2014 Vol 1 Ch 2 Answers.doc

Chapter 2 – Cash and Cash Equivalents

CH HA APTER2 CASH AND CASH EQUI VALENTS PROBLEMS MS 21. ( MoneyComp mpany) Chec ki ngacc ounti nMet r obank Sav i ngsac countatFarEas tBank Pe t t ycashf und( 1, 500–250) Cas honhand ( undepos i t e ds al e sr e c ei pt s ) Cas hi nf or e i gnbank( i ne qui v al entpes os) Cust ome mer s’ chec kon hand: Tr av e l er ’ sc he c k Manag er ’ sc he c k Tot alamo untofc ash

P105, 200 30, 800 1, 250 4, 200 65, 000 14, 000 23, 120 P243, 570

Al t er nat i v ecomput at i on: Repor t edt ot al Le ssSi nki ngf undc as h Sho r tt e r mt r e a s ur ybi l l s Unr epl eni s hedpe t t yc as he xpense s Cor r e ctcashbal anc e

P330, 820 (35, 000) (52, 000) ( 250) P243, 570

Theout s t andi ngc hec ksofP15, 200wasi gnor eds i nc et hegi v enbal anceofc as hi sac as hbal anc e pe rbo oks . Sho r t t e r mt r e a s ur yb i l l so fP52, 000i sr e po r t e da spa r to ft r a di ngs e c ur i t i e sunl e s s t her ei san i ndi cat i on ofamat uri t yoft hr eemo mont hsorl essi n whi chcase,t heyar ei ncl udedas partofcash and cash equi val ent s. Meanwhi l e,si nki ngf und cash ofP35, 000 i sr eport ed asa noncurr entfinanci alasset .

22.

( Cot t onComp mpany) Repor t edc he c kbookbal anc e Adj us t me nt s: Cus t ome r ’ spo s tdat e dc he c ki nc l ude di nt hebal anc e Cust om me er ’ scheckr et urnedbybankmar kedDAI F Co mpanyc hec kr ec or dedbutnoty e tmai l e d Cashr epor t edonDec emb mber31,2013st at eme mentoffinanci alposi t i on

23.

( Gr ai nComp mpany) Bal ancepe rg ener all e dge r Noncashi t ems ms: Cus t ome r ’ sNSFc hec ks I OUs Pos t ages t amps Cashi nsi nki ngf und Cus t omer s ’pos tdat edc hec ks Tr av e ladv anc es Cor r e ctcashbal anc e

P180, 000 (65, 000) (20, 000) 15, 000 P110, 000

P2, 205, 600 P 20, 000 1, 200 600 500, 000 5, 400 4, 000

531, 200 P1, 674, 400

NSF checks,I OUsand cust ome mer s’postdat ed checks arer eport ed asrec ei vabl eswhi l epost age st amp mpsand t r aveladvancesar epr epai dexpenses. Meanwhi l e,cash i n si nki ngf undi sr eport ed asanoncurr entfinanci alasset .

2


24.

( RodCompany) Pe t t ycash( 10, 000–1, 250) Cas honhand( 625, 000–2, 500) Cashi nbank-Gener al( 750, 000+12, 500) Cashi nbank,Payrol l( 320, 000+10, 000) Tot al

P 8, 750 622, 500 762, 500 330, 000 P1, 723, 750

I OU f r om an empl oyeeand cust omer s’postdat edcheckarer ecei vabl ei t ems;t hebankover draf t i na no t he rb anki sr e po r t e da sac ur r e ntl i a bi l i t y( o ffs e tc a n bema deo nl yi ft hea c co unt sa r ewi t h t hesamebank) ;t hesavi ngsdeposi ti sanoncurr enti t em si ncei ti si nt endedf oranoncurr ent pur p os e( f o rp l a nte x pa ns i o n) .

25.

