PROBLEM 5 You are auditing the cash in bank account of Rose V Manufacturing Company as of December 31, 2021. Your examination revealed the following: From the bank statement: Balance, December 1, 2021 P 876,750 Deposits (20) 9,153,760 Checks (64) plus debit memos (8,524,300) Service charges for new checks Balance, December 31, 2021 P1.503.960 From the company's records: 2.250) Particulars Nov. 1 Nov. 30 CR Dec. 31 CR CASH Debit Particulars 652,070 Nov. 30 CD 6,824,290 Dec, 1-bank reconciliation 9,198,720 Dec. 31 CD Credit P 6,654,410 38,400 8,574,610 CD-cash disbursements CR-cash receipts Your review of last month's bank reconciliation and the current bank statement reveals the following: 1) Outstanding checks : November 30, 2021 P254,720 December 31, 2021 335,610 2) Deposits in transit : November 30, 2021 164,220 December 31, 2021 209,180 3) Check no. 359 for office repairs was written for P6,950 but recorded in the cash disbursements journal as P9,650. The bank deducted the check as P6,950. The error happened in November and is not yet corrected as of December 31. 4) A check written on the account of Rose V Manufacturing Company for P5,830 was deducted by the bank from Rose V's account. 5) Included with the bank statement was a debit memorandum dated December 31 for P24,750 for interest on a note taken out by Rose V on November 30. 6) The service charge for the new checks has not been recorded. 7 The November 30 bank reconciliation showed as reconciling item a service charge of P3,500 and a customer's DAIF check for P34,900. REQUIRED: 1. Prepare a proof of cash for the month of December. Show your supporting computations in good form. 2. Prepare the necessary journal entries as of December 31, 2021. PROBLEM 5 You are auditing the cash in bank account of Rose V Manufacturing Company as of December 31, 2021. Your examination revealed the following: From the bank statement: Balance, December 1, 2021 P 876,750 Deposits (20) 9,153,760 Checks (64) plus debit memos (8,524,300) Service charges for new checks Balance, December 31, 2021 P1.503.960 From the company's records: 2.250) Particulars Nov. 1 Nov. 30 CR Dec. 31 CR CASH Debit Particulars 652,070 Nov. 30 CD 6,824,290 Dec, 1-bank reconciliation 9,198,720 Dec. 31 CD Credit P 6,654,410 38,400 8,574,610 CD-cash disbursements CR-cash receipts Your review of last month's bank reconciliation and the current bank statement reveals the following: 1) Outstanding checks : November 30, 2021 P254,720 December 31, 2021 335,610 2) Deposits in transit : November 30, 2021 164,220 December 31, 2021 209,180 3) Check no. 359 for office repairs was written for P6,950 but recorded in the cash disbursements journal as P9,650. The bank deducted the check as P6,950. The error happened in November and is not yet corrected as of December 31. 4) A check written on the account of Rose V Manufacturing Company for P5,830 was deducted by the bank from Rose V's account. 5) Included with the bank statement was a debit memorandum dated December 31 for P24,750 for interest on a note taken out by Rose V on November 30. 6) The service charge for the new checks has not been recorded. 7 The November 30 bank reconciliation showed as reconciling item a service charge of P3,500 and a customer's DAIF check for P34,900. REQUIRED: 1. Prepare a proof of cash for the month of December. Show your supporting computations in good form. 2. Prepare the necessary journal entries as of December 31, 2021