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35. The balance sheet of Longgan Company showed a cash balance of P91,/50. An examination of the books disclosed the following: Cash sales of P 12,000 from Jan. 1 to 7, 2020 were predated as of Dec. 28 to 31, 2019 and charged to the cash account. Customer's checks totaling P 4,500 deposited with and returned by the bank marked "NSF" on Dec. 27, 2019 were not recorded on the books. Checks of P5,600 in payment of liabilities were prepared before Dec. 31, 2019 and recorded in the books but withheld by the treasurer. Post-dated checks totaling P 3,400 are being held by the cashier as part of Cash. The company's experience shows that post-dated checks are eventually realized. The cash account includes P 20,000 being reserved for the purchase of minicomputer which will be delivered soon. Personal check of officers, P 2,700 were "redeemed" on Dec. 31, 2019, but returned to the cashier on Jan. 2, 2020. How much is the cash balance that should be shown in the Dec. 31, 2019 balance sheet? A. P91,750 B. P 69.150 C.P 54,750 D. P 43,550

35. The balance sheet of Longgan Company showed a cash balance of P91,/50. An examination of the books disclosed the following: Cash sales of P 12,000 from Jan. 1 to 7, 2020 were predated as of Dec. 28 to 31, 2019 and charged to the cash account. Customer's checks totaling P 4,500 deposited with and returned by the bank marked "NSF" on Dec. 27, 2019 were not recorded on the books. Checks of P5,600 in payment of liabilities were prepared before Dec. 31, 2019 and recorded in the books but withheld by the treasurer. Post-dated checks totaling P 3,400 are being held by the cashier as part of Cash. The company's experience shows that post-dated checks are eventually realized. The cash account includes P 20,000 being reserved for the purchase of minicomputer which will be delivered soon. Personal check of officers, P 2,700 were "redeemed" on Dec. 31, 2019, but returned to the cashier on Jan. 2, 2020. How much is the cash balance that should be shown in the Dec. 31, 2019 balance sheet? A. P91,750 B. P 69.150 C.P 54,750 D. P 43,550

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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35. The balance sheet of Longgan Company showed a cash balance of P91,750. An examination of the books disclosed the following: Cash sales of P 12,000 from Jan. 1 to 7, 2020 were predated as of Dec. 28 to 31, 2019 and charged to the cash account. Customer's checks totaling P 4,500 deposited with and returned by the bank marked "NSF" on Dec. 27, 2019 were not recorded on the books. Checks of P5,600 in payment of liabilities were prepared before Dec. 31, 2019 and recorded in the books but withheld by the treasurer. Post-dated checks totaling P 3,400 are being held by the cashier as part of Cash. The company's experience shows that post-dated checks are eventually realized. The cash account includes P 20,000 being reserved for the purchase of minicomputer which will be delivered soon. Personal check of officers, P 2,700 were "redeemed" on Dec. 31, 2019, but returned to the cashier on Jan. 2, 2020. How much is the cash balance that should be shown in the Dec. 31, 2019 balance sheet? A. P 91,750 В. Р 69,150 C.P 54,750 D. P 43,550
Transcribed Image Text:35. The balance sheet of Longgan Company showed a cash balance of P91,750. An examination of the books disclosed the following: Cash sales of P 12,000 from Jan. 1 to 7, 2020 were predated as of Dec. 28 to 31, 2019 and charged to the cash account. Customer's checks totaling P 4,500 deposited with and returned by the bank marked "NSF" on Dec. 27, 2019 were not recorded on the books. Checks of P5,600 in payment of liabilities were prepared before Dec. 31, 2019 and recorded in the books but withheld by the treasurer. Post-dated checks totaling P 3,400 are being held by the cashier as part of Cash. The company's experience shows that post-dated checks are eventually realized. The cash account includes P 20,000 being reserved for the purchase of minicomputer which will be delivered soon. Personal check of officers, P 2,700 were "redeemed" on Dec. 31, 2019, but returned to the cashier on Jan. 2, 2020. How much is the cash balance that should be shown in the Dec. 31, 2019 balance sheet? A. P 91,750 В. Р 69,150 C.P 54,750 D. P 43,550
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