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Problem 1. PROOF OF CASH The following information pertains to VILLACERAN Corporation for the month ended June 30, 2020. The unadjusted cash balances are as

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Problem 1. PROOF OF CASH The following information pertains to VILLACERAN Corporation for the month ended June 30, 2020. The unadjusted cash balances are as follows: Cash balances per bank, June 30, 2020 P249,223 Cash balances per company records, June 30, 2020 P248,758 The bank statement disclosed the following information: 1. A customer note for P24,000 plus P240 interest was collected on June 30, 2020. 2. A customer check for P2,762.80 was returned because of insufficient funds. 3. The month service charge was P300. A review of the company's records disclosed the following: 1. A deposit for P22,857.40 mailed to the bank on June 29, 2020 did not appear in the bank statement 2. Customer checks totaling P6,548 were on hand at the end of June awaiting deposit. 3. The following company checks were outstanding at the end of June: #112 P1,923.80 #143 2,943.60 #69 5,265 4. Check #125 written for P1,824 in payment of a creditor account and included with the cancelled checks in the bank statement has been erroneously recorded as P384 in the company records. Additional information: 5. May 31, 2020 bank balance - P272,348.40 6. Deposit in transit received by the bank June 2, 2020 - P24,803 7. Total receipts recorded by the bank during June 2020-P528,423.40 8. Total payments recorded by the bank during June 2020-P551,548.80 9. May 31, 2020 book balance - P289,630.40 10. Total receipts per books during June 2020 - P508,785.80 11. Total payments per books during June 2020 - P549,657.40 12. Outstanding checks on May 31, 2020: #781 #782 P3,263 P4,258 Compute for the following: Q1: Adjusted cash balance as of May 31, 2020 Q2: Adjusted June receipts Q3: Adjusted June disbursements Q4: Adjusted cash balance as of June 30, 2020

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