The cash balance of AA Company had the following information: Descriptions Cash balances per book Cash balances per bank Bank service charges NSF checks Notes collected by the bank Deposit in transit Outstanding checks Book debit error Book credit error Bank credit error Bank debit error Bank receipts Book disbursements Both statements are true Only statement 2 is true November D Both statements are false P1,200,000- Only statement 1 is true 1,400,000 12,000 100,000 350,000 320,000 ? 25,000 Note: errors were corrected in the following period. No other errors affecting th balances. 50,000 Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000. Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000. 75,000
The cash balance of AA Company had the following information: Descriptions Cash balances per book Cash balances per bank Bank service charges NSF checks Notes collected by the bank Deposit in transit Outstanding checks Book debit error Book credit error Bank credit error Bank debit error Bank receipts Book disbursements Both statements are true Only statement 2 is true November D Both statements are false P1,200,000- Only statement 1 is true 1,400,000 12,000 100,000 350,000 320,000 ? 25,000 Note: errors were corrected in the following period. No other errors affecting th balances. 50,000 Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000. Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000. 75,000
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EA: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:...
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Statement 1; The amount of deposit in transit as of December 31, 2022 is P90,000.
Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000.
Both statements are true
Only statement 2 is true
Both statements are false
Only statement 1 is true
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