PROBLEM 3.11

ation Problem 3-11 (AICPA Adapted) Lovable Company prepared the following bank reconciliation on 000 000 000 3,000,000 400,000 3,400,000 ( 900,000) 2,500,000 200 300 00 9,000,000 DO -ed nd Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Lovable Disbursements, including P140,000 NSF check and P10,000 service charge 7,000,000 All reconciling items on June 30 cleared through the bank in July The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 1. What is the adjusted cash in bank on July 31? a. 5,000,000 b. 5,200,000 c. 5,550,000 3 en d. 5,400,000 2. What is the cash balance per book on July 31? a. 5,400,000 b. 5,350,000 c. 5,550,000 d. 4,500,000 3. What is the amount of cash receipts per book in July? a. 9,400,000 BO b. 9,600,000 c. 8,600,000 d. 9,800,000 ? 4. What is the amount of cash disbursements per book in July? a. 6,550,000 b. 6,700,000 c. 7,300,000 d. 6,850,000 105