QUESTIONS:Based on the above and result of your audit, determine the following:The net adjustment to cash account on May 31,2018 Shown below is the bank reconciliation for Gatchalian Company for April 2018:Balance per bank, April 30, 2018P300,000Add: Deposits in transit48,000348,000TotalP56,000Less: Outstanding checks15,000Note collected by bank20,00091,000Bank credit for recorded errorP257,000Cash balance per books, April 30, 2018In the process of your audit, you gathered the following:• The cash account for May 2018 contains the followingdata:P247,000Total receipts In the process of your audit, you gathered the following:. The cash account for May 2018 contains the followingdata:Total receiptsP247,000Total disbursements159,200The cut-off bank statement showed a bank service charge ofOn the 23rd of May, an NSF check for P16,000 was returned by the bank. The check was redeposited on May 27th, andno entry was made byAll outstanding checks on April 30, 2018, including the bank credit, were cleared in the bank in May 2018.•There were outstanding checks of P60,000 and deposit in transit of P76,000 on May 31,• Included in the list of outstanding checks were thefollowing:2018. A check payable to a supplier, dated May 29, 2018, in the amount of P4,750, released on June 5, 2018.2019. A check representing advance payment to a supplier in the amount of P7,210, the date of which is June 4, 2018, andreleased in May,On May 31, 2018, the company received and recorded customer's postdated check amounting to P5,000.

Bank Reconcilation: In Bank reconcilation , balances in an entity's accounting records for a cash…

Shown below is the bank reconciliation for Gatchalian Company for April 2018: Balance per bank, April 30, 2018 P300,000 Add: Deposits in transit 48.000 Total 348,000 P56,000 Less: Outstanding checks 15,000 Note collected by bank 20,000 91,000 Bank credit for recorded error P257,000 Cash balance per books, April 30, 2018 In the process of your audit, you gathered the following: • The cash account for May 2018 contains the followingdata: P247,000 Total receipts

Shown below is the bank reconciliation for Gatchalian Company for April 2018: Balance per bank, April 30, 2018 P300,000 Add: Deposits in transit 48.000 Total 348,000 P56,000 Less: Outstanding checks 15,000 Note collected by bank 20,000 91,000 Bank credit for recorded error P257,000 Cash balance per books, April 30, 2018 In the process of your audit, you gathered the following: • The cash account for May 2018 contains the followingdata: P247,000 Total receipts

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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