Hangover Company received the following bank statement on August 1: DATE DEBITS CREDITS BALANCE July 1 796,860 2 30,024 766,836 3 26,880 12,600 752,556 5 25,272 777,828 6 66,420 844,248 8 69,804 914,052 9 98,172 815,880 51,804 867,684 11 81,828 785,856 12 89,100 59,112 755,868 13 755,868 15 42,108 797,976 16 117,324 680,652 17 74,652 92,424 698,424 18 77,808 620,616 41,016 10 661,632 19 63,720 77,904 66,552 20 22 23 24 25 26 27 29 30 31 104,820 98,952 112,620 725,352 803,256 735,704 736,704 631,884 730,836 843,456 758,736 758,736 789,720 84,720 76,860 107,844 OWN Hanover's cash account shows the following information for the month of July The June 30 balance was P745,800 DATE DEBITS CREDITS July 1 44,748 1,980 66,420 99,172 69,804 51,804 8 81,828 9 59,112 89,100 12 42,108 13 112,692 15 92,424 16 74,652 17 41,016 77,808 18 63,720 19 77,904 20 60,888 22 104,820 23 98,952 26 106,956 82,620 29 61,824 70.956 30 26,856 31 70,284 Additional Information: a. Hangover makes a journal entry for service charges, direct deposits, and interest eamed in the month subsequent to the month the items are reflected on the bank statement, b. Barek Co., makes a direct deposit of P3,100 to Hangover's account at the bank on the 30 day of every month. This payment, which is rent revenue to Hangover, is not recorded until the bank statement is received. c. On the 23 of July, an NSF check for P5,664 was returned by the bank. The check was redeposited on July 27, and no entry was made by Hangover. d. Check no. 1145 dated July 29 was written for P17,904 of wages, but recorded by Hangover on its books as P12,000. e. On July 16, the bank recorded a withdrawal of P4,632 for Hangover that should have been for Handover Company. f. The bank service charge for June was P1,980 and for July was P2,100. 9. The interest earned on June was P36,648 and for July was P37,920. h. During June, Hangover wrote check no. 1095 for P118,200 for rent expense but recorded the check on its books as 107,460. Hangover discovered the mistake in July, when the cancelled checks were returned with the June bank statement but neglected to correct the error on the books at that time. i. At the end of June, Hangover had P37,872 of deposits in transit, and checks totaling P56,904 that had not cleared the bank. In addition, all of Hangover's transactions with the bank after July 29 have not cleared the bank. QUESTIONS: 1. How much is the adjusted cash balance as of June 30? a. P815,892 b. P777,828 C. P702,084 d. P891,636 2. How much is the adjusted bank receipts for July? a. P910,584 b. P916,248 c. P900,288 d. P904,920 3. How much is the adjusted book disbursements for July? a. P931,824 b. P943,152 C. P936,456 d. P937,488 4. How much is the adjusted cash balance as of July 31 a. P741,660 b. P891,492 C. P837,780 d. P750,924 Hangover Company received the following bank statement on August 1: DATE DEBITS CREDITS BALANCE July 1 796,860 2 30,024 766,836 3 26,880 12,600 752,556 5 25,272 777,828 6 66,420 844,248 8 69,804 914,052 9 98,172 815,880 51,804 867,684 11 81,828 785,856 12 89,100 59,112 755,868 13 755,868 15 42,108 797,976 16 117,324 680,652 17 74,652 92,424 698,424 18 77,808 620,616 41,016 10 661,632 19 63,720 77,904 66,552 20 22 23 24 25 26 27 29 30 31 104,820 98,952 112,620 725,352 803,256 735,704 736,704 631,884 730,836 843,456 758,736 758,736 789,720 84,720 76,860 107,844 OWN Hanover's cash account shows the following information for the month of July The June 30 balance was P745,800 DATE DEBITS CREDITS July 1 44,748 1,980 66,420 99,172 69,804 51,804 8 81,828 9 59,112 89,100 12 42,108 13 112,692 15 92,424 16 74,652 17 41,016 77,808 18 63,720 19 77,904 20 60,888 22 104,820 23 98,952 26 106,956 82,620 29 61,824 70.956 30 26,856 31 70,284 Additional Information: a. Hangover makes a journal entry for service charges, direct deposits, and interest eamed in the month subsequent to the month the items are reflected on the bank statement, b. Barek Co., makes a direct deposit of P3,100 to Hangover's account at the bank on the 30 day of every month. This payment, which is rent revenue to Hangover, is not recorded until the bank statement is received. c. On the 23 of July, an NSF check for P5,664 was returned by the bank. The check was redeposited on July 27, and no entry was made by Hangover. d. Check no. 1145 dated July 29 was written for P17,904 of wages, but recorded by Hangover on its books as P12,000. e. On July 16, the bank recorded a withdrawal of P4,632 for Hangover that should have been for Handover Company. f. The bank service charge for June was P1,980 and for July was P2,100. 9. The interest earned on June was P36,648 and for July was P37,920. h. During June, Hangover wrote check no. 1095 for P118,200 for rent expense but recorded the check on its books as 107,460. Hangover discovered the mistake in July, when the cancelled checks were returned with the June bank statement but neglected to correct the error on the books at that time. i. At the end of June, Hangover had P37,872 of deposits in transit, and checks totaling P56,904 that had not cleared the bank. In addition, all of Hangover's transactions with the bank after July 29 have not cleared the bank. QUESTIONS: 1. How much is the adjusted cash balance as of June 30? a. P815,892 b. P777,828 C. P702,084 d. P891,636 2. How much is the adjusted bank receipts for July? a. P910,584 b. P916,248 c. P900,288 d. P904,920 3. How much is the adjusted book disbursements for July? a. P931,824 b. P943,152 C. P936,456 d. P937,488 4. How much is the adjusted cash balance as of July 31 a. P741,660 b. P891,492 C. P837,780 d. P750,924