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PROBLEM 1 In the course of our audit of Edilberto Inc.'s cash in bank for the year ended December 31, 2014, you ascerta ined the folowing information: 30-Nov 31-Dec Cash per books Cash per bank statements Undeposited collections Outstanding checks Bank service charges Insufficient fund check (note a) Com pany's notes receiva ble coleted by bank 201,425 82,350 535,410 41,005 138,590 3,600 689,085 64,400 150,560 3,000 41,250 359,075 404,500 The bank statement and the compa ny's cash records show the following totals: 1,091,86 Checks and debit memos per bank statement Cash receipts per cash records Cash disbursement per cash records ? ? 1,245,54 Deposits and credit memos per bank statement Note a: The insufficient fund check was redeposited in the same month. No entries were made to take up the return and redeposit in the books. Requirements: 1. What is the unadjusted book recept in December? а. 1,227,585 b. 1,182,260 2. What is the unadjusted book disbursements in December? с. 1,160,660 d. 823,185 а. 1,059,535 b. 1,063,185 с. 1,063,785 d. 1,066,185 3. What is the adjusted book balance on November 307 a. 434,825 b. 437,825 c. 441,425 d. 445,025 4. The adjusted bank receipts in December should be: a. 1,268,935 b. 1,268,337 C. 1,265,335 d. 1,245,540 5. The adjusted bank disbursements in December should be: а. 1,103,835 b. 1,105,035 . 1,097,835 d. 1,091,865 6. What is the adjusted book balance on December 31? а. 561,075 b. 602,925 c. 605,325 d. 644,175

PROBLEM 1 In the course of our audit of Edilberto Inc.'s cash in bank for the year ended December 31, 2014, you ascerta ined the folowing information: 30-Nov 31-Dec Cash per books Cash per bank statements Undeposited collections Outstanding checks Bank service charges Insufficient fund check (note a) Com pany's notes receiva ble coleted by bank 201,425 82,350 535,410 41,005 138,590 3,600 689,085 64,400 150,560 3,000 41,250 359,075 404,500 The bank statement and the compa ny's cash records show the following totals: 1,091,86 Checks and debit memos per bank statement Cash receipts per cash records Cash disbursement per cash records ? ? 1,245,54 Deposits and credit memos per bank statement Note a: The insufficient fund check was redeposited in the same month. No entries were made to take up the return and redeposit in the books. Requirements: 1. What is the unadjusted book recept in December? а. 1,227,585 b. 1,182,260 2. What is the unadjusted book disbursements in December? с. 1,160,660 d. 823,185 а. 1,059,535 b. 1,063,185 с. 1,063,785 d. 1,066,185 3. What is the adjusted book balance on November 307 a. 434,825 b. 437,825 c. 441,425 d. 445,025 4. The adjusted bank receipts in December should be: a. 1,268,935 b. 1,268,337 C. 1,265,335 d. 1,245,540 5. The adjusted bank disbursements in December should be: а. 1,103,835 b. 1,105,035 . 1,097,835 d. 1,091,865 6. What is the adjusted book balance on December 31? а. 561,075 b. 602,925 c. 605,325 d. 644,175

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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PROBLEM 1 In the course of our audit of Edilberto Inc.'s cash in bank for the year ended December 31, 2014, you ascerta ined the folowing information: 30-Nov 31-Dec Cash per books Cash per bank statements Undeposited collections Outstanding checks Bank service charges Insufficient fund check (note a) Com pany's notes receiva ble coleted by bank 82,350 535,410 41,005 138,590 3,600 201,425 689,085 64,400 150, 560 3,000 41,250 404,500 359,075 The bank statement and the compa ny's cash records show the following totals: 1,091,86 Checks and debit memos per bank statement Cash receipts per cash records Cash disbursement per cash records ? ? 1,245,54 Deposits and credit memos per bank statement Note a: The isufficient fund check was redeposited in the sa me month. No entries were made to take up the return and redeposit in the books. Requirements: 1. What is the unadjusted book recept in December? а. 1,227,585 b. 1,182,260 2. What is the unadjusted book disbursements in December? с. 1,160,660 d. 823,185 а. 1,059,535 b. 1,063,185 с. 1,063,785 d. 1,066,185 3. What is the adjusted book balance on November 307 a. 434,825 b. 437,825 c. 441,425 d. 445,025 4. The adjusted bank receipts in December should be: a. 1,268,935 b. 1,268,337 C. 1,265,335 d. 1,245,540 5. The adjusted bank disbursements in December should be: а. 1,103,835 b. 1,105,035 . 1,097,835 d. 1,091,865 6. What is the adjusted book balance on December 31? а. 561,075 b. 602,925 c. 605,325 d. 644,175
Transcribed Image Text:PROBLEM 1 In the course of our audit of Edilberto Inc.'s cash in bank for the year ended December 31, 2014, you ascerta ined the folowing information: 30-Nov 31-Dec Cash per books Cash per bank statements Undeposited collections Outstanding checks Bank service charges Insufficient fund check (note a) Com pany's notes receiva ble coleted by bank 82,350 535,410 41,005 138,590 3,600 201,425 689,085 64,400 150, 560 3,000 41,250 404,500 359,075 The bank statement and the compa ny's cash records show the following totals: 1,091,86 Checks and debit memos per bank statement Cash receipts per cash records Cash disbursement per cash records ? ? 1,245,54 Deposits and credit memos per bank statement Note a: The isufficient fund check was redeposited in the sa me month. No entries were made to take up the return and redeposit in the books. Requirements: 1. What is the unadjusted book recept in December? а. 1,227,585 b. 1,182,260 2. What is the unadjusted book disbursements in December? с. 1,160,660 d. 823,185 а. 1,059,535 b. 1,063,185 с. 1,063,785 d. 1,066,185 3. What is the adjusted book balance on November 307 a. 434,825 b. 437,825 c. 441,425 d. 445,025 4. The adjusted bank receipts in December should be: a. 1,268,935 b. 1,268,337 C. 1,265,335 d. 1,245,540 5. The adjusted bank disbursements in December should be: а. 1,103,835 b. 1,105,035 . 1,097,835 d. 1,091,865 6. What is the adjusted book balance on December 31? а. 561,075 b. 602,925 c. 605,325 d. 644,175
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