Exercise 1

Current account at East West Bank 2,000,000.00

Current account at BPI (100,000.00)
Payroll account at Security bank 500,000.00 Expectation
Savings account in Urban Bank 1,000,000.00 note A 600,000.00
Treasury warrants 200,000.00
Treasury note, due on November 30, 2022 400,000.00
Change fund 10,000.00
Credit memo from a vendor for a purchase return 20,000.00
Traveler’s check 50,000.00
Customer’s check returned by the bank marked DAIF 15,000.00
Money order 30,000.00
Petty Cash fund 3,000.00 note B
Treasury note, due on February 28, 2021 200,000.00 note C
Treasury bills, due on January 01, 2021 300,000.00 note D
Cash sinking fund 500,000.00
Preferred redemption fund 800,000.00

Answer 3,593,000.00 <----- please check further your classification and identification of

Exercise 2
#1
Balance per bank 11,046.00
Add: Deposit in Transit 22,482.00
Omission of deposit 12,871.00
Erroneous bank charge 7,200.00 42,553.00
Total
Less: Outstanding Check 30,500.00
Erroneous bank credit 8,755.00 39,255.00
Adjusted bank balance 14,344.00

Balance per book 28,064.00

Add: Proceeds of bank loan 48,750.00
Total 48,750.00
Less: Debit memo 150.00
Book error 11,070.00
Book error 4,200.00
Loss of Proceeds 15,700.00
Service charge 31,350.00 62,470.00
Adjusted Book balance 14,344.00

#2 Adj. Entries
Cash in bank 48,750.00
Discount on loan payable 1,250.00
Bank loans payable 50,000.00

Check book 150.00

Cash in bank 150.00

A/P 11,070.00
Cash in bank 11,070.00

Petty Cash 4,200.00

Cash in bank 4,200.00

Service charge 31,350.00

Cash in bank 31,350.00

Loss 15,700.00
Cash in bank 15,700.00

Exercise 3
#1
Dec. 5 deposit 62,000.00
Dec. 8 deposit 23,000.00
Dec. 31 deposit 52,000.00
Total Collections/Book receipt 137,000.00

Cash balance per book 11/30 359,075.00

Add: Receipts 137,000.00
Less: Disbursment Check Reg. (223,575.00)
Cash balance per book 12/31 272,500.00

#2
Outstanding checks, 12/31
Check # 7645 9,000.00
Check # 7654 8,800.00
Check # 7665 9,000.00
Check # 7667 7,800.00
Check # 7668 13,500.00
Check # 7669 6,000.00
Total 54,100.00

#3 Book Bank
Unadjusted balance 272,500.00 275,150.00
Deposit in transit 52,000.00
Outstanding check (54,100.00)
Debit memo (1,000.00)
Credit memo 1,550.00
Adjusted balance 273,050.00 273,050.00

Exercise 4
#1
Book Bank
Unadj. balance 34,700.00 27,000.00
Note collected 500.00
Undeposited collect. 9,228.00
Outstanding checks:
No. 1972 1,040.00
No. 1973 720.00
No. 1974 816.00
No. 1975 692.00
Adjusted balance 35,200.00 32,960.00
Shortage (2,240.00)
Adjusted balance 32,960.00 32,960.00

#2
Omission of outstanding check no. 1972 1,040.00
Underfooting of OC 200.00
Add the CM 500.00
Add the unrecorded note by the bank 500.00
Total Shortage 2,240.00
Exercise 5 Nov Receipts Disbursement Dec
Balance per bank
Deposit in transit 5,000.00 5,000.00
OC nov (18,000.00) (18,000.00)
OC dec 16,700.00 (16,700.00)
bank credit error (4,500.00) (4,500.00)
Bank credit error (14,000.00) (14,000.00)
Bank credit error (17,000.00) (17,000.00)
ADJUSTED BALANCE (32,000.00) (16,500.00) (15,300.00) (33,200.00)
Balance per book
Bank charges (75.00) (75.00)
Credit memo 80,000.00 80,000.00
Underpayment 13,500.00 (13,500.00)
NSF 17,000.00 (17,000.00)
ADJUSTED BALANCE (75.00) 80,000.00 30,425.00 49,500.00

Exercise 6

#1 Nov Receipts Disbursement Dec

Bank Balance 6,690.00 13,800.00 10,140.00 10,350.00
Add:
DIT - Nov 400.00 (400.00) 0.00
DIT - Dec 600.00 600.00
Less:
OC - Noc (1,300.00) (1,300.00) 0.00
OC - Dec 1,500.00 (1,500.00)
ADJUSTED BALANCE 5,790.00 14,000.00 10,340.00 9,450.00

