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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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The following information was obtained in connection with the audit of SOLEDAD COMPANY'S cash account as of December 31, 2021. Outstanding checks, 11/30/21 Outstanding checks, 12/31/21 P48,750 37,500 37,500 112,500 457,500 390,000 Deposit in transit, 11/30/21 Cash balance per general ledger 12/31/21 Actual company collections from its customers during December Company checks paid by bank in December Bank service charges recorded on company books in December Bank service charges per December bank statement Deposits credited by bank during December November bank service charges recorded on company books in December The cash receipts book of December is underfooted by P7,500. The bank erroneously charged the company's account for a P11,250 check of another depositor. This bank error was corrected in January 2022. Questions: 7,500 9,750 435,000 4,500
Transcribed Image Text:The following information was obtained in connection with the audit of SOLEDAD COMPANY'S cash account as of December 31, 2021. Outstanding checks, 11/30/21 Outstanding checks, 12/31/21 P48,750 37,500 37,500 112,500 457,500 390,000 Deposit in transit, 11/30/21 Cash balance per general ledger 12/31/21 Actual company collections from its customers during December Company checks paid by bank in December Bank service charges recorded on company books in December Bank service charges per December bank statement Deposits credited by bank during December November bank service charges recorded on company books in December The cash receipts book of December is underfooted by P7,500. The bank erroneously charged the company's account for a P11,250 check of another depositor. This bank error was corrected in January 2022. Questions: 7,500 9,750 435,000 4,500
5. What is the total book disbursements in December? A. P386,250 B. P371,250 6. What is the book balance on November 30, A. P63,750 B. P48,750 C. P385,500 2021? 8. What is the total bank receipts in December? A. P360,000 B. P420,000 C. P112,500 7. What is the bank balance on November 30, 2021? A. P55,500 B. P69,000 C. P130,500 C. P435,000 9. What is the total bank disbursements in December? A. P411,000 B. P463,500 C. P397,500 10. What is the bank balance on December 31, 2021? A. P64,500 B. P93,000 C. P99,750 D. P378,750 D. P105,000 D. P48,750 D. P450,000 D. P388,500 D. P79,500
Transcribed Image Text:5. What is the total book disbursements in December? A. P386,250 B. P371,250 6. What is the book balance on November 30, A. P63,750 B. P48,750 C. P385,500 2021? 8. What is the total bank receipts in December? A. P360,000 B. P420,000 C. P112,500 7. What is the bank balance on November 30, 2021? A. P55,500 B. P69,000 C. P130,500 C. P435,000 9. What is the total bank disbursements in December? A. P411,000 B. P463,500 C. P397,500 10. What is the bank balance on December 31, 2021? A. P64,500 B. P93,000 C. P99,750 D. P378,750 D. P105,000 D. P48,750 D. P450,000 D. P388,500 D. P79,500
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