The bank reconciliation prepared by Aileen Company on November 30 is presented as follows: Unadjusted balance Add: Deposit in transit P145,200 Unadjusted book balance P87,960 60,480 148,440 240 27,000 Add: CM – Note collected Total 172,200 Total Less: Outstanding checks Less: DM – Bank charges 3,600 582 10,800 7,200 2,400 No. 576 584 585 Adjusted bank balance 24,000 P148,200 Adjusted book balance P148,200 The December bank statement which shows a beginning balance of 145,200 is presented as follows: China Banking Corporation Account Name: Aileen Company Date Debits Credits December 1 2 27,000 60,000 10,800 4 36,000 6 72,000 CM #90: 600,000 8 10 DM #50: 60,000 11 84,000 16 18 30,000 96,000 108,600 120,000 96,000 1,263,600 21 28 54,000 6,000 СМ #95: 196,800 31 DM #60: Totals CM #90 – Note collected by the bank CM #95 – Account collected by the bank DM #50 – Customer's NSF check DM #60 – Service charges The company's cash receipts and cash disbursements journal for the month of December 2015 reflected the following: CASH RECEIPTS JOURNAL CASH DISBURSEMENT JOURNAL OR No. Amount 386 387 OR No. Date December 1 Amount P 60,000 December 1 72,000 84,000 96,000 108,000 120,000 133,200 Date 815 816 P 24,000 36,000 817 818 10 10 388 48,000 30,000 42,000 54,000 60,000 66,000 72,000 P456,000 17 14 389 20 819 20 390 30 820 23 391 31 821 26 392 28 393 31 394 Total P661,200 Total The company's Cash in Bank ledger appears as follows: Cash in Bank P 87,960 12/31/15 60,480 600,000 661,200 Balance CDJ 456,000 12/01/15 12/10/15 12/31/15 GJ GJ (CM 90) CRJ The book erroneously recorded OR No. 819 of P108,600 as P108,000.
The bank reconciliation prepared by Aileen Company on November 30 is presented as follows: Unadjusted balance Add: Deposit in transit P145,200 Unadjusted book balance P87,960 60,480 148,440 240 27,000 Add: CM – Note collected Total 172,200 Total Less: Outstanding checks Less: DM – Bank charges 3,600 582 10,800 7,200 2,400 No. 576 584 585 Adjusted bank balance 24,000 P148,200 Adjusted book balance P148,200 The December bank statement which shows a beginning balance of 145,200 is presented as follows: China Banking Corporation Account Name: Aileen Company Date Debits Credits December 1 2 27,000 60,000 10,800 4 36,000 6 72,000 CM #90: 600,000 8 10 DM #50: 60,000 11 84,000 16 18 30,000 96,000 108,600 120,000 96,000 1,263,600 21 28 54,000 6,000 СМ #95: 196,800 31 DM #60: Totals CM #90 – Note collected by the bank CM #95 – Account collected by the bank DM #50 – Customer's NSF check DM #60 – Service charges The company's cash receipts and cash disbursements journal for the month of December 2015 reflected the following: CASH RECEIPTS JOURNAL CASH DISBURSEMENT JOURNAL OR No. Amount 386 387 OR No. Date December 1 Amount P 60,000 December 1 72,000 84,000 96,000 108,000 120,000 133,200 Date 815 816 P 24,000 36,000 817 818 10 10 388 48,000 30,000 42,000 54,000 60,000 66,000 72,000 P456,000 17 14 389 20 819 20 390 30 820 23 391 31 821 26 392 28 393 31 394 Total P661,200 Total The company's Cash in Bank ledger appears as follows: Cash in Bank P 87,960 12/31/15 60,480 600,000 661,200 Balance CDJ 456,000 12/01/15 12/10/15 12/31/15 GJ GJ (CM 90) CRJ The book erroneously recorded OR No. 819 of P108,600 as P108,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
How much is the total outstanding checks as of December 31?
What is the adjusted cash in bank balance on December 31?
Transcribed Image Text:The bank reconciliation prepared by Aileen Company on November 30 is presented as follows:
Unadjusted balance
Add: Deposit in transit
P145,200 Unadjusted book balance
27,000 Add: CM – Note collected
172,200 Total
P87,960
60,480
148,440
240
Total
Less: DM – Bank charges
Less: Outstanding checks
3,600
582 10,800
7,200
2,400
Adjusted bank balance
No. 576
584
585
24,000
P148,200 ; Adjusted book balance
P148,200
The December bank statement which shows a beginning balance of 145,200 is presented as follows:
China Banking Corporation
Account Name: Aileen Company
Date
Debits
Credits
December 1
27,000
60,000
2
10,800
4
36,000
6
72,000
CM #90: 600,000
8
10
DM #50: 60,000
11
84,000
16
18
30,000
96,000
108,600
120,000
96,000
1,263,600
21
28
54,000
6,000 CM #95:
196,800
31
DM #60:
Totals
CM #90 – Note collected by the bank
CM #95 – Account collected by the bank
DM #50 – Customer's NSF check
DM #60 – Service charges
The company's cash receipts and cash disbursements journal for the month of December 2015 reflected the following:
CASH DISBURSEMENT JOURNAL
OR No.
386
CASH RECEIPTS JOURNAL
Date
December 1
OR No. Amount
815
816
Date
P 60,000 December 1
72,000
Amount
P 24,000
36,000
5
3
387
10
817
818
84,000
96,000
10
14
388
389
48,000
30,000
42,000
54,000
60,000
66,000
72,000
P456,000
17
20
819
820
108,000
120,000
133,200
20
390
30
23
391
31
821
26
392
28
393
31
394
Total
P661,200
Total
The company's Cash in Bank ledger appears as follows:
Cash in Bank
P 87,960 | 12/31/15
60,480
600,000
661,200
Balance
CDJ
456,000
12/01/15
12/10/15
12/31/15
GJ
GJ (CM 90)
CRJ
The book erroneously recorded OR No. 819 of P108,600 as P108,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
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