Determine the total outstanding checks on december

Assignment Help Financial Accounting

Reference no: EM132645787

Sanaoil Company has a current account in Oilsana bank. Your audit of the company's cash account reveals the following:

a. Balances taken from the company's general ledger:

Cash balance, November 30, 2020 P637,860

Cash balance, December 31, 2020 576,420

Receipts, December 1-31, 2020 306,220

b. Outstanding checks, November 30, 2020

(P26,140 was paid by bank in December) 64,140

c. Checks written and recorded in December; not included in the checks returned with the December bank statement 36,080

d. Deposit in transit, November 30, 2020 15,260

e. Deposit in transit, December 31, 2020 16,140

f. A bank credit memo was issued in December to correct an erroneous charge made in November 1,500

g. Note collected by bank in December (company was not informed of the collection 2,060

h. A check for P2,020 (payable to a supplier) was recorded in the Check Register in December as P3,000 980

i. A check for P2,240 was charged by the bank as P2,420 in December 180

j. Bioflu Company issued a stop payment order to the bank in December. This pertains to a check written in December which was not received by the payee. A new check was written and recorded in the Check Register in December. The old check was written off by a journal entry, also in December 780

k. Bank service charge, November 30, 2020 60

REQUIRED:

Question 1. Make a four-column proof of a cash reconciling bank balance and balance per books to the correct balance.

Question 2. Using proof of cash, determine the following:

a. Total Outstanding checks on December 31, 2020:

b. Bank statement balance on November 30,2020

c. Bank statement balance on December 31,2020

d. Total bank receipts for the month of December

e. Total bank disbursements for the month of December

Question 3. Prepare the necessary audit adjusting entries.

Reference no: EM132645787

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