4 The December bank statement, which has a beginning balance of P96,800, is reproduced below:Robinsons BankAccount Name: Can't Stop Me CompanyCreditsDateDecember 01December 02 P7,200December 04December 06DebitsP18,00040,00024,00048,000400,000 CM83December 08December 1040,000 DM97December 1156,000December 16December 1820,00064,00072,40080,00064.000 CM84PR42.400December 21December 28December 31Totals36,0004.000 DM98P131.200DM97- Customers DAIF checkCM83- Note collected by the bankCM84- Account collected by the bankDM98- Service ChargesThe company's cash receipts and cash disbursement journals for the month of December 2020 areprovided below:The company' s cash in Bank Ledger appears below:Cash Receipts JournalOR No. AmountCash Disbursements JournalCheck No AmountDateDateDec. 01Dec. 01 415P40,00048,00056,00064,000286P16,0000510416417031028728824,00032,00020,00028,00036,00040,00044,00048,000P304 00017418142892041972,00020290273142042180,00088,00023262912922829331total294TotalPA40 B00Cash in BankPS8,64040,32012/10/10 GCM83)400,000440,800Balance12/31/10 CDJ P304,00012/01/10 G)Based on the application of the necessary audit procedures and appreciation of the above data, youare to provide the answers to the following:10.How much is the outstanding checks as of December 31, 2020?11. How much is the adjusted book receipts for December, 2020?12. How much is the adjusted book disbursements for December, 2020?13. How much is the adjusted cash balance as of December 31, 2020?14. How much is the cash shortage as of December 31, 2020? Problem 4.Your audit senior instructed you to prepare a four column proof of cash receipts and disbursements forthe month of December, 2020. The bank reconciliation prepared by Can't Stop Me Company atNovember 30 is reproduced below:Unadjusted bank balanceAdd: deposit in transitP96,80018,000Unadjusted book balanceAdd: CM-Note collectedP58,64040,320Total114,800Total98,960Less outstandingless: DM bank charges160P2,4007,2004,8001,600Checks: No. 27628228428516,000P98,800Adjusted balanceP98,800Adjusted balanceThis is your personal copy. Do not upload/share to any unauthorized sites/groups without yourteacher's permission. Thank you.

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The December bank statement, which has a beginning balance of P96,800, is reproduced below: Robinsons Bank Account Name: Can't Stop Me Company Credits P18,000 40,000 Date Debits December 01 December 02 P7,200 December 04 24,000 December 06 December 08 December 10 48,000 400,000 См8з 40,000 DM97 December 11 56,000 December 16 December 18 20,000 64,000 72,400 80,000 64.000 CM84 PR42.400 December 21 December 28 36,000 December 31 Totals 4.000 DM98 PI31.200 DM97- Customers DAIF check CM83- Note collected by the bank CM84- Account collected by the bank DM98- Service Charges The company's cash receipts and cash disbursement journals for the month of December 2020 are provided below: The company s cash in Bank Ledger appears below: Cash Receipts Journal OR No. Amount Cash Disbursements Journal Check No Amount Date Date Dec. 01 P16,000 24,000 32,000 Dec. 01 415 P40,000 48,000 56,000 64,000 72,000 80,000 B৪,000 286 05 10 416 03 10 287 288 417 17 418 14 289 20,000 28,000 36,000 40,000 44,000 48,000 P304 000 20 419 20 290 27 31 420 421 23 26 291 292 28 293 31 294 Total total Cash in Bank Balance 12/01/10 G) 12/10/10 G(CM83)400,000 12/31/10 CRI PS8,640 40,320 12/31/10 CDJ P304,000 440,800 Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: 10.How much is the outstanding checks as of December 31, 2020? 11. How much is the adjusted book receipts for December, 2020? 12. How much is the adjusted book disbursements for December, 2020? 13. How much is the adjusted cash balance as of December 31, 2020?

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 3E