5/20/22, 6:19 AM AY21-22 REVIEW FAR UBLC AC4A - https://ubian.ub.edu.

ph/student_take_quiz_assignment/start/32683821
Home

AY21-22 REVIEW FAR UBLC AC4A

Cash and Cash Equivalents Quiz 2 Problems

End of quiz
You are at the end; press Finished to complete and grade the quiz.

You can review your answers below and click Edit if you want to change any.

Finished

Question 1
If the month-end bank statement shows a balance of P72,000, outstanding checks are P24,000, a deposit of P8,000 was in transit at month
end, and a check for P1,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is

Response: P55,000.

Question 2
A P100 petty cash fund has cash of P16 and receipts of P80. The journal entry to replenish the account would include a credit to

Response: Cash Over and Short for P4.

Question 3
The cash account shows a balance of P90,000 before reconciliation. The bank statement does not include a deposit of P4,600 made on the last
day of the month. The bank statement shows a collection by the bank of P1,880 and a customer's check for P640 was returned because it was

https://ubian.ub.edu.ph/student_take_quiz_assignment/start/32683821# 1/2
5/20/22, 6:19 AM AY21-22 REVIEW FAR UBLC AC4A - https://ubian.ub.edu.ph/student_take_quiz_assignment/start/32683821
NSF. A customer's check for P900 was recorded on the books as P1,080, and a check written for P158 was recorded as P194. The correct
balance in the cash account was

Response: P91,096.

Question 4
In preparing its May 31, 2021 bank reconciliation, Catt Co. has the following information available:

Balance per bank statement, 5/31/21: P35,000

Deposit in transit, 5/31/21: P5,400

Outstanding checks, 5/31/21: P4,900

Note collected by bank in May: P1,250

The correct balance of cash at May 31, 2021 is

Response: P35,500.

Question 5
In preparing its bank reconciliation for the month of April 2021, Henke, Inc. has available the following information.

Balance per bank statement, 4/30/21: P34,140

NSF check returned with 4/30/21 bank statement: P450

Deposits in transit, 4/30/21: P5,000

Outstanding checks, 4/30/21: P5,200

Bank service charges for April: P20

What should be the correct balance of cash at April 30, 2021?

Response: P33,940

Question 6
If a petty cash fund is established in the amount of P250, and contains P150 in cash and P95 in receipts for disbursements when it is
replenished, the journal entry to record replenishment should include credits to the following accounts

Response: Cash, P100.

Question 7
Consider the following: Cash in Bank – checking account of P18,500, Cash on hand of P500, Post-dated checks received totaling P3,500, and
Certificates of deposit totaling P124,000. How much should be reported as cash in the balance sheet?

Response: P 19,000.

https://ubian.ub.edu.ph/student_take_quiz_assignment/start/32683821# 2/2
5/16/22, 8:53 PM AY21-22 REVIEW FAR UBLC AC4A - https://ubian.ub.edu.ph/student_take_quiz_assignment/start/32683821

Home

AY21-22 REVIEW FAR UBLC AC4A

Cash and Cash Equivalents Quiz 2 Problems

End of quiz
You are at the end; press Finished to complete and grade the quiz.

You can review your answers below and click Edit if you want to change any.

Finished

Question 1
The cash account shows a balance of P90,000 before reconciliation. The bank statement does not include a deposit of P4,600 made
on the last day of the month. The bank statement shows a collection by the bank of P1,880 and a customer's check for P640 was
returned because it was NSF. A customer's check for P900 was recorded on the books as P1,080, and a check written for P158 was
recorded as P194. The correct balance in the cash account was

Response: P91,096.

Question 2
A P100 petty cash fund has cash of P16 and receipts of P80. The journal entry to replenish the account would include a credit to

https://ubian.ub.edu.ph/student_take_quiz_assignment/start/32683821 1/2
5/16/22, 8:53 PM AY21-22 REVIEW FAR UBLC AC4A - https://ubian.ub.edu.ph/student_take_quiz_assignment/start/32683821

Response: Cash Over and Short for P4.

Question 3
If the month-end bank statement shows a balance of P72,000, outstanding checks are P24,000, a deposit of P8,000 was in transit at
month end, and a check for P1,000 was erroneously charged by the bank against the account, the correct balance in the bank account
at month end is

Response: P55,000.

Question 4
Santos Company gathered the following reconciling information in preparing its August bank reconciliation:

Cash balance per books, 8/31: P3,500

Deposits in transit: P150

Notes receivable and interest collected by bank: P850

Bank charge for check printing: P20

Outstanding checks: P2,000

NSF check: P170

The adjusted cash balance per books on August 31 is

Response: P4,160.

Question 5
If a petty cash fund is established in the amount of P250, and contains P150 in cash and P95 in receipts for disbursements when it is
replenished, the journal entry to record replenishment should include credits to the following accounts

Response: Cash, P100.

