Reference no: EM132914939

Question - JARED Co. kept all cash in a checking account. An examination of the accounting records and bank statement for the month ended June 30, 2020 revealed the following information:

a. The cash balance per book on June 30 is P 8 500 000

b. A deposit of P 1 000 000 that was placed in the bank's night depository on June 30 does not appear on the bank statement

c. The bank statement shows on June 30, the bank collected note for JARED Co. and credited the proceeds of P950 000 to the entity's account

d. Checks outstanding on June 30 amount to P 300 000

e. JAMITO & Co.discovered that a check written in June for P 200 000 in payment of an account payable, had been recorded in the entity's record as P 20 000.

f. Included with the June bank statement was NSF check for P 250 000 that JAMITO & Co. had received from a customer on June 26.

g. The bank statement shows a P 20 000 service charge for June.

Required - What amount should be reported as cash in book on June 30, 2020?