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?
2. 
   
3. What is the correct deposit in transit as of September 30?
4. 
   
5. What is the correct outstanding check as of September 30?
6. 
   
7. What is the correct cash in bank balance as of September 30?

Answer rating: 100% (QA)

1 Correct cash in bank balance as of August 31 2020 Unadjusted balance per bank in August P785000 Co... View the full answer