ITH THAT ANSWER
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ANSWER ALL THE FOLLOWING QUESTIONS AND GIVE THE COMPLETE SOLUTIONS ON HOW YOU COME UP WITH THAT ANSWER.

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

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.
Expert Solution

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 3 steps with 3 images

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


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education