Question 6
Consider the following: Cash in Bank – checking account of P18,500, Cash on hand of P500, Post-dated checks received totaling
P3,500, and Certificates of deposit totaling P124,000. How much should be reported as cash in the balance sheet?

Response: P 19,000.

Question 7
Marcus Company developed the following reconciling information in preparing its September bank reconciliation:

Cash balance per bank, 9/30: P11,000

Note receivable collected by bank: P6,000

Outstanding checks: P9,000

Deposits-in-transit: P4,500

Bank service charge: P75

NSF: P1,200

Using the above information, determine the cash balance per books (before adjustments) for the Marcus Company.

Response: P15,725

https://ubian.ub.edu.ph/student_take_quiz_assignment/start/32683821 2/2
5/16/22, 9:07 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…

Home

AY21-22 REVIEW FAR UBLC AC4A

Cash and Cash Equivalents Quiz 2 Problems

End of quiz
You are at the end; press Finished to complete and grade the quiz.

You can review your answers below and click Edit if you want to change any.

Finished

Question 1
Finley, Inc.’s checkbook balance on December 31, 2021 was P42,400. In addition, Finley held the following items in its safe on
December 31.

(1) A check for P900 from Peters, Inc. received December 30, 2021, which was not included in the checkbook balance.

(2) An NSF check from Garner Company in the amount of P1,800 that had been deposited at the bank, but was returned for lack of
sufficient funds on December 29. The check was to be redeposited on January 3, 2022. The original deposit has been included in the
December 31 checkbook balance.

(3) Coin and currency on hand amounted to P2,900.

The proper amount to be reported on Finley's balance sheet for cash at December 31, 2021 is

Response: P44,400.
https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=349481841 1/3
5/16/22, 9:07 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…

Question 2
If a petty cash fund is established in the amount of P250, and contains P150 in cash and P95 in receipts for disbursements when it is
replenished, the journal entry to record replenishment should include credits to the following accounts

Response: Cash, P100.

Question 3
If the month-end bank statement shows a balance of P72,000, outstanding checks are P24,000, a deposit of P8,000 was in transit at
month end, and a check for P1,000 was erroneously charged by the bank against the account, the correct balance in the bank account
at month end is

Response: P55,000.

Question 4
Morris Company developed the following reconciling information in preparing its December bank reconciliation:

Cash balance per bank, 12/31: P13,000

Note receivable collected by bank: P6,000

Outstanding checks: P8,000

Deposits-in-transit: P4,500

Bank service charge: P75

NSF check: P1,200

Using the above information, determine the cash balance per books (before adjustments) for the Morris Company.

Response: P4,775

Question 5
In preparing its May 31, 2021 bank reconciliation, Catt Co. has the following information available:

Balance per bank statement, 5/31/21: P35,000

Deposit in transit, 5/31/21: P5,400

Outstanding checks, 5/31/21: P4,900

Note collected by bank in May: P1,250

The correct balance of cash at May 31, 2021 is

Response: P35,500.

Question 6
Jones Company had checks outstanding totaling P5,400 on its June bank reconciliation. In July, Jones Company issued checks
totaling P38,900. The July bank statement shows that P26,300 in checks cleared the bank in July. A check from one of Jones
Company's customers in the amount of P300 was also returned marked "NSF." The amount of outstanding checks on Davis
Company's July bank reconciliation should be

Response: P18,000.

Question 7
In preparing its bank reconciliation for the month of April 2021, Henke, Inc. has available the following information.

Balance per bank statement, 4/30/21: P34,140

NSF check returned with 4/30/21 bank statement: P450

https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=349481841 2/3
5/16/22, 9:07 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…

Deposits in transit, 4/30/21: P5,000

Outstanding checks, 4/30/21: P5,200

Bank service charges for April: P20

What should be the correct balance of cash at April 30, 2021?

Response: P33,940

https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=349481841 3/3
5/16/22, 9:14 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…

Home

AY21-22 REVIEW FAR UBLC AC4A

Cash and Cash Equivalents Quiz 2 Problems

End of quiz
You are at the end; press Finished to complete and grade the quiz.

You can review your answers below and click Edit if you want to change any.

Finished

Question 1
Marcus Company developed the following reconciling information in preparing its September bank reconciliation:

Cash balance per bank, 9/30: P11,000

Note receivable collected by bank: P6,000

Outstanding checks: P9,000

Deposits-in-transit: P4,500

Bank service charge: P75

NSF: P1,200

Using the above information, determine the cash balance per books (before adjustments) for the Marcus Company.