( Lat t eCompany) Cashandcashequi val ent s: Savi ngsaccountwi t hAl l i edBank Pe rbooks Cus t omer ’ spos t dat e dc hec k Che c ki ngac countwi t hAl l i e dBank Pe rbooks I ss ue dpos t dat e dc he c k Bi l l sandcoi nsi nt hepe t t ycas hf und Moneymar ketf undwhi chal l owscheckwr i t i ng Cer t i ficat eofde pos i twi t ht er m of90days Payrol lf undwi t hBDO Pe rbooks Uni ss uedbutr e cor dedc hec k Cas hbal ancewi t hBPI Cor r e ctcashandc as he qui v al ent s

P 900, 000 ( 320, 000) P1, 400, 000 300, 000

P6, 000, 000 50, 000

P580, 000

1, 700, 000 9, 850 2, 000, 000 1, 000, 000

6, 050, 000 5, 000, 000 P16, 339, 850

Thei t e msnoti ncl ude di ncas handcas hequi v al e nt sshal lbepr es ent e dasf ol l ows : Expensesi nt hest at ementofcompre hensi vei ncome( P150 cashshort agei npet t ycashf und+expenser ecei pt sofP5, 000) P 5, 150 Cur r e nta s s e t s : Cer t i ficat esofdeposi t( wi t ht er m of120days) 2, 000, 000 Ac count sr ece i v abl e( cus t ome r ’ spos t dat e dc hec k) 320, 000 Noncurr entasset s: Cashf undf orr e t i r ementofbondspayabl e 1, 500, 000 Cur r e ntl i abi l i t i e s Ac count spayabl e( PDC i ss uedt os uppl i e r ) 300, 000 Sa l ar i espayabl e( uni ss ue dc he c kt oempl oy e e) 50, 000

26.

( Jessi eCompany) Nov .20

Pe t t ycas hf und Cas hi nbank

Nov .20t o Dec.15

Noe nt r y

De c.16

Tr anspor t at i one xpense Repr e s ent at i one xpense

5, 000 5, 000

1, 500 1, 200

3


Fr ei ght i n Repai r se xpe ns e Cas hi nbank Noe nt r y

De c.31

Tr anspor t at i one xpense Suppl i e se xpense Pe t t ycas hf und

340 1, 400

Pe t t ycas hf und Tr anspor t at i one xpense Suppl i e se xpense

1, 740

1, 740 340 1, 400

Jan.18

Noe nt r y

Jan.9

Tr anspor t at i one xpense( 340+120) Suppl i e se xpense( 1, 400+1, 300) Repr e s ent at i one xpense Cas hi nbank

460 2, 700 1, 800

Pe t t ycas hf und Cas hi nbank

3, 000

9

4, 960 3, 000

( Cor alCompany) ( a)

( b)

28.

4, 920

De c.16– 31

Jan.1

27.

1, 300 920

Pe t t yc as hf und Amo untofc as honhand Tot alpe t t yc as hv ouc he r s : Officesuppl i e s Pos t age Re pr es e nt at i on Tr ans por t at i on Mi s ce l l aneous Shor t agei nt hepe t t ycashf und

P5, 000. 00 P 670. 40 P 341, 60 780. 00 1, 000. 00 1, 321. 40 837. 60 4, 280. 60

Offic esuppl i ese xpe ns e Pos t agee xpense Re pr es ent at i one xpe ns e Tr anspor t at i one xpens e Mi sce l l ane ouse xpe nse Cashshor tandov er Pe t t yc ashf und

341. 60 780. 00 1, 000. 00 1, 321. 40 837. 60 49. 00 4, 329. 60

( Pr adaCompany) 1. May2 Pe t t yc ashf und Cashi nbank 2. 3. 4.

4, 951. 00 P 49. 00

8, 000 8, 000

Ma y220 Noe nt r y Noent r y May20Fr e i ght i n Fr e i ght out Suppl i ese xpe ns e

2, 500 3, 000 800

4


Cashi nbank 5. 6.

6, 300

Noent r y May31Fr e i ghti n Tr ans por t at i one xpe ns e Empl oy e ebenefite xpense Adv anc est oempl oy e es ( I OU of500+s hor tof130) Pe t t ycashf und( 8, 000–5, 700) Percount Bi l l sandcoi ns Pai dpet t ycashvoucher s ( 1, 200+150+320+500) Tot al Pe t t yc ashf und,i mpr e s tbal ance Cashs hor t ag e

29.

