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Show a more favorable balance sheet at December

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Question - Duke Equiptnent Co. closes its books regularly on December 31 but at the end of 2010 it held its cash book open so 'that more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January of the following year were recorded as December transactions. The following information is given.

January cash receipts recorded in the December cash book totaled P39,640, of which P22,()()() represents cash sales, and PI 7,640 represents collections on account for which cash discounts of P360 were given.

January cash disbursements recorded in the December check register liquidated accounts payable of P26,45/J on which discounts of P250 were taken.

The ledger has not been closed for 2010.

The amount shown as inventory was determined by physical count on December 31, 2010.

REQUIRED -

l. Entries you consider necessary to correct Duke's accounts at December 31.

2. To what extent was Duke Equipment Co. able to show a more favorable balance sheet at December 31 by holding its cash book open?

Reference no: EM132643651

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