Cash and Cash Equivalents Items

Problem 1

The following information has been extracted from the accounting records of the Lakers Corporation:

1. Cash on hand (undeposited sales receipt)P1,020

2. Certificate of deposit25,000

3. Customers note receivable1,000

4. Reconciled balance in First Standard Bank Checking account(350)

5. Reconciled balance in Prime National Bank Checking account9,350

6. Balance in Rural Bank savings account8,560

7. Customers postdated check1,350

8. Employee travel advances1,600

9. Cash in bond sinking Fund1,200

10. Bond sinking fund investments8,090

11. Postage stamps430

Required: Determine the balance in Lakers Cash account.

Problem 2

The following information is shown in the accounting records of SAPNO PUAS Company:

January 1December 31

CashP186,000

Accounts Receivable201,000273,000

Merchandise Inventory258,000234,000

Accounts Payable159,000144,000

Total sales and cost of goods sold for 2017 were P2,394,000 and P1,749,000, respectively. All sales and purchases were made on credit. Various operating expenses of P321,000 were paid in cash. Assume that there were no other pertinent transactions.

What is the cash balance on December 31, 2017?

From the following information, prepare the following:

1. A four-column reconciliation that would end at adjusted balances.

a. Bank Method (5pts)

b. Book Method (5pts)

Reconciling items:November 30December 31

Deposits in TransitP10,400?

Outstanding Checks 16,014?

NSF checks1,052P1,400

Customers notes collected by bank 3,0008554

Bank service charges 100130

Erroneous bank debits1,2001,800

Erroneous bank credits2,0006,000

Book Balances? 332,472

Bank Balances261,120?

December transactions:BooksBanks

ReceiptsP302,460P299,902

Disbursements222,846220,196