A/R 6,000.00

BSC 40.00
Cash 40.00

A/R 300.00
Cash 300.00
Exercise 7
#1
OC 11/30 8,007.00
Add: Check issued by the Co.
Book Disbursement 111,513.00
BSC 11/30 (60.00)
NSF 11/30 (526.00) 110,927.00
Total 118,934.00
Less Checks paid
Bank Disbursement 110,098.00
NSF 12/31 (700.00)
BSC 12/31 (65.00)
BED 12/31 (erroneous bank charge) (900.00)
BEC 11/30 (1,000.00) (107,433.00)
Outstanding check 12/13 11,501.00

#2
DIT 11/30 5,200.00
Add: Deposits made by the company
Book receipts 151,230.00
Less: Credit 11/30 (1,500.00) 149,730.00
Total
Less: Deposit acknowledged
Bank receipts 149,451.00
Less: Credit memo 12/31 (4,277.00)
BED 11/30 (600.00)
BEC 12/31 (3,000.00) (141,574.00)
DIT 12/31 13,356.00

Nov Receipts Disbursement Dec

Bank Balance 130,640.00 149,451.00 110,098.00 169,993.00
Add:
DIT - Nov 5,200.00 (5,200.00)
DIT - Dec 13,356.00 13,356.00
Less:
OC - Noc (8,007.00) (8,007.00)
OC - Dec 11,501.00 (11,501.00)
BED Nov 600.00 (600.00)
BED Dec (900.00) 900.00
BEC Nov (1,000.00) (1,000.00)
BEC Dec (3,000.00) (3,000.00)
ADJUSTED BALANCE 127,433.00 154,007.00 111,692.00 169,748.00

Exercise 8
#1 May Receipts Disbursement June
Unadjusted Bank Balance 32,600.00 4,350.00 3,110.00 33,840.00
DIT - May 500.00 (500.00)
DIT - June 3,500.00 3,500.00
OC - May (1,000.00) (1,000.00)
OC - June 880.00 (880.00)
Service Charge
May 40.00 40.00
June (10.00) 10.00
Bank Collection - May (3,500.00) 3,500.00
Credit Memo - May (100.00) 100.00
NSF - June (150.00) 150.00
BEC corrected (50.00) (50.00)
Unadjusted Book Balance 28,540.00 10,900.00 2,820.00 36,620.00

May Receipts Disbursements June

Unadjusted Book 28,540.00 10,900.00 2,820.00 36,620.00
Credit memo 3,500.00 (3,500.00)
Unrecorded bank collection - May 100.00 (100.00)
Service Charge
May (40.00) (40.00)
June 10.00 (10.00)
NSF June 150.00 (150.00)
Adjusted balance 32,100.00 7,300.00 2,940.00 36,460.00
May Receipts Disbursements June
Unadjusted Bank 32,600.00 4,350.00 3,110.00 33,840.00
DIT
May 500.00 (500.00)
June 3,500.00 3,500.00
OC
May (1,000.00) (1,000.00)
June 880.00 (880.00)
BEC corrected (50.00) (50.00)
Adjusted Balance 32,100.00 7,300.00 2,940.00 36,460.00

Exercise 9
#1
Currency 972.00
Petty Cash Voucher (388+400+240+170) 1,198.00
Replenishment check 1,100.00
Employee Check NSF 230.00
Petty Cash Accounted 3,500.00
Less: Petty cash fund ledger (4,400.00)
Petty cash shortage (900.00)

#2
Supplies Expense 788.00
Transportation Expense 240.00
Repairs Expense 170.00
Petty Cash fund 1,198.00

Receivable from Custodian 900.00

Cash 900.00

Exercise 10
Accounted for:
Currency 4,800.00
IOU 500.00
Unreplenished voucher (60+90) 150.00
Total 5,450.00
Less: Accountabilities
Petty cash fund balance (1,000.00)
Undeposited collections (4,900.00)
Unclaimed salary (240.00)
Cash Shortage (690.00)

Exercise 11
DENOMINATION QUANTITY AMOUNT TOTAL
BILLS 50.00 2.00 100.00
 20.00 8.00 160.00
10.00 12.00 120.00
5.00 5.00 25.00
2.00 15.00 30.00 435.00
COINS & FRACTIONAL DENOMINATIONS 0.00
0.50 132.00 66.00
0.25 282.00 70.50
0.10 515.00 51.50
0.05 580.00 29.00
0.01 345.00 3.45 220.45
TOTAL BILLS AND COINS
CASH ITEMS
Checks and PMO's deposit 60.00
Vouchers not yet replenished 133.15
Advances or IOU 75.00
Others
Amount of FUND per cash unit 923.60
Amount of FUND per books or receipt 1,058.00
Difference (134.40)

