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Quiz No. 1 - Proof of Cash

The document provides bookkeeping and bank statement information for June 30 to July 31, including beginning balances, receipts, disbursements and ending balances. It also lists various July bank credits and debits, as well as book errors, that need to be accounted for to reconcile the book and bank balances. The required tasks are to identify the effect of each transaction/item on the different bookkeeping accounts, and to calculate adjusted amounts based on the reconciliation items.

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Gaile Yabut
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870 views1 page

Quiz No. 1 - Proof of Cash

The document provides bookkeeping and bank statement information for June 30 to July 31, including beginning balances, receipts, disbursements and ending balances. It also lists various July bank credits and debits, as well as book errors, that need to be accounted for to reconcile the book and bank balances. The required tasks are to identify the effect of each transaction/item on the different bookkeeping accounts, and to calculate adjusted amounts based on the reconciliation items.

Uploaded by

Gaile Yabut
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PROBLEM # 2 – PROOF OF CASH

On July 31, 2019, the following data are provided to you:


A. Summary of entries in the books and bank statement:
Book Bank
Balance, June 30 P 5,605.32) P 5,895.42)
Cash receipts 20,857.00) 21,212.40)
Cash disbursements (23,909.83) (24,128.10)
Balance, July 31 P 2,552.49) P 2,979.72)
B. July bank credits include: note collected by bank on behalf of the company, P498.50; and June deposit in
transit, P515.40.
C. July bank debits include: bank service charge, P4; NSF check, P118.10; and June outstanding checks,
P810.50
D. There were no credit memos for June.
E. July book credits include June bank service charge, P5.
F. Book error – check for P46 recorded as P64.
Bank error – overstated debit, P12.50
REQUIRED: ***All answers will be submitted through the Canvas questions provided.***

2.A. For items 1 to 10, choose the letter that corresponds to the effect of the transactions/items to Beginning
Balance, Receipts, Disbursements, or Ending balance (1 point each):
Beginning Balance Receipts Disbursements Ending Balance
A Increase (+) Decrease (-)
B Decrease (-) Increase (+)
C Increase (+) Increase (+)
D Decrease (-) Decrease (-)
E Increase (+) Increase (+)
F Decrease (-) Decrease (-)
G Increase (+) Decrease (-)
H Decrease (-) Increase (+)
I Increase (+) Increase (+)
J Decrease (-) Decrease (-)
K Increase (+) Increase (+)
L Decrease (-) Decrease (-)
M NO EFFECT
Example: The transaction results in an increase in beginning balance and a decrease in receipts.
Answer: A

1. July Credit Memo – Note Collected 6. Deposit in Transit – June 30


2. June Debit Memo – Service Charge 7. Deposit in Transit – July 31
3. July Debit Memo – Service Charge 8. Outstanding Checks – June 30
4. July Debit Memo – NSF Check 9. Outstanding Checks – July 31
5. Book Error 10. Bank Error

2.B. For items 11-20, be mindful of spaces, comma placement, and decimal points. For uniformity in answering,
all answers must be inputted with two decimal places. If the answer is 12, it must be inputted as 12.00. If the
answer is 12.3, it must be inputted as 12.30. Otherwise, they will be considered incorrect. (2 points each)
11. In computing deposit in transit July 31, how much should be the adjusted July Book Debits?
12. In computing deposit in transit July 31, how much should be the adjusted deposits credited by bank?
13. How much is the deposit in transit, July 31?
14. In computing the outstanding checks July 31, how much should be the adjusted July Book Credits?
15. In computing the outstanding checks July 31, how much should be the adjusted checks paid by bank?
16. How much is the outstanding check, July 31?
17. How much is the adjusted June 30 book/bank balance?
18. How much is the adjusted July receipts?
19. How much is the adjusted July disbursements?
20. How much is the adjusted July 31 book/bank balance?

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