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On December 31,2016, ABC Company provided the following data:
On December 31,2016, ABC Company provided the following data:
Cash in bank - 3000000
Time deposit(30 days) - 1000000
Money market placement due on June 30,2017 - 2000000
Saving deposit in closed bank - 100000
Sinking fund - 1500000
Petty cash fund - 20000
*cash in bank included customer check of 200000 outstanding for 18 months
*check of 250000 in payment of accounts payable was dated and recorded on Dec. 31,2016 but mailed to creditors on January 15,2017.
*Check of 100000 dated January 31,2017 in payment of accounts payable was recorded and mailed December 31,2016
*The reporting period is the calendar year
The receipts journal was held open until January 115,2017 during which time an amount of 450000 was collected and recorded on December 31,2016.
