2) Charm Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was P2,750 and the bank balance on the bank...

Extracted text: 2) Charm Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was P2,750 and the bank balance on the bank statement was P2,980. Outstanding checks totaled P680 and deposits in trans were P400. The bank statement revealed that a check written for P120 was incorrectly recorded by Charm as a P220 disbursement. The bank statement listed service charges and NSF check charges totaling P150. The corrected cash balance is: A. 2,270 B. 2,550 C. 2,470 D. 2,700