Quiz 1

Find the Solution

1. An entity's trial balance has total debits of P17,800 and total credits of P17,200.
In investigating the cause of the difference, the following errors were determined:
a. A debit to accounts receivable of P2,100 was not posted;
b. A P10,500 credit to be made to the Purchases account was credited to
Accounts payable instead;
c. A ₽26,000 credit to be made to the Sales account was credited to the
Accounts receivable account instead;
d. The prepaid rent account balance of P15,800 was included in the trial balance
as P18,500.

What is the correct debit and credit totals of the trial balance?
a. P 60,000
b. P 51,000
c. P 32,700
d. P 30,000
Quiz 2

1. The “cash” account in Jen Company’s ledger on December 31, 2011 showed a
balance of P 5,250,000 which included the following:

Petty Cash Fund 50,000.00

Undeposited receipts, including a post
- dated customer check of P400,000 1,300,000.00
Cash in Bank 2,500,000.00
Cash in Sinking Fund 1,000,000.00
Expenses paid out of collections,
not yet recorded 250,000.00
IOUs signed by employees 150,000.00
5,250,000.00

At what amount should Jen Company report as “cash” in the December 31, 2011
statement of financial position?

a. P 3,650,000 c. P 3,450,000
b. P 3,850,000 d. P 4,050,000
Quiz 3

Letty Company provided the bank for the month of April which included the following
information:

Bank service charge for April 15,000

Check deposited by Letty during April was not collectible,
and has been marked “NSF” by the bank and returned 40,000

In comparing the bank statement to its own records, the entity found the following:
Deposits made but not yet recorded by bank 130,000
Checks written and mailed but not yet recorded by bank 100,000

A deposit in transit end outstanding checks have been properly recorded in the entity’s
books.

A customer check for P35,000 payable to Letty Company had not yet been deposited
and had not been recorded by the entity.

The cash in bank account balance per ledger is P920,000.

What is the adjusted cash in bank on April 30?

a. 900,000 b. 86,000 c. 930,000 d. 965,000