1. The adjusted deposit in transit as of December 31, 2019 isA. 175,250B. 125,250C. 225,250D. 125,0002. The adjusted outstanding checks as of December 31, 2019 is A. 298,710B. 232,000C. 209,540D. 194,7903. The adjusted cash to be presented in the balance sheet as of December 31, 2019 isA. 235,460B. 250,460C. 265,460D. 310,460 You are provided the following information by the Peaches Company for the year ended December 31, 2019. Theinternal control procedures surrounding cash transactions were not adequate. Dika Mahal, the bookkeeper-cashier,handles cash receipts, maintains accounting records, and prepares the monthly reconciliations of the bank account.The bookkeeper-cashier prepared the following reconciliation at the end of the year:P350,000175,25015,000(246,750)P293,500Balance per bank statementDeposit in transitNote collected by bankOutstanding checksBalance per general ledgerIn the process of your review, you gathered the following:a. On December 31, 2019, the bank statement and the general ledger showed balances of P350,000 andP293,500.b. The cut-off bank statement showed a bank charge on January 2, 2020 for P30,000 representing a correctionof an erroneous hand credit.c. Included in the list of the outstanding checks were the following:A check payable to a supplier, dated December 29, 2019, in the amount of P14,750, released onJanuary 5, 2020.A check representing advance payment to a supplier in the amount of P37,210, the date of which isJanuary 4, 2020.d. On December 31, 2019, the company received and recorded customer's postdated check amounting toP50.000.

balance as per bank statement =350000 but this balance include 30000 wrong credit.

Answered: 1. The adjusted deposit in transit as…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

1. The adjusted deposit in transit as of December 31, 2019 is

A. 175,250
B. 125,250
C. 225,250
D. 125,000

2. The adjusted outstanding checks as of December 31, 2019 is
A. 298,710
B. 232,000
C. 209,540
D. 194,790

3. The adjusted cash to be presented in the balance sheet as of December 31, 2019 is
A. 235,460
B. 250,460
C. 265,460
D. 310,460

You are provided the following information by the Peaches Company for the year ended December 31, 2019. The
internal control procedures surrounding cash transactions were not adequate. Dika Mahal, the bookkeeper-cashier,
handles cash receipts, maintains accounting records, and prepares the monthly reconciliations of the bank account.
The bookkeeper-cashier prepared the following reconciliation at the end of the year:
P350,000
175,250
15,000
(246,750)
P293,500
Balance per bank statement
Deposit in transit
Note collected by bank
Outstanding checks
Balance per general ledger
In the process of your review, you gathered the following:
a. On December 31, 2019, the bank statement and the general ledger showed balances of P350,000 and
P293,500.
b. The cut-off bank statement showed a bank charge on January 2, 2020 for P30,000 representing a correction
of an erroneous hand credit.
c. Included in the list of the outstanding checks were the following:
A check payable to a supplier, dated December 29, 2019, in the amount of P14,750, released on
January 5, 2020.
A check representing advance payment to a supplier in the amount of P37,210, the date of which is
January 4, 2020.
d. On December 31, 2019, the company received and recorded customer's postdated check amounting to
P50.000.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions