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ITH THAT ANSWER

ITH THAT ANSWER

FINANCIAL ACCOUNTING
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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ANSWER ALL THE FOLLOWING QUESTIONS AND GIVE THE COMPLETE SOLUTIONS ON HOW YOU COME UP WITH THAT ANSWER.

PROBLEM 8-15 Basics of Proof of Cash Your client, Aira Marie Zhon Company, presented you the following data: Jan. 31 200,000 Feb. 28 Cash per ledger Cash receipts for February Bank statement balance Total credits per bank statementin February Credit Memo for note collected 270,000 150,000 273,200 203,300 157,700 10,000 2,000 15,000 3,000 NSF check 205
Transcribed Image Text:PROBLEM 8-15 Basics of Proof of Cash Your client, Aira Marie Zhon Company, presented you the following data: Jan. 31 200,000 Feb. 28 Cash per ledger Cash receipts for February Bank statement balance Total credits per bank statementin February Credit Memo for note collected 270,000 150,000 273,200 203,300 157,700 10,000 2,000 15,000 3,000 NSF check 205
Chapter 8 Cash and Cash Equivalents Understatement of salaries expense per book (corrected the following month) 1,500 9,000 3,000 6,000 3,200 600 Deposit in transit Outstanding checks Erroneous bank credit ? 4,000 1,400 Erroneous bank charge Questions: Based on the above data, compute for the following: 1. Deposit in transit, February 28 с. Р9,500 d. P19,500 a. P13,500 b. P16,300 2. Outstanding checks, February 28 c. P5,700 d. P1,300 a. P700 b. P2,700 3. Unadjusted bank disbursements in February с. Р80,100 d. P81,000 P81,500 b. P87,800 a. 4. Adjusted cash in bank balance on January 31 a. P206,500 b. P208,000 c. P203,300 d. P208,500 5. Adjusted Cash receipts in February a. P155,000 b. P140,000 c. P162,200 d. P158,200 6. Adjusted Cash disbursements in February c. P79,500 d. P81,500 P81,000 b. P80,100 a. 7. Adjusted cash in bank balance on February 28 c. P284,000 d. P280,000 P282,000 b. P281,400 a.
Transcribed Image Text:Chapter 8 Cash and Cash Equivalents Understatement of salaries expense per book (corrected the following month) 1,500 9,000 3,000 6,000 3,200 600 Deposit in transit Outstanding checks Erroneous bank credit ? 4,000 1,400 Erroneous bank charge Questions: Based on the above data, compute for the following: 1. Deposit in transit, February 28 с. Р9,500 d. P19,500 a. P13,500 b. P16,300 2. Outstanding checks, February 28 c. P5,700 d. P1,300 a. P700 b. P2,700 3. Unadjusted bank disbursements in February с. Р80,100 d. P81,000 P81,500 b. P87,800 a. 4. Adjusted cash in bank balance on January 31 a. P206,500 b. P208,000 c. P203,300 d. P208,500 5. Adjusted Cash receipts in February a. P155,000 b. P140,000 c. P162,200 d. P158,200 6. Adjusted Cash disbursements in February c. P79,500 d. P81,500 P81,000 b. P80,100 a. 7. Adjusted cash in bank balance on February 28 c. P284,000 d. P280,000 P282,000 b. P281,400 a.
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