1, 200 150 320 630 2, 300

P5, 700 2, 170 P7, 870 8, 000 P 130

( CanonCompany) ( a)

( b)

( c)

Bi l l sandc oi ns PCVsdat edJul y2013( undi sbur s edasofJune30) Adj us t edbal anceofpe t t ycashf und

Pe rcount Bi l l sandcoi ns PCVsdat e dJune PCVsdat e dJul y I OUs PDC dr awnbyJuvyVi ct or i a Tot al Pe t t ycashf und,pe rl e dge r Cas hshor t ag e

2, 450 800 3, 250

P 2, 450 3, 300 800 1, 400 2, 000 P 9, 950 10, 000 P 50

Mi sce l l ane ouse xpe nse s Re ce i v abl ef r om empl oy e es( I OU +PDC) Cashshor t /ov er Pe t t ycashf und

3, 300 3, 400 50 6, 750

210. ( Gi or danoCor por at i on) Gi or danoCorporat i on Ba nkRe c o nc i l i a t i o n Dec ember31,2013 Bal anc epe rbanks t at ement Add: Cashonhandf orunde posi t edr e cei pt s P13, 025 Deposi ti nt r ansi t 35, 000 Tot al Deduc t :Out s t andi ngc he c ks Adj us t e dbal anc e

48, 025 P252, 950 204, 055 P 43, 895

Bal ancepe rbooks Add: Not er ec ei v abl ecol l ect e dbybank,i nc li nt er es tofP2, 500 Tot al

P( 32, 560) 252, 500 P219, 940

5

P199, 925


Deduct :Cust omer ’ sNSFchec kr e t ur nedbybankP42, 040 Cust omer ’ scheckf orP29, 040er r oneousl y r e cor de dasP94, 020 64, 980 Cashs al esmi s si ng 64, 025 Pe t t ycashf und 5, 000 Adj us t e dbal anc e ( b)

176, 045 P 43, 895

Adj us t i nge nt r i e s : Cashi nbank Not esRe cei v abl e I nt er e s tRe v e nue

252, 500 250, 000 2, 500

Ac count sRe c ei v abl e( 42, 040+64, 980) Lossf r om The f t Pe t t yCas hFund Cashi nbank Mi sce l l ane ousExpe ns es Pe t t yCas hFund

107, 020 64, 025 5, 000 176, 045 1, 800 1, 800

Tot alCas hont hes t at e me ntoffinanci alposi t i on Pe t t yc ashf undofP3, 200+Cas hi nbankofP43, 895

211. ( PoundCompany) ( a) Bal ance sbef or eadj us t me nt s Banks er vi c ec har g e Debi tme mof orpr i nt edc hec ks Out s t andi ngc hec ks Depos i tofJul y31noty e tr e cor de dbybank Pr oc ee dsofabankl oan,ne tofP300i nt e r e s t Pr oc ee dsf r om cus t ome r ’ snot e ,i ncl udi ngP100i nt e r e s t Chec k#1210f orP2, 100e r r one ousl yde duc t edbybankasP1, 200 St ol e nc hec kl ac ki ngaut hor i z edsi gnat ur ede duct e dbybanki ner r or Cus t omer ’ sNSFc hec kr e t ur nedbybank Cor r e ctcashbal anc e

P47, 095

PerBank P31, 948

( 6, 728) 4, 880 5, 700 8, 100 ( 900) 800 _ _ _ _ _ _ _ P30, 000

( b)Adj ust i ngentr yatJul y31,2013 ( compoundf orm) Mi sc el l aneousExpe ns es( 109+125) Acc ount sRe c ei v abl e I nt e r es tExpense Cas hi nBank

234 760 300 12, 806

6

PerBooks P17, 194 (109) (125)

( 760) P30, 000


BankLoan Not esRe ce i v abl e I nt er es tRe v e nue

6, 000 8, 000 100

212. ( BenchCompany)

Bal ance sbef or eadj us t me nt s Out s t andi ngc hec ks Rec ei pt sof12/31/13de posi t e don1/2/14 Ser vi c ec har ge sf orDece mbe r Pr oc ee dsofbankl oanomi t t e df r om c ompanyr e cor ds Depos i tof12/23/13omi t t e df r om banks t at e me nt Che c kofRomePr oduc t sc ha r ge df orl ac kofcount ers i gna t ur e Banke r r orf orade pos i tofP31, 824r e cor dedasP31, 814 Che c kofBi r c hCompanyer r one ous l yc ha r gedbybank Pr oc ee dsofnot ec ol l e ct e dbybank Er r one ousde bi tbyba nkf orba nkl oanpai db ycompa ny Banke r r orf orade po s i tofP48, 071r e cor de dasP48, 171 Depo s i tofBi r c hCompa nye r r one ous l ycr e di t e dbybank Adj us t e dcashbal ance

