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Problem 3-9 (PHILCPA Adapted) Humanizer Company provided the following information: Balance per bank statement-May 31 Deposits outstanding Checks outstanding 2,600,000 300,000 (100,000) Correct bank balance- May 31 2,800,000

Problem 3-9 (PHILCPA Adapted) Humanizer Company provided the following information: Balance per bank statement-May 31 Deposits outstanding Checks outstanding 2,600,000 300,000 (100,000) Correct bank balance- May 31 2,800,000

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 2AP
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Problem 3-9 (PHILCPA Adapted) Humanizer Company provided the following information: Balance per bank statement-May 31 Deposits outstanding Checks outstanding 2,600,000 300,000 (100,000) Correct bank balance – May 31 2,800,000 Balance per book- May 31 Bank service charge 2,810,000 10,000) Correct book balance - May 31 2,800,000 June data are as follows: Bank Book Checks recorded 2,500,000 1,800,000 2,200,000 1,600,000 50,000 Note collected by bank, P500,000 plus interest 550,000 NSF check returned with June 30 statement 100,000 Deposits recorded Service charges recorded Balances 2,400,000 2,100,000 1. What is the amount of outstanding checks on June 30? a. 300,000 b. 400,000 c. 200,000 d. 100,000 2. What is the amount of deposits in transit on June 30? a. 300,000 b. 100,000 c. 200,000 d. 500,000 3. What is the adjusted cash in bank on June 30? a. 2,500,000 b. 2,400,000 C. 2,100,000 d. 2,800,000
Transcribed Image Text:Problem 3-9 (PHILCPA Adapted) Humanizer Company provided the following information: Balance per bank statement-May 31 Deposits outstanding Checks outstanding 2,600,000 300,000 (100,000) Correct bank balance – May 31 2,800,000 Balance per book- May 31 Bank service charge 2,810,000 10,000) Correct book balance - May 31 2,800,000 June data are as follows: Bank Book Checks recorded 2,500,000 1,800,000 2,200,000 1,600,000 50,000 Note collected by bank, P500,000 plus interest 550,000 NSF check returned with June 30 statement 100,000 Deposits recorded Service charges recorded Balances 2,400,000 2,100,000 1. What is the amount of outstanding checks on June 30? a. 300,000 b. 400,000 c. 200,000 d. 100,000 2. What is the amount of deposits in transit on June 30? a. 300,000 b. 100,000 c. 200,000 d. 500,000 3. What is the adjusted cash in bank on June 30? a. 2,500,000 b. 2,400,000 C. 2,100,000 d. 2,800,000
Cool Company prepared the following bank reconciliation 4. What is the amount of cash disbursements per book in Problem 3-10 (AICPA Adapted) Cool Company prepared the following bank reconciliation 3,600,000 800,000 for the month of November: Balance bank statement, November 30 Add: Deposit in transit per 4,400,000 1,200,000 200,000 Less: Outstanding checks 1,400,000 Bank credit recorded in error 3,000,000 Balance per book, November 30 Data per bank statement for the month of December: December deposits, including note receivable collected of P1,000,000 for Cool Company December disbursements, including NSF check P350,000 and service charge P50,000 5,500,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. 1. What is the adjusted cash in bank on December 31? a. 4,700,000 b. 4,900,000 c. 4,500,000 d. 3,200,000 2. What is the balance of cash per ledger on December 31? a. 4,100,000 b. 4,900,000 c. 4,700,000 d. 4,300,000 3. What is the amount of cash receipts per book in December? a. 5,400,000 b. 4,400,000 c. 5,500,000 d. 6,400,000 4. What is the amount of cash disbursements per book in December? a. 3,700,000 b. 3,300,000 c. 3,100,000 d. 3,500,000 94
Transcribed Image Text:Cool Company prepared the following bank reconciliation 4. What is the amount of cash disbursements per book in Problem 3-10 (AICPA Adapted) Cool Company prepared the following bank reconciliation 3,600,000 800,000 for the month of November: Balance bank statement, November 30 Add: Deposit in transit per 4,400,000 1,200,000 200,000 Less: Outstanding checks 1,400,000 Bank credit recorded in error 3,000,000 Balance per book, November 30 Data per bank statement for the month of December: December deposits, including note receivable collected of P1,000,000 for Cool Company December disbursements, including NSF check P350,000 and service charge P50,000 5,500,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. 1. What is the adjusted cash in bank on December 31? a. 4,700,000 b. 4,900,000 c. 4,500,000 d. 3,200,000 2. What is the balance of cash per ledger on December 31? a. 4,100,000 b. 4,900,000 c. 4,700,000 d. 4,300,000 3. What is the amount of cash receipts per book in December? a. 5,400,000 b. 4,400,000 c. 5,500,000 d. 6,400,000 4. What is the amount of cash disbursements per book in December? a. 3,700,000 b. 3,300,000 c. 3,100,000 d. 3,500,000 94
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