problem 2-5 (IAA) month of Decem Zodiac Company provided the following information: 800,000 4, 100,000 Balance per bank...

Please provide solution and expalanation. Thank you Problem 3-6 (LAA) Pro Bigotry Company provided the following information: Bed of I Balance per book, August 31 2,000,000 Receipts per book for...

XYZ Corporation is preparing its bank reconciliation for the month of April. The bank statement showed an ending balance of P400,000, collection of a customer note by the bank of P100,000, bank...

NEED HELP WITH PART 2, 3, 4 AND 5 PLEASE!!!! CCOUNTING SETY The Business This practice set is designed in five parts. In the first part, the student will complete the journal entries for the month of...

need assistance woth part 5 This practice set is designed in five parts. In the first part, the student will complete the journal entries for the month of January in an Excel spreadsheet using the...

November sales for last year were $80,000, while December sales were Monette Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of...

Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in...

9-1 A budget a. is a long-term plan. b. covers at least 2 years. c. is only a control tool. d. is a short-term financial plan. e. is necessary only for large firms.

A successful firm should work to decrease worker turnover, since high turnover increases your costs. -True, False or Uncertain. Explain.

5. How is communication affected by how we demarcate the boundaries of a problem?

7. How does the framing of a situation affect the situation regarding communica-tion?

1. To generate a discussion on the concept of roles