Homework Help is Here – Start Your Trial Now!
Business
Accounting
CASE 3: In the course of the audit of Blue Whale Company's cash in bank for the year ended December 31,2018, you ascertained the following information: Cash per books Cash per bank statements Undeposited collections Outstanding checks Bank service charges Insufficient fund check Company's notes receivable collected by the bank Nov. 30 P60,350 535,410 41,005 138,590 3,600 41,250 433,075 The bank statement and the company's cash records show the following totals: Check and debit memos per bank statement Cach receipts per cach record Dec. 31 P? 689,085 64,400 150,560 3,000 404,500 P1,091,865 1125 510

CASE 3: In the course of the audit of Blue Whale Company's cash in bank for the year ended December 31,2018, you ascertained the following information: Cash per books Cash per bank statements Undeposited collections Outstanding checks Bank service charges Insufficient fund check Company's notes receivable collected by the bank Nov. 30 P60,350 535,410 41,005 138,590 3,600 41,250 433,075 The bank statement and the company's cash records show the following totals: Check and debit memos per bank statement Cach receipts per cach record Dec. 31 P? 689,085 64,400 150,560 3,000 404,500 P1,091,865 1125 510

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 19E
See similar textbooks
icon
Related questions
Question
Provide the proof of cash of the problem. Answer the following questions correctly and provide solutions: 1. Unadjusted book receipt in December? 2. Unadjusted book disbursement in December? 3. Correct cash balance as of November 30? 4. Unadjusted cash balance per books as of December 31? 5. Correct cash balance as of December 31?
CASE 3: In the course of the audit of Blue Whale Company's cash in bank for the year ended December 31,2018, you ascertained the following information: Cash per books Cash per bank statements. Undeposited collections Outstanding checks Bank service charges Insufficient fund check Company's notes receivable collected by the bank The bank statement and the company's cash records show the following totals: Check and debit memos per bank statement Cash receipts per cash record Cash disbursements per cash records Deposits and credit memos per bank statement Additional information: Nov. 30 P60,350 535,410 41,005 138,590 3,600 41,250 433,075 Determine the following as a result of your audit: 1. What is the adjusted cash balance as of November 30? a. P507,825 b. P578,935 C. P604,435 d. P605,835 2. What is the unadjusted book disbursement in December? a. P1.103.835 b. P1,104,435 c. P1,078,935 Dec. 31 P? a. The insufficient fund check was re-deposited in the same month. No entries were made to take up the return and re-deposit. 689,085 64,400 150,560 3,000 b. A P70,000 bank charge error in November was corrected by the bank in December, while at P120,000 deposit of Blue Sea Corp. was erroneously credited by the bank to the company's account in December. c. A P13,000 disbursement check was recorded in November as P31,000. The error was discovered and corrected in December. d. P1,125,510 3. What is the unadjusted cash balance per book as of December 31? a. P85,410 b. P90,350 C. P81,425 d. P87,825 4. What is the adjusted receipts as of December 31? a. P1,058,425 b. P1,078,935 c. P1,081,425 d. P1,066,295 5. What is the adjusted disbursement as of December 31? a. P1,108,425 b. P1,111,935 c. P1,120,425 d. P1,103,835 6. What is the correct cash balance as of December 31? a. P482,925 b. P439,185 c. P392,995 d. P497,955 404,500 d. A P200,000 customer collection was recorded in the books in December as P20,000, the error was detected and corrected in December. P1,091,865 1,125,510 ? 1,245,540
Transcribed Image Text:CASE 3: In the course of the audit of Blue Whale Company's cash in bank for the year ended December 31,2018, you ascertained the following information: Cash per books Cash per bank statements. Undeposited collections Outstanding checks Bank service charges Insufficient fund check Company's notes receivable collected by the bank The bank statement and the company's cash records show the following totals: Check and debit memos per bank statement Cash receipts per cash record Cash disbursements per cash records Deposits and credit memos per bank statement Additional information: Nov. 30 P60,350 535,410 41,005 138,590 3,600 41,250 433,075 Determine the following as a result of your audit: 1. What is the adjusted cash balance as of November 30? a. P507,825 b. P578,935 C. P604,435 d. P605,835 2. What is the unadjusted book disbursement in December? a. P1.103.835 b. P1,104,435 c. P1,078,935 Dec. 31 P? a. The insufficient fund check was re-deposited in the same month. No entries were made to take up the return and re-deposit. 689,085 64,400 150,560 3,000 b. A P70,000 bank charge error in November was corrected by the bank in December, while at P120,000 deposit of Blue Sea Corp. was erroneously credited by the bank to the company's account in December. c. A P13,000 disbursement check was recorded in November as P31,000. The error was discovered and corrected in December. d. P1,125,510 3. What is the unadjusted cash balance per book as of December 31? a. P85,410 b. P90,350 C. P81,425 d. P87,825 4. What is the adjusted receipts as of December 31? a. P1,058,425 b. P1,078,935 c. P1,081,425 d. P1,066,295 5. What is the adjusted disbursement as of December 31? a. P1,108,425 b. P1,111,935 c. P1,120,425 d. P1,103,835 6. What is the correct cash balance as of December 31? a. P482,925 b. P439,185 c. P392,995 d. P497,955 404,500 d. A P200,000 customer collection was recorded in the books in December as P20,000, the error was detected and corrected in December. P1,091,865 1,125,510 ? 1,245,540
Expert Solution
steps

Step by step

Solved in 5 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach to Conducting a Q…
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS