Act. No. 2018-20 Conf. No. Name of Customers Balance 18,000 Melba dela Cruz Ronald Magno 001 2018-35 002 12,000 10,000 10,000 10,000 16,000 24,000 2018-45 003 Ana Marie Querol 2018-80 004 Aiko Villavicencio 2018-85 005 Cleofe Santiago Aezelle Villavicencio 2019-05 006 2019-20 007 Jesse Caling Arthur Galicio 2019-25 008 8,000 2020-33 009 Remuel Bernardo 14,000 2020-40 010 Benjamin Cabudbod 30,000 2020-42 011 Rhoda Marano 2,000 22,000 2021-12 012 Shirley Layug Jenielyn Mariano Anjelo Cruz Gieron Adriano 2021-25 013 4,000 2021-38 014 8,000 12,000 200,000 2021-50 015

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Results of Receivable Confirmation
You obtained from your client, SLC Corporation, the following schedule of accounts receivable as of October 31, 2021:
Act. No.
Conf. No.
Name of Customers
Balance
18,000
12,000
10,000
10,000
10,000
2018-20
001
Melba dela Cruz
2018-35
002
Ronald Magno
003
004
2018-45
Ana Marie Querol
2018-80
Aiko Villavicencio
2018-85
005
Cleofe Santiago
2019-05
006
Aezelle Villavicencio
16,000
2019-20
007
Jesse Caling
24,000
8,000
14,000
30,000
2,000
2019-25
008
Arthur Galicio
2020-33
009
Remuel Bernardo
2020-40
010
Benjamin Cabudbod
2020-42
011
Rhoda Marano
Shirley Layug
Jenielyn Mariano
Anjelo Cruz
2021-12
012
22,000
2021-25
013
4,000
8,000
2021-38
014
2021-50
015
Gieron Adriano
12,000
200,000
Transcribed Image Text:Results of Receivable Confirmation You obtained from your client, SLC Corporation, the following schedule of accounts receivable as of October 31, 2021: Act. No. Conf. No. Name of Customers Balance 18,000 12,000 10,000 10,000 10,000 2018-20 001 Melba dela Cruz 2018-35 002 Ronald Magno 003 004 2018-45 Ana Marie Querol 2018-80 Aiko Villavicencio 2018-85 005 Cleofe Santiago 2019-05 006 Aezelle Villavicencio 16,000 2019-20 007 Jesse Caling 24,000 8,000 14,000 30,000 2,000 2019-25 008 Arthur Galicio 2020-33 009 Remuel Bernardo 2020-40 010 Benjamin Cabudbod 2020-42 011 Rhoda Marano Shirley Layug Jenielyn Mariano Anjelo Cruz 2021-12 012 22,000 2021-25 013 4,000 8,000 2021-38 014 2021-50 015 Gieron Adriano 12,000 200,000
You traced the items in this schedule to individual account balances in the subsidiary ledger, checked the footing and
ascertained that addresses were complete and adequate. You also reconciled the schedule balance with the
controlling account in the general ledger ad found them to be in agreement.
On November 8, 2021, you mailed out confirmation request to all customers above with the exception of Rhoda Maraño
which you verified personally since she is working with the company as secretary.
By November 30, 2021, the following replies had been arrived:
1. Aiko Villavicencio, received November 15, confirms balance of P 10,000.
2. Ana Marie Querol, returned by Post Office "Addressee Unknown."
3. Jesse Caling, received November 20, remarks "Balance is now paid."
4. Benjamin Cabudbud, received November 25, confirms P 20,000, remarks "We returned P 10,000 worth of
merchandise on November 12".
5. Gieron Adriano, returned by post office, "No such person".
6. Anjelo Cruz received November 26, confirms only P 6,000 remarks "You overcharged us P 2,000, we did not
order lipstick."
Transcribed Image Text:You traced the items in this schedule to individual account balances in the subsidiary ledger, checked the footing and ascertained that addresses were complete and adequate. You also reconciled the schedule balance with the controlling account in the general ledger ad found them to be in agreement. On November 8, 2021, you mailed out confirmation request to all customers above with the exception of Rhoda Maraño which you verified personally since she is working with the company as secretary. By November 30, 2021, the following replies had been arrived: 1. Aiko Villavicencio, received November 15, confirms balance of P 10,000. 2. Ana Marie Querol, returned by Post Office "Addressee Unknown." 3. Jesse Caling, received November 20, remarks "Balance is now paid." 4. Benjamin Cabudbud, received November 25, confirms P 20,000, remarks "We returned P 10,000 worth of merchandise on November 12". 5. Gieron Adriano, returned by post office, "No such person". 6. Anjelo Cruz received November 26, confirms only P 6,000 remarks "You overcharged us P 2,000, we did not order lipstick."
