The following information was provided by BALANCERIGHT Corp. as of the fiscal year ended September...
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Accounting
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:
- 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.
- A P50,000 disbursement check was recorded in the books as P5,000 in August. The correction was made in September.
- The bank erroneously credited the company P80,000 in August for a collection of NOTBALANCED Corp. the bank corrected the error in September.
- The unadjusted balance per book in August was at P640,000. The unadjusted balance per bank in September was at P785,000.
Required:
- What is the correct cash in bank balance as of August 31, 2020?
- What is the correct deposit in transit as of September 30?
- What is the correct outstanding check as of September 30?
- What is the correct cash in bank balance as of September 30?
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