Exercises - Proof of Cash - Proof of Cash Exercises 1 The...

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Proof of Cash: Exercises 1. The accountant for the Emerald Company assembled the following data for the month of July and August: July 31 August 31 Cash account balance (per ledger) P 31,644 P 79,490 Bank statement balance 214,164 275,634 Deposit in transit 16,402 25,760 Outstanding checks 55,436 60,224 Bank service charge* 144 120 Customer's check deposited August 10, returned by bank on August 15 marked NSF, and re-deposited immediately; no entry made on books for return or redeposit 16,500 Collection by bank of company's notes receivables 143,630 161,800 * (Recorded on books in month following charge or collection) The bank statements and the company's cash records show these totals; Disbursements in August per bank statement P 436,746 Cash receipts in August per Emerald's books 472,904 Checks written in August per Emerald's books 425,058 Receipts in August per bank statement 498,216 a. What is the correct cash balance to be shown on Emerald Company's balance sheet at August 31? ____________ b. What is the correct cash balance to be shown on Emerald Company's balance sheet at July 31? ____________ c. What is the correct cash receipts balance for the month of August?
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