FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Q1: Adjusted cash balance, January 31?
Q2: Adjusted cash receipts for the month of February?
Transcribed Image Text:The following information relates to the cash in bank of HALLOWED Company. Their actountatit has just resigned a month ago and was not able to complete the bank reconciliation for the previous and
current month.
January 31
P1.600,000
Cash balance, per book
Book debits for the month
Book credits for the month
Deposits in transit
Outstanding checks
February 28
P1, 475,500
P500 500
P625,000
20 770
13.030
March 30
P1,713,000
753 500
516,000
-0-
7.810
15 000
1,500
Cash balance., per bank
Bank credits
Bank debits
Monthly service charges
Interest earned on deposit
P1.588.500
P1424,060
19:430
613 8 70
PI.744,460
797220
476,820
1,500
2750
S00
900
500
2,200
Additional information:
a. The only debit memos were the monthly bank charges, and the only credit memos were the nonthly nterest earned.
b. For the month of February a check pavable to HALLOWED in the amount of P16.000 was tecorded in the baoks as P61.000 The eror was discovered on March 2, and a correcting entry was
made. The bank accounted for this check correctly
c. For the month of March, a check payment to HALLWAY was credited by the bank to HALLOWED The check was for P22400. and no correction has been made vet.
Prepare a proof of cash schedule to determine the following amounts:
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