Reference no: EM132744529
Baguio Corporation was organized on January 3, 2017 with a capital stock fully paid up to Php 50,000. At December 31, 2017 of the same year, the general ledger of Baguio Corporation showed the following accounts and balances
Merchandise Inventory 21,500
Land 16,500
Building 12,000
Furniture and Fixtures 3,500
Accounts Receivable - Trade 6,200
Accounts Payable - Trade 3,400
Notes Payable - Bank 7,000
Notes Payable - Trade 5,000
Sales 18,550
Expenses paid (excluding purchases) 7,996
Your examination of the bank statement for December disclosed the following information:
Bank Balance, December 31, 2017 4,037
Bank Charges 8
Checks not returned by the bank
October 16, 2017 Check No. 1784 120
November 17, 2017 Check No. 1978 110
December 11, 2017 Check No. 2346 245
Your examination also revealed the following information: Cash received on December 31, 2017 which was deposited January 2, 2018 amounted to 441. The cost of merchandise sold was Php 12,243.
Required:
Problem 1: Compute for the payments on purchases
Problem 2: Compute for the Cash Book Balance
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