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    Check No. 175 was entered incorrectly in the cash payments journal as P294,000 instead of the proper amount of P249,000. Carefree authorized their bank to automatically pay water bills submitted directly to the bank. The correct cash in bank balance is the balance per bank statement.

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    Check No. 175 was entered incorrectly in the cash payments journal as P294,000 instead of the proper amount of P249,000. Carefree authorized their bank to automatically pay water bills submitted directly to the bank. The correct cash in bank balance is the balance per bank statement.

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    54 views2 pages

    5

    Uploaded by

    yes yesno
    Check No. 175 was entered incorrectly in the cash payments journal as P294,000 instead of the proper amount of P249,000. Carefree authorized their bank to automatically pay water bills submitted directly to the bank. The correct cash in bank balance is the balance per bank statement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    Check No. 175 was made for the proper amount of P249,000 in payment of account.

    However
    it was entered in the cash payments journal as P294,000. Carefree authorized the bank to
    automatically pay its water bills as submitted directly to the bank.

    8. the correct cash in bank balance is

    The bookkeeper of Divine Company recently prepared the following bank reconciliation on
    December 31, 2006:

    Balance per bank statement 2,800,000


    Add: Deposit in transit 195,000
    Checkbook printing charge 5,000
    Error made by Divine in recording check No.45
    (issued in December)
    35,000
    NSF check 110,000 345,000
    3,145,000
    Less: Outstanding check 100,000
    Note collected by bank

    (includes P15,000 interest) 215,000 315,000


    Balance per book 2,830,000
    Divine Company has P200,000 cash on hand on December 31, 2006.

    9. The amount to be reported by Divine Company as cash on the balance sheet as of December
    31, 2006 should be

    While checking the cash account of ABC Company on December 31, 2006, you find the
    following information:

    Balance per book 6,776,000


    Balance per bank statement (outstanding checks of P987,000) 6,532,000
    Deposit in bank closed by BSP 1,600,000
    Deposit in transit 1,234,000
    Currency and coins counted 950,000
    Petty cash fund (of which P10,000 is in the form of paid vouchers 50,000
    Bank charges not yet taken up in the book 6,000
    Bond sinking fund cash 1,000,000
    Receivables from employees 70,000
    Error in recording a check in the books. The correct amount as paid by
    the bank is P89,000 instead of P98,000 as recorded in the books, or a
    different of
    9,000
    10. The correct cash in bank balance for ABC on December 31, 2006 is

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