Verification of Outstanding Checks from Corrected Bank Reconciliation In connection with your audit of the Morayta Corporation at December 31, 2020, you were given a bank reconciliation by a company employee which shows: Balance per bank Add: Deposit in Transit Total Less: Check Outstanding Balance per books 152,670 189,280 341,950 213,780 128, 170 As part of your verification, you obtain the bank statement and cancelled checks from the bank on January 15, 2021. Checks issued from January 1 to 15, 2021 per books were P 112,410. Checks returned by the bank on January 15 amounted to P 292,190 (Checks paid by bank from January 1 to 15). Of the checks outstanding December 31, 2020, P 48,000 were not returned by the bank with the January 15th statement, and of those issued per books in January, 2021. P 36,000 were not returned. Required: Prepare a schedule showing the above data in proper form.

Verification of Outstanding Checks from Corrected Bank Reconciliation In connection with your audit of the Morayta Corporation at December 31, 2020, you were given a bank reconciliation by a company employee which shows: Balance per bank Add: Deposit in Transit Total Less: Check Outstanding Balance per books 152,670 189,280 341,950 213,780 128, 170 As part of your verification, you obtain the bank statement and cancelled checks from the bank on January 15, 2021. Checks issued from January 1 to 15, 2021 per books were P 112,410. Checks returned by the bank on January 15 amounted to P 292,190 (Checks paid by bank from January 1 to 15). Of the checks outstanding December 31, 2020, P 48,000 were not returned by the bank with the January 15th statement, and of those issued per books in January, 2021. P 36,000 were not returned. Required: Prepare a schedule showing the above data in proper form.

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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