Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cavaliers Company's check register shows the following entries for the month of March: Checks Deposits Date 2020 March 1 5 7 11 P 162,500 Particulars

image text in transcribed

Cavaliers Company's check register shows the following entries for the month of March: Checks Deposits Date 2020 March 1 5 7 11 P 162,500 Particulars Beginning Balance Deposit Check = 17344 Check = 17343 Deposit Check = 17346 Deposit P 81,250 35,000 Balance P 196,250 358,750 277,500 242,500 365,000 343,500 438,500 122,500 21,500 29 30 95,000 Cavaliers' bank reconciliation for February revealed two outstanding checks -- Chk no. 17343 for P30,000 and Chk no. 17342 for P27,000 (both written on February 26), and one deposit in transit for P13,875 (made on February 27). The following is from Cavaliers bank statement for March 2019. Checks Deposits P 13,875 P 81,250 Date 2019 March 1 1 4 5 14 15 20 126,500 35,000 Particulars Beginning balance Deposit Check 17344 Deposit Check = 17345 Loan proceeds NSF check Check = 17342 Deposit Service charge Interest Balance P 239,375 253,250 172.000 298,500 263,500 1,513,500 1,494,500 1,467,500 1,590,000 1,587,500 1,591,500 1,250,000 19,000 27,000 122.500 26 29 31 2,500 4,000 ? Assume that all errors, if any, were committed by Cavaliers Company, not the bank. Reenivad

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp

7th Edition

0324658052, 978-0324658057

More Books

Students also viewed these Accounting questions