Problem I
Cool Company prepared the following bank reconciliation for the month of November:
Balance per bank statement, November 30 3,600,000
Add: Deposit in transit 800,000
4,400,000
Less: Outstanding checks 1,200,000
Bank credit recorded in error 200,000 1,400,000
Balance per book November 30 3,000,000
Data per bank statement for the month of December:
December deposits, including note receivable 5,50
collected of P1,000,000 for Cool Company 0,000
December disbursements, including NSF check 4,40
P350,000 and service charge P50,000 0,000
All items that were outstanding on November 30 cleared through bank in December, including the bank
credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on
December 31.
1. What is the adjusted cash in bank on December 31?
a. 4,700,000
b. 4,900,000
c. 4,500,000
d. 3,200,000
Answer: B
2. What is the balance of cash per ledger on December 31?
a. 4,100,000
b. 4,900,000
c. 4,700,000
d. 4,300,000
Answer: D
3. What is the amount of cash receipts per book in December?
a. 5,400,000
b. 4,400,000
c. 5,500,000
d. 6,400,000
Answer: B
4. What is the amount of cash disbursements per book in December?
a. 3,700,000
b. 3,300,000
c. 3,100,000
d. 3,500,000
Answer: C
This study source was downloaded by 100000899606396 from CourseHero.com on 06-26-2025 04:34:25 GMT -05:00
https://www.coursehero.com/file/65742742/ch3docx/
Cool Company prepared the following bank reconciliation for the month of November:
Balance per bank statement, November 30 3,600,000
Add: Deposit in transit 800,000
4,400,000
Less: Outstanding checks 1,200,000
Bank credit recorded in error 200,000 1,400,000
Balance per book November 30 3,000,000
Data per bank statement for the month of December:
December deposits, including note receivable 5,50
collected of P1,000,000 for Cool Company 0,000
December disbursements, including NSF check 4,40
P350,000 and service charge P50,000 0,000
All items that were outstanding on November 30 cleared through bank in December, including the bank
credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on
December 31.
1. What is the adjusted cash in bank on December 31?
a. 4,700,000
b. 4,900,000
c. 4,500,000
d. 3,200,000
Answer: B
2. What is the balance of cash per ledger on December 31?
a. 4,100,000
b. 4,900,000
c. 4,700,000
d. 4,300,000
Answer: D
3. What is the amount of cash receipts per book in December?
a. 5,400,000
b. 4,400,000
c. 5,500,000
d. 6,400,000
Answer: B
4. What is the amount of cash disbursements per book in December?
a. 3,700,000
b. 3,300,000
c. 3,100,000
d. 3,500,000
Answer: C
This study source was downloaded by 100000899606396 from CourseHero.com on 06-26-2025 04:34:25 GMT -05:00
https://www.coursehero.com/file/65742742/ch3docx/
