Problem 1(Adopted): You were hired by Samoki Corporation to examine their accounts for the year ended December 31, 2015 and the following are the items disclosed in your audit of the cash accounts: a. A surprise count of cash and cash items was conducted by your audit staff on January 4, 2016. The company has a petty cash fund of P70,000 which is maintained on an imprest basis. The cash count sheet disclosed the following: Bills and coins 24,250 IOU notes of several employees all dated December 2015 18,000 Paid petty cash vouchers: No. Date Description 108 Dec 29 Representation & advertising 10,214 109 Dec 30 Office and store supplies 3,652 110 Dec 31 Repair of air conditioning units 6,500 111 Jan 02 Transportation expense 280 112 Jan 03 Representation expense 7, 104 b. The company maintains accounts with Westmont bank and you were given a copy of the bank reconciliation statement which showed the following: Balance per bank 1,314,680 Add: Deposits in transit 272,500 Bank Debit memos 550,000 Bank error 72,000 Less: Outstanding checks ( 552,760) Book error 18,000) Balance per books 1,638,420 Your further analysis reflected the following: a. A check for P90,000 received from a customer had been deposited and then returned by the bank on December 26, 2015. No entry was made for the returned check. The customer replaced the check on January 15, 2016. b. Among the checks returned with the bank statement is a check issued by the company in payment of accounts payable for P90,000 but was recorded in thebooks as P108,000 and a check issued by ABD Ltd for P72,000 incorrectly charged by bank. c. , Post-dated checks totalling P134,600 were included in the deposits in transit. These represent collections of accounts receivable from customers. The checks were actually deposited on January 08, 2016. d. Various bank debit memos for drafts purchased for payment of importation of computers totalling P460,000 were not yet recorded. These purchases were previously set up as accounts payable. Said Computers arrived in December 2015. e. Included in the outstanding checks in payment of accounts payable for P230,000. These checks were prepared and recorded in December 2015, but not released until January 10, 2016. Questions: (One point for every correct answer, total of 4 points). 1. What is the balance adjusted balance of Petty Cash Funds as of December 31, 2015? 2. Using the adjusted balance method in preparing bank reconciliation statement, how much is the net adjustment to the balance per bank? 3. Using the adjusted balance method in preparing bank reconciliation statement, how much is the net adjustment to the balance per books? 4. What is the adjusted balance of Cash in Bank as of December 31, 2015? ingildo Problem 2 (Adopted): The following data are assembled by the accountant of Bless Company: November 30, 2019 December 31, 2019 Cash Balance 41, 175.00 100,712.50 Bank statement balance 267,705.00 344,542.50 Deposits in transit 20,502.50 32,200.00 Outstanding checks 69,295.00 75,280.00 Bank service charge 1,800.00 1,500.00 NSF check 20,625.00 Company's notes collected 179,537.50 202,250.00 by the bank NSF Check was redeposited in the same month. No entries made to take up the return and redeposited. The bank statement and the company's cash records show the following totals: Cancelled checks and debit memo per bank statement 545,932.50 Cash receipts per cash book 411,592.50 Checks written per cash book 529,792.50 Deposits and credit memo per bank statement 622,770.00 Questions: (One point for every correct answer, total of 6 points). 1. What is the total book receipt for December? 2. What is the total book disbursement in December? 3. What is the adjusted book balance on November 30? 4. What is the adjusted bank receipt in December? 5. What is the adjusted book disbursement in December? 6. What is the adjusted book balance on December 31