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
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The following information was obtained in connection with the audit of SOLEDAD
COMPANY's cash account as of December 31, 2016
Outstanding Checks, 11/30/16
Outstanding 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 recor ded 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
P48, 758
37, 500
37,500
112, 500
457, 500
390, 000
7,500
9, 750
435, 000
4, 500
The cash receipts book of December is underfooted by P7,500.
The bank erroneously charged the company's account for a P11, 258 check of another
depositor. This bank error was corrected in January 2017.
1. How much is the deposit in transit on December 31, 20167
A. P15,000
C. P52, 500
2. The total unrecorded bank service charges as of December 31, 2016 is
C. P5, 250
B. P67, 500
D. Answer not given
А. Рб, 750
B. P2, 250
D. Answer not given
3. what is the total book receipts in December?
A. P457, 500
B. P465, 000
C. P458, 800
D. Answer not given
4. what is the total amount of company checks issued in December?
A. P390, 000
B. P378, 750
C. P369, 690
D. Answer not given
5. What is the total book disbursements in December?
B. P371, 250
A. P386, 256
C. P385, 500
D. Answer not given
6. What is the book balance on November 30, 2016?
в. 48, 750
A. P63, 750
C. 112, 500
D. Answer not given
7. What is the bank balance on November 30, 2016?
В. 69, 000
A. 55,500
с. 130, 500
D. Answer not given
8. What is the total bank receipts in December?
В. 420, 00е
А. 360, 000
C. 435, 000
D. Answer not given
9. What is the total bank disbursements in December?
A. 411,000
B. 463, 500
C. 397, 500
D. Answer not given
Transcribed Image Text:The following information was obtained in connection with the audit of SOLEDAD COMPANY's cash account as of December 31, 2016 Outstanding Checks, 11/30/16 Outstanding 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 recor ded 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 P48, 758 37, 500 37,500 112, 500 457, 500 390, 000 7,500 9, 750 435, 000 4, 500 The cash receipts book of December is underfooted by P7,500. The bank erroneously charged the company's account for a P11, 258 check of another depositor. This bank error was corrected in January 2017. 1. How much is the deposit in transit on December 31, 20167 A. P15,000 C. P52, 500 2. The total unrecorded bank service charges as of December 31, 2016 is C. P5, 250 B. P67, 500 D. Answer not given А. Рб, 750 B. P2, 250 D. Answer not given 3. what is the total book receipts in December? A. P457, 500 B. P465, 000 C. P458, 800 D. Answer not given 4. what is the total amount of company checks issued in December? A. P390, 000 B. P378, 750 C. P369, 690 D. Answer not given 5. What is the total book disbursements in December? B. P371, 250 A. P386, 256 C. P385, 500 D. Answer not given 6. What is the book balance on November 30, 2016? в. 48, 750 A. P63, 750 C. 112, 500 D. Answer not given 7. What is the bank balance on November 30, 2016? В. 69, 000 A. 55,500 с. 130, 500 D. Answer not given 8. What is the total bank receipts in December? В. 420, 00е А. 360, 000 C. 435, 000 D. Answer not given 9. What is the total bank disbursements in December? A. 411,000 B. 463, 500 C. 397, 500 D. Answer not given
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