Reference no: EM132846277

Question - Information pertaining to Rikki Company appears below.

Balance per bank statement on July 31 6,200,000

Balance per ledger, July 31 3,750,000

Deposit of July 30 not recorded by bank 1,400,000

Debit memo-service charge 50,000

Credit memo-collection of note by bank for Rikki 1,500,000

Outstanding checks ?

An analysis of the cancelled checks returned with the bank statement reveals the following:

Check for purchase of supplies was drawn for P300,000 but was recorded as P200,000.

The management wrote a check for traveling expenses of P500,000 while out of town. The check was not recorded.

Required - What is the amount of outstanding checks on July 31?