Pe rBank Pe rBooks P892, 346. 30 P590, 884. 60 ( 333, 788. 20) 53, 172. 00 ( 225. 00) 97, 000. 00 28, 924. 10 ( 8, 737. 40) 10. 00 26, 900. 00 20, 350. 00 50, 000. 00 ( 100. 00 ( 18, 192. 00) _ _ _ _ _ _ _ _ _ _ P699, 272. 20 P699, 272. 20

213. ( Amet hystCor por at i on) Bal ancepe rbanks t at e me nt Depos i ti nt r ans i t ,Apr i l30 Out st andi ngchecks,Apri l30 Er r oneousc har g ebybank NSFc he c ksnoty e tr edepos i t ed ( 3, 435–1, 835) Pr oc eedsofnot ec ol l ec t e dbybank Banks er vi c ec har ge Unadj us t e dbookbal ancef orcash,Apr i l30,2013

P169, 263 18, 200 (59, 435) 2, 200 1, 600 (7, 548) 180 P124, 460

214. ( Si l verCompany) Bal ancepe rbanks t at e me nt Depos i t si nt r ansi t Out s t andi ngc hec ks( 67, 500–9, 000) Er r oneouscr edi tbybank Chec kofSi l v erLi ni ngc har g edbyba nkt oSi l v e rCo. ’ sacc ount Cor r e ctcashbal anc e ancepe rbooks ,Mar c h1 215. Cashbal Cas hr e ce i pt sdur i ngMar c h Cas hdi sbur s eme nt sdur i ngMar c h Bank se r v i cec har gef orMar c h Cas hbal ancepe rbooksatMar c h31 Cas hbal ancepe rbanks t at e me nt Depos i ti nt r ans i t Out s t andi ngc hec ks Cas hbal ancer eflec t e dperbank Sus pec t e dc as hshor t age( unde posi t edcol l e ct i ons)

7

P380, 750 52, 000 ( 58, 500) (4, 000) 12, 000 P382, 250 P115, 963. 70 246, 475. 00 ( 334, 709. 10) ( 92. 00) P27, 637. 60 P15, 341. 40 9, 000. 00 ( 2, 703. 80) 21, 637. 60 P 6, 000. 00


216. ( Pear lCor porat i on) Bal ancepe rbanks t at e me nt Addr e ce i pt sof12/31/13noty e tdepos i t ed Bal anc epe rbanks t at e me ntbef or eout s t andi ngc he c ks Bal ancepe rbooks Bankse r v i cec har gef orDec e mbe r Pai dc he c kf orP40, 000 r e cor de dasP4, 000 Cust omer ’ sc hec kr e t urnedbybankmar ke dDAI F Out s t andi ngc hec ksatDece mber31,2013

P400, 000 100, 000 P500, 000 P387, 000 ( 1, 000) (36, 000) (22, 000)

328, 000 P172, 000

Pr oof : Bal ancepe rbank Bal anc epe rbooks Repor t edbal ances P400, 000 P387, 000 Rec ei pt snoty e tde posi t ed 100, 000 Dec e mbe rbanks e r v i cec har ge ( 1, 000) Pai dc hec kf orP40, 000r e cor de dasP4, 000 ( 36, 000) Cus t ome r ’ sc he c kr e t ur nedbybank ( 22, 000) Out st andi ngchecksatDecember31( seeabove) ( 172, 000) Cor r e ctcashbal anc e P328, 000 P328, 000

217. ( ABC Servi ces,I nc. )

ABC Se r v i ce s ,I nc. Four Col umnReconci l i at i on Nov ember30Dec ember31,2013 Dec e mbe r Nov.30 Re c e i pt s

Bal anc e spe rbanks t at e ment Re c e i pt sno ty e tde po s i t e d Nov embe r30 De ce mbe r31 Out st andi ngchecks Nov embe r30 De ce mbe r31 Er r one ousc har gebybank Cor r e ctbal ance s Bal ance spe rbooks Bankser vi cecharges Nov embe r30 De ce mbe r31 I nt e r e s tc r e di tbyba nk Nov embe r30 De ce mbe r31 Unc ol l e ct i bl ec us t omer ’ sc he c k NSFr et ur nedandr edeposi t ed i nDec. Chec k#137412f orP2, 300 r ecor de dasP3, 200i ner r or Cor r e ctbal ance s

