The following information was obtained in connection with the audit of SOLEDAD COMPANY'S cash account as of December 31, 2021. Outstanding checks, 11/30/21 Outstanding checks, 12/31/21 Deposit in transit, 11/30/21 Cash balance per general ledger 12/31/21 Actual company collections from its customers during December Company checks paid by bank in December Bank service charges recorded on company books in December Bank service charges per December bank statement Deposits credited by bank during December November bank service charges recorded on company books in December The cash receipts book of December is underfooted by P7,500. The bank erroneously charged the company's account for a P11,250 check of another depositor. This bank error was corrected in January 2022. Questions: 1. How much is the deposit in transit on December 31, 2021? A. P15,000 B. P67,500 C. P52,500 2. The total unrecorded bank service charges as of December 31, 2021, is A. P6,750 B. P2,250 C. P5,250 3. What is the total book receipts in December? A. P457,500 B. P465,000 P48,750 37,500 37,500 112,500 457,500 390,000 C. P450,000 7,500 9,750 435,000 4,500 D. P60,000 D. P12,750 D. P442,500
The following information was obtained in connection with the audit of SOLEDAD COMPANY'S cash account as of December 31, 2021. Outstanding checks, 11/30/21 Outstanding checks, 12/31/21 Deposit in transit, 11/30/21 Cash balance per general ledger 12/31/21 Actual company collections from its customers during December Company checks paid by bank in December Bank service charges recorded on company books in December Bank service charges per December bank statement Deposits credited by bank during December November bank service charges recorded on company books in December The cash receipts book of December is underfooted by P7,500. The bank erroneously charged the company's account for a P11,250 check of another depositor. This bank error was corrected in January 2022. Questions: 1. How much is the deposit in transit on December 31, 2021? A. P15,000 B. P67,500 C. P52,500 2. The total unrecorded bank service charges as of December 31, 2021, is A. P6,750 B. P2,250 C. P5,250 3. What is the total book receipts in December? A. P457,500 B. P465,000 P48,750 37,500 37,500 112,500 457,500 390,000 C. P450,000 7,500 9,750 435,000 4,500 D. P60,000 D. P12,750 D. P442,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Refer to the photo and answer the questions
Transcribed Image Text:The following information was obtained in connection with the audit of SOLEDAD COMPANY'S
cash account as of December 31, 2021.
Outstanding checks, 11/30/21
Outstanding checks, 12/31/21
Deposit in transit, 11/30/21
Cash balance per general ledger 12/31/21
Actual company collections from its customers during December
Company checks paid by bank in December
Bank service charges recorded on company books in December
Bank service charges per December bank statement
Deposits credited by bank during December
November bank service charges recorded on company books in December
The cash receipts book of December is underfooted by P7,500.
The bank erroneously charged the company's account for a P11,250 check of another depositor.
This bank error was corrected in January 2022.
Questions:
1. How much is the deposit in transit on December 31, 2021?
A. P15,000
B. P67,500
C. P52,500
2. The total unrecorded bank service charges as of December 31, 2021, is
A. P6,750
B. P2,250
C. P5,250
3. What is the total book receipts in December?
A. P457,500
B. P465,000
P48,750
37,500
37,500
112,500
457,500
390,000
C. P450,000
7,500
9,750
435,000
4,500
D. P60,000
D. P12,750
D. P442,500
Transcribed Image Text:4. What is the total amount of company checks issued in December?
A. P390,000
B. P378,750
C. P369,000
5. What is the total book disbursements in December?
A. P386,250
B. P371,250
C. P385,500
6. What is the book balance on November 30, 2021?
A. P63,750
B. P48,750
8. What is the total bank receipts in December?
A. P360,000
B. P420,000
C. P112,500
7. What is the bank balance on November 30, 2021?
A. P55,500
B. P69,000
C. P130,500
C. P435,000
9. What is the total bank disbursements in December?
A. P411,000
B. P463,500
C. P397,500
10. What is the bank balance on December 31, 2021?
A. P64,500
B. P93,000
C. P99,750
----000000000--
D. P401,250
D. P378,750
D. P105,000
D. P48,750
D. P450,000
D. P388,500
D. P79,500
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