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You have been asked by the proprietor of the SANDOVAL CO. to verify the accountability of the cashier-bookkeeper, who was allowed to take a vacation leave a few days ago. A. The bank reconciliation statements prepared by the cashier-bookkeeper are presented below: November 30, 2021 Balance per bank statement Cash on hand Total Outstanding checks: P21,500 500 22,000

You have been asked by the proprietor of the SANDOVAL CO. to verify the accountability of the cashier-bookkeeper, who was allowed to take a vacation leave a few days ago. A. The bank reconciliation statements prepared by the cashier-bookkeeper are presented below: November 30, 2021 Balance per bank statement Cash on hand Total Outstanding checks: P21,500 500 22,000

FINANCIAL ACCOUNTING
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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You have been asked by the proprietor of the SANDOVAL CO. to verify the accountability of the cashier-bookkeeper, who was allowed to take a vacation leave a few days ago. A. The bank reconciliation statements prepared by the cashier-bookkeeper are presented below: November 30, 2021 Balance per bank statement Cash on hand Total Outstanding checks: No. 2520 2521 2522 Erroneous bank charge Erroneous bank credit Book balance December 31, 2021 Balance per bank statement Cash on hand Total Outstanding checks: No. 2674 2675 2676 Erroneous bank charge Erroneous bank credit Book balance P 2,000 1,400 1,900 Dec. 1 Balance P20,200 2 Received from customers 4,500 7 Received from customers 5,000 12 Received from customers 20,000 17 Received from customers 30,000 23 Received from customers 9,000 27 Received from customers 70,000 31 Received from customers 48,500 Total P198,200 P31,000 10,300 5,000 Cash in Bank Dec. 1 Checks issued P2,000 5 Checks issued 5,200 14 Checks issued 31,000 24 Checks issued 46,000 28 Checks issued 7,600 31 Balance Total 102,400 P198,200 P21,500 500 22,000 (3,300) 2,000 B. The Cash in Bank account in the general ledger shows the following debits and credits during December: Balance, December 1, 2021 Total deposits The total deposits per bank statement include: a. Collection of notes receivable b. Correction of November erroneous bank charge c. December 10 deposit of Lava, Inc. credited in error to SANDOVAL (500) P20,200 P 135,000 6,300 141,300 (41,300) 3,000 (600) P102,400 C. The following summarized transactions were taken from the bank statement for the month of December 2021: P5,000 2,000 600 P16,500 P173,700
Transcribed Image Text:You have been asked by the proprietor of the SANDOVAL CO. to verify the accountability of the cashier-bookkeeper, who was allowed to take a vacation leave a few days ago. A. The bank reconciliation statements prepared by the cashier-bookkeeper are presented below: November 30, 2021 Balance per bank statement Cash on hand Total Outstanding checks: No. 2520 2521 2522 Erroneous bank charge Erroneous bank credit Book balance December 31, 2021 Balance per bank statement Cash on hand Total Outstanding checks: No. 2674 2675 2676 Erroneous bank charge Erroneous bank credit Book balance P 2,000 1,400 1,900 Dec. 1 Balance P20,200 2 Received from customers 4,500 7 Received from customers 5,000 12 Received from customers 20,000 17 Received from customers 30,000 23 Received from customers 9,000 27 Received from customers 70,000 31 Received from customers 48,500 Total P198,200 P31,000 10,300 5,000 Cash in Bank Dec. 1 Checks issued P2,000 5 Checks issued 5,200 14 Checks issued 31,000 24 Checks issued 46,000 28 Checks issued 7,600 31 Balance Total 102,400 P198,200 P21,500 500 22,000 (3,300) 2,000 B. The Cash in Bank account in the general ledger shows the following debits and credits during December: Balance, December 1, 2021 Total deposits The total deposits per bank statement include: a. Collection of notes receivable b. Correction of November erroneous bank charge c. December 10 deposit of Lava, Inc. credited in error to SANDOVAL (500) P20,200 P 135,000 6,300 141,300 (41,300) 3,000 (600) P102,400 C. The following summarized transactions were taken from the bank statement for the month of December 2021: P5,000 2,000 600 P16,500 P173,700
Total Total checks The total checks per bank statement include: a. Correction of November erroneous bank credit b. December check of Nile Co. charged in error to SANDOVAL Total Questions: 1. What is the adjusted cash balance on November 30, 2021? A. P16,500 B. P13,200 C. P20,200 2. The amount of unaccounted receipts in December is A. P11,000 B. P13,200 C. P9,000 D. Cash on hand per count in the morning of January 2, 2022, amounted to P6,300. E. Before leaving his company for a one-week vacation, the proprietor had left several signed blank checks that the cashier-bookkeeper had cashed for his personal use. P7,600 4. What is the total cash shortage as of December 31, 2021? A. P26,000 B. P15,100 C. P33,000 P 500 5. What is the adjusted cash balance on December 31, 2021? A. P102,400 B. P125,000 C. P87,400 3,000 P3.500 3. The amount of unrecorded/unsupported disbursements in December is A. P15,100 B. P10,900 C. P7,000 P65,200 D. P14,500 D. P15,100 D. P5,000 D. P7,000 D. P111,400
Transcribed Image Text:Total Total checks The total checks per bank statement include: a. Correction of November erroneous bank credit b. December check of Nile Co. charged in error to SANDOVAL Total Questions: 1. What is the adjusted cash balance on November 30, 2021? A. P16,500 B. P13,200 C. P20,200 2. The amount of unaccounted receipts in December is A. P11,000 B. P13,200 C. P9,000 D. Cash on hand per count in the morning of January 2, 2022, amounted to P6,300. E. Before leaving his company for a one-week vacation, the proprietor had left several signed blank checks that the cashier-bookkeeper had cashed for his personal use. P7,600 4. What is the total cash shortage as of December 31, 2021? A. P26,000 B. P15,100 C. P33,000 P 500 5. What is the adjusted cash balance on December 31, 2021? A. P102,400 B. P125,000 C. P87,400 3,000 P3.500 3. The amount of unrecorded/unsupported disbursements in December is A. P15,100 B. P10,900 C. P7,000 P65,200 D. P14,500 D. P15,100 D. P5,000 D. P7,000 D. P111,400
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