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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