Exercise 12
DENOMINATION QUANTITY AMOUNT TOTAL
BILLS
500.00 4.00 2,000.00
100.00 2.00 200.00
20.00 10.00 200.00
10.00 15.00 150.00 2,550.00
COINS & FRACTIONAL DENOMINATIONS 0.00
1.00 32.00 32.00
0.25 40.00 10.00 42.00
TOTAL BILLS AND COINS
CASH ITEMS
Checks and PMO's deposit 17,600.00
Vouchers not yet replenished 425.00
Advances or IOU 350.00
Others
Amount of FUND per cash unit 20,967.00
Amount of FUND per books or receipt 29,750.00
Difference (8,783.00)

Problem 1
#1 B
Book Bank
Unadjusted balance 20,258.31 17,500.00
CM 200.00
Outstanding checks
No. 7062 (268.55)
No. 7183 (170.00)
No. 7284 (261.45)
No. 8621 (175.19)
No. 8623 (341.00)
No. 8632 (172.80)
DIT - Cash on hand 3,347.30
Correct Balance 20,458.31 19,458.31
Cash Shortage (1,000.00)
Adjusted Balance 19,458.31 19,458.31

#2 C
Cash on hand 3,347.30
Cash Shortage 1,000.00
Cash that should be on hand 4,347.30

#3 B
Computation in #1 19,458.31

Problem 2
Nov Receipts Disbursement Dec
Book Balance 7,860.00 36,780.00 20,360.00 24,280.00
Add:
CM - Nov 5,000.00 (5,000.00) 0.00
BRE Dec - uncorrected (6,000.00) (6,000.00)
NSF 1,200.00 (1,200.00)
SC - Nov (60.00) (60.00) 0.00
SC - Dec 80.00 (80.00)
Understatement of checks (1,782.00) 1,782.00
ADJUSTED BALANCE 12,800.00 25,780.00 19,798.00 18,782.00
OC 11/30 8,500.00 #1 C
Add: Check issued by the Co. #2 D
Book Disbursement 20,360.00 #3 B
BRE (1,782.00) #4 B
BSC 11/30 (60.00) 18,518.00 #5 E
Total 27,018.00
Less Checks paid
Bank Disbursement 10,200.00
NSF 11/30 (1,200.00)
BSC 12/31 (80.00) (8,920.00)
Outstanding check 12/31 18,098.00

DIT 11/30 4,000.00

Add: Deposits made by the company
Book receipts 36,780.00
BRE (6,000.00)
Less: Credit 11/30 (5,000.00) 25,780.00
Total 29,780.00
Less: Deposit acknowledged
Bank receipts 20,800.00
BED 11/30 (2,000.00) (18,800.00)
DIT 12/31 10,980.00

Problem 3
#1
Deposit in transit 12/31 375,250.00
Post dated check (84,200.00)
Total 291,050.00 D

#2
Outstanding Check 12/31 546,750.00
Payment of A/P (226,000.00)
Error (900.00)
Total 319,850.00 A

#3
Petty Cash 12/31 25,000.00
Less:
IOU 5,600.00
Paid vouchers 14,754.00
Adjusted balance 4,646.00 B

#4
Unadjusted Bank Balance 3,500,000.00
DIT 291,050.00
OC (320,750.00)
Adjusted Balance 3,470,300.00 B

Unadjusted Book Balance 3,470,600.00

Debit memo (142,100.00)
Credit memo (84,200.00)
BDE 226,000.00
Adjusted Balance 3,470,300.00

#5
ACCOUNTED
Bills and coins 2,255.00
Check payable to PCF custodian representing his salary 2,000.00
IOU 5,600.00
Contribution of Employees 500.00
Paid Voucher 15,145.00 25,500.00
ACCOUNTABILITY
Petty Cash 12/31 25,000.00
Unexpended 500.00 25,500.00
Total - Cash Over/(Short) 0.00 E

Problem 4
#1
Balance per bank statement 11/30 21,500.00
Balance per bank statement 12/01 16,500.00 (5,000.00)
Underfooting of OC
#2520 2,000.00
#2521 1,400.00
#2522 1,900.00
Total 5,300.00
OC 11/30 3,300.00 (2,000.00)
Cash Shortage (7,000.00) B

