OLPROFE06 Activity 1

1. The unadjusted cash receipts per ledger of ELEFANTE COMPANY for the month of
December is
Ans. 114,000
Solution:
5 Deposit 65,000
26 Deposit 49,000
Total receipts 114,000

2. Based on Problem Question 1, The unadjusted cash receipts per bank of ELEFANTE
COMPANY for the month of December is
Ans. 565,150
Solution:
1 Beginning balance 95,970
1 Deposit 5,550
4 Check No. 14344 32,500
5 Deposit 56,000
14 Check No. 14345 14,000
15 Loan Proceeds 500,000
 20 NSF check 7,600
29 Service charge 1,000
31 Interest 3,600
End. balance 606,020

Bank balance:
Beg. balance 95,970
Disburs. 55,100
End. Balance 606,020
Total 565,150

3. Based on Problem Question 1, The adjusted December 1 cash ledger balance of

ELEFANTE COMPANY is
Ans. 89,520
Solution:
Dec. 1
Bank balance 95,970
Deposit in transit – Dec. 1 5,550
Outstanding checks – Dec 1 #14343 (12,000)
Adjusted balance 89,520

4, Based on Problem Question 1, The adjusted December31 cash bank balance of

ELEFANTE COMPANY is
Ans. 634,420
Solution:
Bank balance 606,020
Deposit in transit – Dec. 31 49,000
Outstanding checks –
Dec 31 #14343 P12,000
#14346 8,600 (20,600)
Adjusted balance 634,420