Auditing and Assurance Concepts and Application – Quiz

1
Perez, Rose Mae T. – BSA 3

Problem 1
A. Cash P 334,300
B. Accounts Receivables P 1,282,000
C. Inventory P 3,017,500
D. Current Ratio P 1.84

Solutions:

Cash A/R Inventory Accounts Payable

Unadjusted balances P 481,600 P 1,127,000 P 3,025,000 P 2,100,500

Add (deduct):
AJE No.1 (327,300) 155,000 - -
AJE No. 2 180,000 - - 186,200
AJE No. 3. A - - 137,500 -
AJE No. 3. B - - 108,750 108,750
AJE No. 3. C - - (318,750) -
AJE No. 3. D - - 65,000 -
AJE No. 3. E - - - (87,500)
Adjusted balances P 334,300 P 1,282,000 P 3,017,500 P 2,307,950