De ce mbe r Di sbur se ment Dec.31 s P294, 771. 00 P1, 065, 620. 00 P1, 211, 405. 00 P148, 986. 00 21, 270. 00

( 21, 270. 00) 32, 925. 00

32, 925. 00

( 40, 525. 00)

( 40, 525. 00) 35, 191. 50 ( 35, 191. 50) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( 625. 00) _ _ _ _ _ 625. 00 P275, 516. 00 P1, 077, 275. 00 P1, 205, 446. 50 P147, 344. 50 P270, 311. 00 P1, 072, 850. 00 P1, 195, 536. 50 ( 295. 00)

5, 500. 00

( 295. 00) 158. 00 ( 5, 500. 00) 4, 925. 00 5, 947. 00 5, 000. 00

P147, 624. 50

( 158. 00)

4, 925. 00 ( 5, 947. 00)

5, 000. 00

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( 900. 00) _ _ _ _ _ 900. 00 P275, 516. 00 P1, 077, 275. 00 P1, 205, 446. 50 P147, 344. 50

218. ( Brui nsCompany) Br ui nsCompany Pr oofofCash

8


Mar ch31–Apri l30,2013 Apr i l Apr i l Mar c h31 Re c e i pt s Di s bur s e ment s Apr i l30 Bal ance spe rbanks t at e ment P2, 203, 500 P5, 251, 500 P4, 357, 750 P3, 097, 250 Out st andi ngchec ks: Mar c h31 ( 275, 000) ( 275, 000) Apr i l30 580, 000 ( 580, 000) De po s i t si nt r a ns i t Mar c h31 125, 000 ( 125, 000) Apr i l30 670, 000 670, 000 Er r one ousbankcr edi t ( 20, 000) ( 20, 000) Unde po s i t e dr e c e i p t s Er r one ousbankdebi tmemo ( 45, 000) 45, 000 Adj us t e dbal anc es P2, 053, 500 P5, 776, 500 P4, 617, 750 P3, 212, 250 Bal ance spe rbooks Not ec ol l ec t e dbybanki nApr i l Bankser vi cecharges Mar c h Apr i l Company’ snot edi scount edwi t ht he bank200, 000–( 200, 000x12% x 6/12) Over st at ementi nbook di sbur sement s Unde r s t at ementofApr i lr e ce i pt s Adj us t e dbal anc es

P2, 055, 300

P5, 567, 000 17, 000

( 1, 800)

P4, 619, 800

( 1, 800) 2, 450

( 2, 450)

( 2, 700)

188, 000 2, 700

188, 000

P2, 053, 500

4, 500 P5, 776, 500

P3, 002, 500 17, 000

P4, 617, 750

4, 500 P3, 212, 250

219. ( Li l yCompany) a.

b.

c.

Augus tde posi t spe rbanks t at ement Deposi ti nt r ans i tatAugus t31 Deposi ti nt r ans i tatJul y31 No t ec ol l e ct edbybanki nbehal fofLi l yCo mpany Cashr ec ei pt spe rbooksdur i ngAugus t

P275, 000 35, 000 ( 40, 000) ( 50, 000) P220, 000

Augus tdi s bur s e me nt spe rbanks t at eme nt Out s t andi ngc he c ksatAugus t31 Out s t andi ngc he c ksatJul y31 Er r oneousbankc r edi ti nJul yc or r e ct edi nAugus t NSFchec k Se r v i cec har gebybank Cashdi sbur s ement sperbooksdur i ngAugus t

P220, 000 25, 000 ( 60, 000) ( 10, 000) ( 35, 000) ( 1, 500) P138, 500

Bal anc epe rbooksatJul y31 Cashr ec ei pt spe rbooks( s e ea) Cashdi sbur s eme nt sperbooks( se eb) Unadj us t edc as hbal ancepe rbooksatAugus t31

P150, 000 220, 000 ( 138, 500) P231, 500

or Unadj ust edbankst at ementbal anceatAugust31 ( 180, 000+275, 000–220, 000)

P235, 000

9


d.