Response: P1,775
https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=349485274 1/3
5/16/22, 9:14 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…

Question 2
Jonas Company gathered the following reconciling information in preparing its April bank reconciliation:

Cash balance per books, 4/30: P2,200

Deposits in transit: P 300

Notes receivable and interest collected by bank: P740

Bank charge for check printing: P25

Outstanding checks: P1,500

NSF check: P140

The adjusted cash balance per books on April 30 is

Response: P2,775.

Question 3
Consider the following: Cash in Bank – checking account of P18,500, Cash on hand of P500, Post-dated checks received totaling
P3,500, and Certificates of deposit totaling P124,000. How much should be reported as cash in the balance sheet?

Response: P 19,000.

Question 4
Finley, Inc.’s checkbook balance on December 31, 2021 was P42,400. In addition, Finley held the following items in its safe on
December 31.

(1) A check for P900 from Peters, Inc. received December 30, 2021, which was not included in the checkbook balance.

(2) An NSF check from Garner Company in the amount of P1,800 that had been deposited at the bank, but was returned for lack of
sufficient funds on December 29. The check was to be redeposited on January 3, 2022. The original deposit has been included in the
December 31 checkbook balance.

(3) Coin and currency on hand amounted to P2,900.

The proper amount to be reported on Finley's balance sheet for cash at December 31, 2021 is

Response: P44,400.

Question 5
Jones Company had checks outstanding totaling P5,400 on its June bank reconciliation. In July, Jones Company issued checks
totaling P38,900. The July bank statement shows that P26,300 in checks cleared the bank in July. A check from one of Jones
Company's customers in the amount of P300 was also returned marked "NSF." The amount of outstanding checks on Davis
Company's July bank reconciliation should be

Response: P18,000.

Question 6
Santos Company gathered the following reconciling information in preparing its August bank reconciliation:

Cash balance per books, 8/31: P3,500

Deposits in transit: P150

Notes receivable and interest collected by bank: P850

Bank charge for check printing: P20

Outstanding checks: P2,000

NSF check: P170

The adjusted cash balance per books on August 31 is

Response: P4,160.
https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=349485274 2/3
5/16/22, 9:14 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…

Question 7
If the month-end bank statement shows a balance of P72,000, outstanding checks are P24,000, a deposit of P8,000 was in transit at
month end, and a check for P1,000 was erroneously charged by the bank against the account, the correct balance in the bank account
at month end is

Response: P57,000.

https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=349485274 3/3
5/20/22, 6:05 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…
Home

AY21-22 REVIEW FAR UBLC AC4A

Cash and Cash Equivalents Quiz 2 Problems

End of quiz
You are at the end; press Finished to complete and grade the quiz.

You can review your answers below and click Edit if you want to change any.

Finished

Question 1
Consider the following: Cash in Bank – checking account of P18,500, Cash on hand of P500, Post-dated checks received totaling P3,500, and
Certificates of deposit totaling P124,000. How much should be reported as cash in the balance sheet?

Response: P 19,000.

Question 2
A P100 petty cash fund has cash of P16 and receipts of P80. The journal entry to replenish the account would include a credit to

Response: Cash for P84.

Question 3
Marcus Company developed the following reconciling information in preparing its September bank reconciliation:

https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=350788643# 1/2
5/20/22, 6:05 PM Cash and Cash Equivalents Quiz 2 Problems - AY21-22 REVIEW FAR UBLC AC4A - Cash and Cash Equivalents Quiz 2 Problem…
Cash balance per bank, 9/30: P11,000

Note receivable collected by bank: P6,000

Outstanding checks: P9,000

Deposits-in-transit: P4,500

Bank service charge: P75

NSF: P1,200

Using the above information, determine the cash balance per books (before adjustments) for the Marcus Company.

Response: P1,775

Question 4
Kaniper Company has the following items at year-end:

Cash in bank: P30,000

Petty cash: P300

Short-term paper with maturity of 2 months: P5,500

Postdated checks: P1,400

Kaniper should report cash and cash equivalents of

Response: P35,800.

Question 5
Jones Company had checks outstanding totaling P5,400 on its June bank reconciliation. In July, Jones Company issued checks totaling
P38,900. The July bank statement shows that P26,300 in checks cleared the bank in July. A check from one of Jones Company's customers in
the amount of P300 was also returned marked "NSF." The amount of outstanding checks on Davis Company's July bank reconciliation should
be

Response: P18,000.

Question 6
If the month-end bank statement shows a balance of P72,000, outstanding checks are P24,000, a deposit of P8,000 was in transit at month
end, and a check for P1,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is

Response: P57,000.

Question 7
A P100 petty cash fund has cash of P18 and receipts of P80. The journal entry to replenish the account would include a

Response: debit to Cash Over and Short for P2.

https://ubian.ub.edu.ph/student_take_quiz_assignment/display/32683821?part=8&results=350788643# 2/2