Problem 8. In connection with the audit of the financial statements of Janus Corporation for the yearended December 31, 2020, you conducted a surprise count of undeposited receipts on December 29,2020, the last working day for the year. You conducted the count in the presence of the cashier whoseaccountability per general ledger was P 160,000.The following were revealed during the count:Currencies and coins:97,680880Unused postage stamps (88 pieces at P 10each)Checks:DatePayeeMakerJan. 21CashCashierDec. 19 Janus CorporationDec. 27 Janus CorporationDec. 28 Tiktok CorporationCyborg CompanyTitan CorporationJanus Corporation8,00018,80015,6807,200Office supplies paid out of receiptsRepairs paid out of receiptsTotal per count8,0004,800161,04018. What is the cash shortage on December 31, 2020?

(a) cash shortages are expressions of financial disintermediation: the banking sector is unable to…

connection with the audit of the financial statements Janus Corporation ended December 31, 2020, you conducted a surprise count of undeposited receipts on December 2020, the last working day for the year. You conducted the count in the presence of the cashier wl accountability per general ledger was P 160,000. The following were revealed during the count: 97,680 880 Currencies and coins: Unused postage stamps (88 pieces at P 10 each) Checks: Date Jan. 21 Cash Dec. 19 Janus Corporation Dec. 27 Janus Corporation Dec. 28 Tiktok Corporation Payee Maker Cashier Cyborg Company Titan Corporation Janus Corporation 8,000 18,800 15,680 7,200 Office supplies paid out of receipts Repairs paid out of receipts Total per count 8,000 4,800 161,040

connection with the audit of the financial statements Janus Corporation ended December 31, 2020, you conducted a surprise count of undeposited receipts on December 2020, the last working day for the year. You conducted the count in the presence of the cashier wl accountability per general ledger was P 160,000. The following were revealed during the count: 97,680 880 Currencies and coins: Unused postage stamps (88 pieces at P 10 each) Checks: Date Jan. 21 Cash Dec. 19 Janus Corporation Dec. 27 Janus Corporation Dec. 28 Tiktok Corporation Payee Maker Cashier Cyborg Company Titan Corporation Janus Corporation 8,000 18,800 15,680 7,200 Office supplies paid out of receipts Repairs paid out of receipts Total per count 8,000 4,800 161,040

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Problem 8. In connection with the audit of the financial statements of Janus Corporation for the year
ended December 31, 2020, you conducted a surprise count of undeposited receipts on December 29,
2020, the last working day for the year. You conducted the count in the presence of the cashier whose
accountability per general ledger was P 160,000.
The following were revealed during the count:
Currencies and coins:
97,680
880
Unused postage stamps (88 pieces at P 10
each)
Checks:
Date
Payee
Maker
Jan. 21
Cash
Cashier
Dec. 19 Janus Corporation
Dec. 27 Janus Corporation
Dec. 28 Tiktok Corporation
Cyborg Company
Titan Corporation
Janus Corporation
8,000
18,800
15,680
7,200
Office supplies paid out of receipts
Repairs paid out of receipts
Total per count
8,000
4,800
161,040
18. What is the cash shortage on December 31, 2020?

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