Out s t andi ngc he c ks ,Augus t31 Deposi t si nt r ansi t ,Augus t31 NSFc he c k Bankse r vi cec har ges Not ec ol l e ct edbybank Unadj us t edc as hbal ancepe rl edge ratAugus t31 Unadj us t edbanks t at ementbal ance Out s t andi ngc he c ks Deposi t si nt r ansi t Cor r ec tc as hbal anceatAugus t31 or

( 25, 000) 35, 000 35, 000 1, 500 ( 50, 000) P231, 500 P235, 000 (25, 000) 35, 000 P245, 000

Unadj us t edc as hbal ancepe rbooks NSFc he c k Bankse r vi cec har ges Not ec ol l e ct edbybank Cor r ec tc as hbal anceatAugus t31

P231, 500 (35, 000) ( 1, 500) 50, 000 P245, 000

220. ( LeoCompany) a.

b.

Out s t andi ngc he c ks ,Jul y31,2013 Di sbur s ement spe rbooksdur i ngAugus t Chec kscl ear eddur i ngAugus t Out s t andi ngc he c ks ,Augus t31,2013

P 6, 400 349, 000 (344, 000) P 11, 400

Deposi t si nt r ansi t ,Augus t31,2013 Deposi t spe rbankr ecor dsdur i ngAug us t Cashr ec ei pt spe rbooksdur i ngAugus t Deposi t si nt r ansi t ,Jul y31,2013

P 40, 000 320, 000 (350, 000) P 10, 000

221. ( VAB,I nc. ) Out s t andi ngc hec ksatApr i l30 Addcashdi sbur s eme nt spe rbooks: Tot alc r edi t si nal lj our nal sdur i ngMay Les sSer v i c ec har g ei nApr i lr ec or dedi nMay Tot al Lesscheckscl ear edduri ngMay: Chec ksandc har g esbybanki nMay Les s:Mays e r vi c ec har ge NSFc hec kr e t urnedasabankc har g ei nMay Out s t andi ngc hec ksatMay31 49, 500

P30, 000 P90, 000 (1, 000)

P80, 000 ( 500) ( 10, 000)

89, 000 P119, 000

69, 500 P

222. ( LornaCruz’Hear i ngAi d) Depos i t si nt r ansi tatJul y31 Rec ei pt spe rbooks( 27, 000–3, 120) Depos i t spe rbank( 30, 600–6, 300) Depos i t si nt r ansi tatAugus t31

P 4, 500 23, 880 ( 24, 300) P 4, 080

Pr oof :

Augus tRe ce i pt s Pe rbank Perbooks

10


Re por t ed De posi t si nt r ansi t ,Jul y31 Not ec ol l e ct edbybanki nAugus t Not ecol l ect edbybanki nJul yrecor ded byt hec ompanyi nAugus t Depos i t si nt r ansi tatAugust31( se eabov e) Cor r ec tt ot al s

223. ( RealGem Company) Out s t andi ngc hec ks,12/31/13 Addc he c kscl e ar edbybankdur i ngDec e mbe r Bankdi sbur sement sdur i ngDe c embe r Out s t andi ngc he c ks ,11/30/13 Er r oneousbankcr edi ti nNov ember c l ear e di nDe c embe r Ca s hdi sbur s eme nt spe rbooksdur i ngDe c embe r 224. ( Li r aCompany) Depos i t si nt r ansi t ,Augus t31 Addcashr ec ei pt spe rge ne r all edge r Le ssdeposi t spe rbank Depos i t si nt r ansi t ,Se pt e mber30

P30, 600 ( 4, 500)

6, 300 ( 3, 120) 4, 080 P30, 180

P30, 180

P37, 855. 00 P62, 277. 00 (24, 750. 00) ( 9, 218. 00)

28, 309. 00 P66, 164. 00 P 9, 500 30, 500 ( 30, 200) P 9, 800

Out s t andi ngc hec ks,Se pt e mbe r30 Addc he c kscl e ar edbybankdur i ngSe pt e mbe r Le ssc ashdi sbur se ment spe rge ne r all edge r Out s t andi ngc hec ks,Augus t31

