Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent need help please You were able to gather the following from the December 1 2020 trial balance of Hinata Corporation in connection with your

urgent need help please

image text in transcribed
You were able to gather the following from the December 1 2020 trial balance of Hinata Corporation in connection with your checking of the company. Questions Cash on hand - P690.000 Potty cash fund - P10.10o Question 1 BPI Current Account - P1,000,000 Question 2 Security Bank Current Account No. 1 - P1,080.600 Question 3 Security Bank Current Account No. 2 - (Pao.ooo) PNR Savings Account - P1.200 009 Quostion 4 PNR Time Deposit -P500.090 Question 5 Cash on hand includes the following items: Question 6 Question 7 a. Customer's check for P40 0borelumled by bank on December 26. 2020 due to insumcient fund but subsequently redeposited and cleared by the bank on January 2 2021 Question B b. Customers check for Pao,ogo dated January 2, 202 received on December 29. 2020 Question 9 C. Postal money orders received from customers. Po. boo Duestion 10 The petty cash fund consisted of the following items as of December 3. 2020 Currency and coins Pa coo Employee's valey - H1.600 Current in an envelope marked collections for chatty with rames attached - P12oo Unreplenished petty cash vouchers Itsoo Check drawn by Mia Khalifa. payable to pelly cash er + 84 opp Total of Hio,dog Included among the checks drawn by Hinata Corporation against the BPI current account and recorded in December 2020 mowutu among the creeks drawn by Hinata Corporation against the BPI current account and recorded in December 20 are the following a. Check written and dated December 29. 2020 and delivered to payee on January 2, 2021, P80.900. b. Check written on December 27, 2020. dated January 2. 2021. delivered to payee on December 29, 2020, P40,000. The credit balance in the Security Bank current account No. 2 represents chocks drawn in excess of the deposit balance These checks were still outstanding at December 31, 2020. The savings account deposits in PNB has been set aside by the Board of Directors for acquisition of new equipment, Thi account is expected to be disbursed in the next 2 months after the end of the reporting period Based on the above and the result of your audit. determine the adjusted balances of the following: REQUIREMENT 3: What is the adjusted BPI Current Account

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

Payroll Accounting

Authors: Bernard J Bieg, Judith A Toland

24th Edition

1285437063, 9781285437064

More Books

Students also viewed these Accounting questions

Question

1. To understand how to set goals in a communication process

Answered: 1 week ago