Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thanks Use the following information for next two questions. Lachimolala incorporated has a total of P94,508 cash balance in its books that includes undeposited collections

image text in transcribed

thanks

Use the following information for next two questions. Lachimolala incorporated has a total of P94,508 cash balance in its books that includes undeposited collections in April 30, 2021. Lachimolala has P500 on the record of its bank that did not appear in its books. The bank statement show a total balance of P77,750. Outstanding checies were no. 9420 for P581, no. 9422 for P750, no. 9430 for P1,265, no. 9621 for P954, no. 9623 for P1,043 and no. 9632 for P726. The cash custodian stole all the undeposited collections in excess of P18, 972 and prepared the following reconciliation: P94,508 Balance per books, April 30, 2021 Add: Outstanding Checks 9621 9623 9632 Total Less: Undeposited receipts Balance per bank, April 30, 2021 Less: Unrecorded Credit Correct cash balance, April 30, 2021 P954 1,034 726 2,214 P96,722 18,972 P77,750 500 P75,250 How much cash was stolen by the cash custodian? 1 point P3,606 P4,097 PO P3,597 1 point How much was the adjusted cash balance as of April 30, 2021? P95,008 P91,411 P91,402 P94008

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_2

Step: 3

blur-text-image_3

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

Auditing Fundamentals

Authors: Marlene Davies, John Aston

1st Edition

0273711733, 978-0273711735

More Books

Students also viewed these Accounting questions

Question

i need correct answrrs 9 2 .

Answered: 1 week ago

Question

5. Describe how contexts affect listening

Answered: 1 week ago

Question

3. Identify challenges to good listening and their remedies

Answered: 1 week ago

Question

4. Identify ethical factors in the listening process

Answered: 1 week ago