You verified that P 10,000 of merchandise was actually returned by Benjamin Cabudbud on November 12. This was
covered by the company credit memo number 1615. You also verified an error in billing Anjelo Cruz for P 2,000. This
error was corrected by the company on November 10.
In accordance with instructions from your senior, you verified that the following were paid in November:
1. Aiko Villavicencio, paid November 15, OR No. 4567.
2. Jesse Caling, paid November 18, OR No. 5125.
3. Ana Marie Querol, paid November 26, OR No. 5978.
4. Aezelle Villavicencio, paid November 24, OR No. 5467.
5. Rhoda Maraño, paid November 16, OR No. 4789
On December 2 you mailed the second requests for confirmations to all those who did not reply to the first requests,
and by December 15 you received the following replies:
1. Cleofe Santiago, received December 7, P 10,000 OK
2. Arthur Galicio, received December 8, remarks "This is not yet due, you allowed me 90 days credit."
3. Shirley Layug, December 10, Balance of P 22,000 confirmed.
Required:
Working papers compiling results of confirmation using the following column headings:
Account Number
Confirmation Results
Subsequent collection to Nov. 30
Name of Customers
(1) Confirming balance
(1) Date
Confirmation Number
(2) Reporting differences
(2) OR number
Address
(3) Returned by Post Office
(3) Amount
Per Client, October 31, Dr. Cr.
(4) No Reply
Remarks
Transcribed Image Text:You verified that P 10,000 of merchandise was actually returned by Benjamin Cabudbud on November 12. This was covered by the company credit memo number 1615. You also verified an error in billing Anjelo Cruz for P 2,000. This error was corrected by the company on November 10. In accordance with instructions from your senior, you verified that the following were paid in November: 1. Aiko Villavicencio, paid November 15, OR No. 4567. 2. Jesse Caling, paid November 18, OR No. 5125. 3. Ana Marie Querol, paid November 26, OR No. 5978. 4. Aezelle Villavicencio, paid November 24, OR No. 5467. 5. Rhoda Maraño, paid November 16, OR No. 4789 On December 2 you mailed the second requests for confirmations to all those who did not reply to the first requests, and by December 15 you received the following replies: 1. Cleofe Santiago, received December 7, P 10,000 OK 2. Arthur Galicio, received December 8, remarks "This is not yet due, you allowed me 90 days credit." 3. Shirley Layug, December 10, Balance of P 22,000 confirmed. Required: Working papers compiling results of confirmation using the following column headings: Account Number Confirmation Results Subsequent collection to Nov. 30 Name of Customers (1) Confirming balance (1) Date Confirmation Number (2) Reporting differences (2) OR number Address (3) Returned by Post Office (3) Amount Per Client, October 31, Dr. Cr. (4) No Reply Remarks
SOLUTION:
SLC CORPORATION
Working Paper for Accounts Receivable Confirmation
October 31, 2021
PER CLIENT
ONFIRMATION RESULT
As of October 31, 2021 Confirmin Reporting
g Balance Difference
SUBSEQUENT COLLECTIONS
Up to November 30, 2021
OR No.
Act. No.
Name of Customers
Conf. No
Address
Debit
Credit
NO REPLY
Date
Amount
REMARKS
2018-20 Melba dela Cruz
2018-35 Ronald Magno
2018-45 Ana Marie Querol
2018-80 Aiko Villavioencio
2018-85 Cleofe Santiago
2019-05 Aezelle Villavicencio
2019-20 Jesse Caling
2019-25 Arthur Galicio
2020-33 Remuel Bernardo
2020-40 Benjamin Cabudbod
|2020-42 Rhoda Marano
2021-12 Shirley Layug
2021-25 Jenielyn Mariano
2021-38 Anjelo Cruz
2021-50 Gieron Adriano
001
002
003
004
005
006
07
008
009
010
011
012
013
014
015
100%
0%
0%
0%
Transcribed Image Text:SOLUTION: SLC CORPORATION Working Paper for Accounts Receivable Confirmation October 31, 2021 PER CLIENT ONFIRMATION RESULT As of October 31, 2021 Confirmin Reporting g Balance Difference SUBSEQUENT COLLECTIONS Up to November 30, 2021 OR No. Act. No. Name of Customers Conf. No Address Debit Credit NO REPLY Date Amount REMARKS 2018-20 Melba dela Cruz 2018-35 Ronald Magno 2018-45 Ana Marie Querol 2018-80 Aiko Villavioencio 2018-85 Cleofe Santiago 2019-05 Aezelle Villavicencio 2019-20 Jesse Caling 2019-25 Arthur Galicio 2020-33 Remuel Bernardo 2020-40 Benjamin Cabudbod |2020-42 Rhoda Marano 2021-12 Shirley Layug 2021-25 Jenielyn Mariano 2021-38 Anjelo Cruz 2021-50 Gieron Adriano 001 002 003 004 005 006 07 008 009 010 011 012 013 014 015 100% 0% 0% 0%
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