he Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at lovember 30, 2020 were as follows: he cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000 n the bank's records did not appear on the books of the company. The balance per bank statement was P 55,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P ,907.10, #8623 for P 2,068, and #8632 for P 1,452.80. he cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following econciliations:
he Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at lovember 30, 2020 were as follows: he cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000 n the bank's records did not appear on the books of the company. The balance per bank statement was P 55,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P ,907.10, #8623 for P 2,068, and #8632 for P 1,452.80. he cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following econciliations:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Preparation of Corrected Bank Reconciliation
The Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at
November 30, 2020 were as follows:
The cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000
on the bank's records did not appear on the books of the company. The balance per bank statement was P
155,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P
1,907.10, #8623 for P 2,068, and #8632 for P 1,452.80.
The cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following
reconciliations:
189,016.20
Balance per books, November 30, 2020
Add: Outstanding Checks
No.
8321
1,907.10
8623
2,068.00
1,452.80
No.
No.
8632
4,427.90
Total
193,444.10
Less: Undeposited Receipts
Balance per bank, November 30, 2020
37,944.10
155,500.00
Less:Unrecorded credit
1,000.00
154,500.00
True cash, November 30, 2020
Required:
Prepare a supporting schedule showing how much the cashier abstracted.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ce0b43f-73f6-4b81-b893-10a09cd1628a%2F36c6414a-bfb2-4cda-803a-cdf6311d1fdf%2Ffiuzuci_processed.png&w=3840&q=75)
Transcribed Image Text:Preparation of Corrected Bank Reconciliation
The Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at
November 30, 2020 were as follows:
The cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000
on the bank's records did not appear on the books of the company. The balance per bank statement was P
155,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P
1,907.10, #8623 for P 2,068, and #8632 for P 1,452.80.
The cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following
reconciliations:
189,016.20
Balance per books, November 30, 2020
Add: Outstanding Checks
No.
8321
1,907.10
8623
2,068.00
1,452.80
No.
No.
8632
4,427.90
Total
193,444.10
Less: Undeposited Receipts
Balance per bank, November 30, 2020
37,944.10
155,500.00
Less:Unrecorded credit
1,000.00
154,500.00
True cash, November 30, 2020
Required:
Prepare a supporting schedule showing how much the cashier abstracted.
![SOLUTION:
GRANDIOSO CCOMPANY
Bank Reconciliation
As of November 30, 2020
Bank
Book
Balances, unadjusted
Adjustments:
Deposit in Transit
Outstanding Checks:
Amount
No.
No.
No.
No.
No.
No.
Unrecorded credits
Total balances
0.00
0.00
Discrepancy (Shortage)
Balance per bank, adjusted
0.00
0.00
0.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ce0b43f-73f6-4b81-b893-10a09cd1628a%2F36c6414a-bfb2-4cda-803a-cdf6311d1fdf%2F8nc3kyk_processed.png&w=3840&q=75)
Transcribed Image Text:SOLUTION:
GRANDIOSO CCOMPANY
Bank Reconciliation
As of November 30, 2020
Bank
Book
Balances, unadjusted
Adjustments:
Deposit in Transit
Outstanding Checks:
Amount
No.
No.
No.
No.
No.
No.
Unrecorded credits
Total balances
0.00
0.00
Discrepancy (Shortage)
Balance per bank, adjusted
0.00
0.00
0.00
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education