#2 B
Nov Receipts Disbursement Dec
Unadj Bank 16,500.00 173,700.00 65,200.00 125,000.00
DIT 0.00
Nov 500.00 (500.00) 0.00
Dec 6,300.00 6,300.00
OC 0.00
Nov (5,300.00) (5,300.00) 0.00
Dec 46,300.00 (46,300.00)
BED - nov 2,000.00 (2,000.00) 0.00
BEC - nov (500.00) (500.00) 0.00
BED - dec (3,000.00) 3,000.00
BEC - dec (600.00) (600.00)
Adj Bank 13,200.00 176,900.00 102,700.00 87,400.00

Nov Receipts Disbursement Dec

Unadj Book 20,200.00 187,000.00 91,800.00 115,400.00
Credit Memo 0.00
Nov 0.00
Dec 5,000.00 5,000.00
Shortage (7,000.00) (7,000.00)
Unaccounted Receipts (15,100.00) (15,100.00)
Unrecorded Disbursement 10,900.00 (10,900.00)
Adj Book 13,200.00 176,900.00 102,700.00 87,400.00

Variance 0.00 0.00 0.00 0.00

#3 D
#4 B

#5
Not recording of deposit 5,000.00
Overstatement of Bank balance 12/13 (135,000-125,000) 10,000.00
Underfooting of OC 5,000.00
Underfooting of Receipts 9,000.00
Overfooting of Disbursement 4,000.00
Cash shortage 12/31 33,000.00 C

#6 C

Prob 5
March Receipts Disbursement April
Unadj Bank 21,460.00 220,450.00 218,870.00 23,040.00
DIT 0.00
March 9,060.00 (9,060.00) 0.00
April 10,120.00 10,120.00
OC (2,575.00) (2,575.00) 0.00
April 1,430.00 (1,430.00)
Payment to creditor 1,210.00 1,210.00 0.00
BED (950.00) 950.00
Adjusted balance 27,945.00 222,720.00 217,985.00 32,680.00

DIT 11/30 9,060.00

Add: Deposits made by the company
Book receipts (net of 1,210) 220,880.00
BRE corrected 1,040.00
NSF March 100.00
Less: Credit 11/30 (12,150.00) 209,870.00
Total 218,930.00
Less: Deposit acknowledged
Bank receipts 220,450.00
Credit memo 12/31 (11,640.00) (208,810.00)
DIT 12/31 10,120.00 D

OC 11/30 2,575.00 #2 D
Add: Check issued by the Co.
Book Disbursement 216,055.00
Error 360.00
BRE corrected 1,040.00
BSC March (750.00) 216,705.00
Total 219,280.00
Less Checks paid
Bank Disbursement 218,870.00
BED (950.00)
Payment to Creditor 1,210.00
NSF April (860.00)
BSC 12/31 (420.00) 217,850.00
Outstanding check 12/31 1,430.00

#3 B
#4 D

DIY Drill 1
March Receipts Disbursement April
Unadj Bank 3,000,000.00 8,800,000.00 6,850,000.00 4,950,000.00
DIT 0.00
Previous 400,000.00 (400,000.00) 0.00
Current 1,000,000.00 1,000,000.00
OC
Previous (900,000.00) (900,000.00) 0.00
Current 600,000.00 (600,000.00)
Adjusted balance 2,500,000.00 9,400,000.00 6,550,000.00 5,350,000.00

March Receipts Disbursement April

Unadj Book 2,500,000.00 9,200,000.00 6,400,000.00 5,300,000.00
Credit Memo 0.00
Current 200,000.00 200,000.00
NSF - Current 140,000.00 (140,000.00)
BSC - Current 10,000.00 (10,000.00)
Adjusted Balance 2,500,000.00 9,400,000.00 6,550,000.00 5,350,000.00
Variance 0.00 0.00 0.00 0.00

DIY Drill 2
#1
DIT 11/30 35,000.00
Book receipt 963,230.00
Credit memo (20,000.00)
NSF 3,270.00 946,500.00
981,500.00
Less: Bank Receipt 941,010.00 941,010.00
DIT 12/30 40,490.00

OC 11/30 88,240.00
Book Disbursement 1,008,480.00
Error 1,000.00
Payment (80.00)
NSF 11/30 3,270.00 1,012,670.00
1,100,910.00
Bank Disbursement 1,010,410.00
NSF 12/31 (6,730.00) 1,003,680.00
OC 12/31 97,230.00

DIT 12/31 40,490.00

Book receipt 292,500.00
CM 01/03 5,500.00 298,000.00
338,490.00
Bank receipt 321,490.00
Error (1,000.00) 320,490.00
DIT 01/12 18,000.00

OC 12/31 97,230.00
Book Disbursement 177,570.00
5,500.00 183,070.00
280,300.00
Bank Disbursement 230,180.00
NSF 1/15 6,730.00 236,910.00
OC 01/12 43,390.00