225. ( Eur oCompany) Pet t yCashFund Cur r encyandc oi ns Re pl eni shme ntc he c k Cas honhand Re por t edamount Less:Cust omer ’ sNSF checkr et urned Cus t omer ’ spos tdat edc hec k Cashi nMe t r obank Re por t edamount Add:Unde l i v er e dc hec k#1214 Pos tdat edc hec k#1219 Cashi nAl l i edBank Gene r alacc ount Les scr e di tba l anc ei nPayr ol lacc ount Cor r e ctcashbal anc e

P27, 000

P 2, 000 23, 600 ( 24, 000) P 1, 600

P 1, 490 1, 830

P 3, 320

P19, 700 ( 5, 000) ( 1, 500)

13, 200

P110, 200 2, 500 4, 300

117, 000

P162, 000 ( 4, 000)

158, 000 P291, 520

Empl oyeeadvancesofP880 i sreport ed asar ecei vabl e;unr epl eni shed pet t ycash vouchersare expenses;and curr encyi n an envel opedmar ked col l ect i onsf orc hari t yi sanoncompanyf und. Post almoneyor der s ofP1, 800 i s a properi ncl usi on t o cash.The savi ngsaccountdeposi ti n Securi t yBanki sreport edasanoncurr entassetsi ncei ti si nt endedf oranoncurr entpurpose.

11


MULTI PLE CHOI CE QUESTI ONS Theor y MC1 MC2 MC3 MC4 MC5 MC6 MC7 MC8 MC9 MC10

C C D D D D A A D B

Probl ems MC29 C MC30 D MC31 C MC32 B MC33 MC34 MC35 MC36 MC37 MC38

D B C B A D

MC39 MC40

B B

MC11 MC12 MC13 MC14 MC15 MC16 MC17 MC18 MC19 MC20

C B D C D A C C C B

MC21 MC22 MC23 MC24 MC25 MC26 MC27 MC28

B A B D B D D A

2, 250, 000+125, 000=2, 375, 000 50, 000+20, 000=70, 000 320, 000+580=320, 580 682, 250–25, 000–10, 500–127, 500–4, 950–6, 450=507, 850 or3, 600+( 336, 750-6, 000)+( 178, 00010, 500)=501, 850 Dr .Expe nse s 950;Dr .Cas h Shor tandOv er 50;Cr .Cas hi nBank1, 000 3, 800+12, 00+12, 500=17, 500 1, 825+1, 500+5, 150=8, 475 10, 000–( 1, 825+1, 500+280+650+500+5, 150)=95 50, 000+20, 000–15, 000=55, 000;43, 000–6, 000+15, 000=52, 000 55, 000–52, 000=3, 000 180, 500+32, 500–27, 500=185, 500 677, 600–580+900=677, 920

12


MC41 MC42 MC43 MC44 MC45 MC46

B B A C B B

MC47 MC48 MC49 MC50 MC51 MC52

D D C D B D

MC53 MC54 MC55 MC56

B A D C

or653, 230–98, 760+123, 450=677, 920 95, 000+( 10, 000–4, 500)=100, 500 17, 000+490, 000–476, 000=31, 000 39, 000+610, 000–( 617, 000–15, 000)=47, 000 768, 370– 132, 274+20, 750=656, 846 450, 000 +9, 400–3, 200 -900+180=455, 480 67, 000+798, 000–91, 000=774, 000co l l ec t i onsf r om sal es ; 583, 000+78, 000–86, 000+53, 000–48, 000=580, 000payment st ot r adecr edi t ors ; 62, 000+774, 000–580, 000–107, 000=149, 000 1, 500+5, 000+486, 000+12, 000=504, 500 96, 000–4, 000+7, 000=99, 000 650, 000+1, 300, 000–1, 100, 000=850, 000+150, 000–84, 000+7, 500=923, 500 1, 154, 800+180, 000+2, 700=1, 337, 500 1, 123, 500–4, 500+6, 000–56, 000+48, 000=1, 117, 000 70, 000–2, 000+290, 000+50, 000–50, 000–280, 000+80, 000–35, 000–83, 500= 39, 500 25, 000+224, 200–78, 200=171, 000 261, 000–41, 500–15, 000=204, 500 217, 200–25, 000–192, 200 ( 45, 000+10, 000+8, 000)–( 34, 000–300–3, 200–3, 600+2, 700)=33, 400

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2014 Vol 1 Ch 2 Answers.doc

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