The following information was obtained in connection with the audit ot COMPANY's cash account as of December 31, 2016 Outstanding Checks, 11/30/16 Out standing Checks, 12/31/16 Deposit in Transit, 11/30/16 Cash balance per general ledger 12/31/16 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, 258 check depositor. This bank error was corrected in January 2017. 1. How much is the deposit in transit on December 31, 2016? A. P15, 000 2. The total unrecorded bank service charges as of December 31, 2016 B. P67, 500 C. P52, 500 D. Answer not given

The following information was obtained in connection with the audit ot COMPANY's cash account as of December 31, 2016 Outstanding Checks, 11/30/16 Out standing Checks, 12/31/16 Deposit in Transit, 11/30/16 Cash balance per general ledger 12/31/16 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, 258 check depositor. This bank error was corrected in January 2017. 1. How much is the deposit in transit on December 31, 2016? A. P15, 000 2. The total unrecorded bank service charges as of December 31, 2016 B. P67, 500 C. P52, 500 D. Answer not given

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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Sweden Company provided the following information for the month of December: Balance per bank statement December 31 P1,250,900 Bank service charge for December 5,000 Collection made by the bank in behalf of the entity 25,800 Deposit in transit 575,200 Checks written but not yet recorded by the bank 512,300 The entity discovered that it had drawn and erroneously recorded a check for P123,600 that should have been recorded for P153,600. How much is the cash balance per ledger on December 31, 2021?
Your audit senior instructed you to prepare a four-column proof of cash receipts and disbursements for the month of December 2021. The bank reconciliation prepared by Alimall Company at November 30 is reproduced below : Unadjusted bank balance P 96,800 Unadjusted book balance P 58,640 Add: Deposit in transit 18,000 Add : CM-Note collected 40,320 Total 114,800 Total P 98,960 Less: Outstanding checks : Less : DM bank charges 160 No. 276 P 2,400 282 7,200 284 4,800 285 1,600 16,000 Adjusted Balance P 98,800 Adjusted balance P 98,800 The December bank statement which has a beginning balance of P…
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compute for adjusted book balance as on november 30 , adjusted bank receipts for december ; adjusted bank disbursements for December Please show complete solutions.
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Blanksheet entries for bank reconciliation
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