Cash data related to Ron Company for the month of January of the current year are shown below. - balance per book, January 31, P3,130,000 - balance per bank statement, January 31, P3,500,000 - collections on January 31 but undeposited, P550,000 - NSF check received from a customer returned by the bank, P50,000 - checks outstanding on January 31, P650,000 - bank debit memo for safety deposit box rental, P5,000 - a creditor's check for P30,000 was incorrectly recorded in the depositor's book as P300,000 - a customer's check for P200,000 was recorded by the depositor as P20,000 - the depositor neglected to make an entry in its books for a check drawn in payment of an account payable, P125,000   What is the adjusted cash in bank on January 31?

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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Cash data related to Ron Company for the month of January of the current year are shown below.

- balance per book, January 31, P3,130,000

- balance per bank statement, January 31, P3,500,000

- collections on January 31 but undeposited, P550,000

- NSF check received from a customer returned by the bank, P50,000

- checks outstanding on January 31, P650,000

- bank debit memo for safety deposit box rental, P5,000

- a creditor's check for P30,000 was incorrectly recorded in the depositor's book as P300,000

- a customer's check for P200,000 was recorded by the depositor as P20,000

- the depositor neglected to make an entry in its books for a check drawn in payment of an account payable, P125,000

 

What is the adjusted cash in bank on January 31?

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