Reference no: EM132888077
Question - The following information pertains to the cash transactions of JNJ Company for the months of November and December 2020.
Balance per bank statement: Nov. 30 - P537,400; Dec. 31 - P678,200
December debits recorded by Bank during December - P2
December credits recorded by Bank during December - P2,474,400
Deposits in Transit: Nov. 30 - P160,000; Dec. 31 - P225,000
Oustanding Checks: Nov. 30 - P143,000; Dec. 31 - P118,000
Balance per JNJ Company ledger: Nov. 30 - P? ; Dec. 31 - P?
Total debits to cash per JNJ Company books during December - P2,500,000
Total credits to cash per JNJ Company books during December - P2,320,000
Bank Service Charges(recorded by the depositor in the month following the month of charge):
November - P1,200; December - P800
Bank credit memo for customer's note collected by bank in November (face value P60,000 plus interest P600), recorded by the company only in December - P60,600
Bank credit memo for proceeds of bank loan granted by the bank on Dec. 31. - P100,000
Customer's NSF check returned by the bank (recorded by the company in the following month) returned in November - P25,000; returned in December - P14,000
Required -
1. Compute the Unadjusted balance per JNJ Company ledger on Nov. 30 - P? ; and Dec. 31 - P?
2. Compute the December debits recorded by Bank during December - P?
3. Compute the Adjusted cash balance as of Nov. 30, 2020?
4. Compute the Adjusted cash balance as of Dec. 31, 2020?
5. Compute the Adjusted receipts balance as of Dec. 31, 2020?
6. Compute the Adjusted disbursements balance as of Dec. 31, 2020?