he Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at lovember 30, 2020 were as follows: he cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000 n the bank's records did not appear on the books of the company. The balance per bank statement was P 55,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P ,907.10, #8623 for P 2,068, and #8632 for P 1,452.80. he cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following econciliations:
he Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at lovember 30, 2020 were as follows: he cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000 n the bank's records did not appear on the books of the company. The balance per bank statement was P 55,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P ,907.10, #8623 for P 2,068, and #8632 for P 1,452.80. he cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following econciliations:
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 20RQSC
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