12:5684-Template- ONLINE Qui...The accountant for the Muntinlupa Company assembled the following data:June 30P 15,822107,082July 31P 39,745137,817Cash account balanceBank statement balanceDeposits in transitOutstanding checksBank service chargeCustomer's check deposited July 10, returned bybank on July 16 marked NSF, and redepositedimmediately; no entry made on books forreturn or redepositCollection by bank of company's notes receivable8,20127,7187212,88030,112608,25071,81580,900The bank statements and the company's cash records show these totals:Disbursements in July per bank statementCash receipts in July per Muntinlupa's booksP218,373236,452QUESTIONS:Based on the application of the necessary audit procedures and appreciation of the above data, youare to provide the answers to the following:How much is theadjusted cash balanceas of June 30?How much is theadjusted bankreceipts for July?

Auditing means the inspection of financial accounts of the company to determine if the records are…

The accountant for the Muntinlupa Company assembled the following data: June 30 P 15,822 P 39,745 107,082 8,201 27,718 72 July 31 Cash account balance Bank statement balance 137,817 12,880 Deposits in transit Outstanding checks Bank service charge Customer's check deposited July 10, returned by bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit Collection by bank of company's notes receivable 30,112 60 8,250 71,815 80,900 The bank statements and the company's cash records show these totals: Disbursements in July per bank statement Cash receipts in July per Muntinlupa's books P218,373 236,452 QUESTIONS: Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: How much is the adjusted cash balance as of June 30? How much is the adjusted bank receipts for July?

The accountant for the Muntinlupa Company assembled the following data: June 30 P 15,822 P 39,745 107,082 8,201 27,718 72 July 31 Cash account balance Bank statement balance 137,817 12,880 Deposits in transit Outstanding checks Bank service charge Customer's check deposited July 10, returned by bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit Collection by bank of company's notes receivable 30,112 60 8,250 71,815 80,900 The bank statements and the company's cash records show these totals: Disbursements in July per bank statement Cash receipts in July per Muntinlupa's books P218,373 236,452 QUESTIONS: Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: How much is the adjusted cash balance as of June 30? How much is the adjusted bank receipts for July?

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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