Nov Receipt Disbursement December Receipt

Unadjusted book 271,260.00 963,230.00 1,008,480.00 226,010.00 292,500.00
Credit memo 0.00
Nov 20,000.00 (20,000.00) 0.00
Jan 0.00 5,500.00
Debit memo (80.00) (80.00) 0.00
error corrected 3,270.00 3,270.00 0.00
NSF 6,730.00 (6,730.00)
Adjusted Balance 291,180.00 946,500.00 1,018,400.00 219,280.00 298,000.00

DIY 3
#1
Accounted
Bill and Coins 7,528.00
Checks 85,960.00
Unreimbursed Vouchers 19,140.00 112,628.00
Accountability
Petty cash per ledger 20,000.00
Collections 86,600.00
Excess travel advance 3,360.00
Unreceipted collection from Robert 28,000.00
Unclaimed Salary 15,000.00 152,960.00
Shortage (40,332.00)

#2 Adjusting entries
Cash 28,000.00
A/R 28,000.00

Advances to officers 14,000.00

Postage expense 3,240.00
Transportation expense 300.00
Computer repairs 1,600.00
Petty Cash 19,140.00

Unused Postage 730.00

Postage Expense 730.00

Cash 54,000.00
A/P 54,000.00

Cash 15,000.00
Salaries Payable 15,000.00
Receivable from Custodian 40,332.00
Cash 40,332.00

Travel Expense 10,160.00

PCF 3,360.00
Cash 13,520.00

DIY 4
Coins and currencies CASH
Checking account CASH
Savings account
Rare coins kept for long-term CASH
speculation
Post-dated checks received OTHER INVESTMENT?
Money orders received OTHER RECEIVABLES
Petty cash fund CASH
months remain in term CASH
Compensating balance for a shortterm loan CASH EQUIVALENT
years CASH
OTHER FINANCIAL ASSET?
Certificate ofequity
marketable deposit (6-month term)
securities CASH
SHORT-TERM INV
Marginal deposit
Cryptographic on letters(mined
currencies of credit
by OTHER RECEIVABLE?
block chain developers) held
Crypto assets other than cryptofor sale OTHER
currencies not held for sale OTHER
nd identification of
 8,000.00 10,000.00

Nov Receipts Disbursement Dec

Book Balance 1,000.00 8,000.00 10,000.00 (1,000.00)
Add: 0.00
CM - Nov 5,000.00 5,000.00
CM - Dec 6,000.00 6,000.00
Less: 0.00
SC - Nov (10.00) (10.00)
SC - Dec 40.00 (40.00)
NSF - Nov (200.00) (200.00)
NSF - Dec 300.00 (300.00)
ADJUSTED BALANCE 5,790.00 14,000.00 10,340.00 9,450.00
VARIANCE 0.00 0.00 0.00 0.00
 Nov Receipts Disbursement Dec
Book Balance 126,519.00 151,230.00 111,513.00 166,236.00
Add:
CM - Nov 1,500.00 (1,500.00)
CM - Dec 4,277.00 4,277.00
Less:
SC - Nov (60.00) (60.00)
SC - Dec 65.00 (65.00)
NSF - Nov (526.00) (526.00)
NSF - Dec 700.00 (700.00)
ADJUSTED BALANCE 127,433.00 154,007.00 111,692.00 169,748.00
 Nov Receipts Disbursement Dec
Bank Balance 15,300.00 20,800.00 10,200.00 25,900.00
Add:
DIT - Nov 4,000.00 (4,000.00)
DIT - Dec 10,980.00 10,980.00
Less:
OC - Noc (8,500.00) (8,500.00)
OC - Dec 18,098.00 (18,098.00)
BED Nov 2,000.00 (2,000.00)
ADJUSTED BALANCE 12,800.00 25,780.00 19,798.00 18,782.00
 March Receipts Disbursement April
Unadj Book 16,645.00 222,090.00 216,055.00 22,680.00
Credit Memo 0.00
Nov 12,150.00 (12,150.00) 0.00
Dec 11,640.00 11,640.00
NSF - March (error) (100.00) 100.00 0.00
NSF - April 860.00 (860.00)
BSC - March (750.00) (750.00) 0.00
BSC - April 420.00 (420.00)
BRE - corrected 1,040.00 1,040.00 0.00
BDE 360.00 (360.00)
Adjusted Balance 27,945.00 222,720.00 217,985.00 32,680.00
Variance 0.00 0.00 0.00 0.00
Disbursement January
177,570.00 340,940.00
0.00
0.00
 5,500.00 0.00
0.00
0.00
(6,730.00)
176,340.00 340,940.00