FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:4G1 1:14 O
38
+
Aavances to empioyees
A sheet of paper with names of several employees together with contribution to bereaved
employee,
attached is a currency of
2,220
Checks:
2,400
Check drawn to the order of the petty cash custodian
3,000
2,400
Personal check drawn by the petty cash custodian
The entry to replenish the fund on December 31, 20x1 includes a
credit to cash shortage or overage for P2,910.
debit to cash shortage or overage for P2,910.
credit to cash in bank for P9,450,
a.
b.
C.
d.
credit to petty cash fund for P9,450.
30.
In a bank reconciliation, deposits not recorded by the bank are:
a.
added to the balance according to the bank statement
b.
deducted from the
according to the bank statement
C.
added to the balance according to the depositor's records
d.
deducted from the balance according to the depositor's records
For 31 to 35
You gathered the following November 30 bank reconciliation from the cash records of the
Thorgate Company in connection with your audit of the company's financial statements for the
year 2016:
Balance per bank
P 560.000
Deposits in transit
Outstanding checks ( 160,000)
123.200
Balance per books
Results for the month of December follow:
P 523,200
Bank Books
Balance December 31
P692,000
P740,000
December deposits
400,000
464,800
December checks
320,000
248,000
December note collected (not included in deposits)
80,000
December bank service charge
December NSF check, returned by the bank (recorded by bank as a charge)
1,200 -
26,800
The deposits in transit as of December 31, 2016 is
c. P188,000
d. P108,000
31.
a.
P64,800
b.
P268,000
32. The outstanding checks as of December 31, 2016 is
P 72,000
c. P 88,000
d. P114,800
а.
b.
P116,000
33. The adjusted cash balance as of December 31, 2016 is
P684,800
c. P844,000
a.
b.
P792,000
d.
P765,200
I U A
...
!!
B
Transcribed Image Text:4G1 1:15 O
38
17.
These are short-term, highly liquid investments that are so near their maturity that they
represent insignificant risk of changes in value due to changes in interest rates.
Cash and Cash equivalents
Treasury bills
Treasury notes
Cash equivalents
a.
b.
C.
d.
Cash in foreign currency is valued at
face value.
18.
a.
b.
current exchange rate.
C.
current exchange rate reduced by an allowance for expected decline in peso. d.
estimated realizable value.
19.
The following were the transactions involving an entity's petty cash fund during the
period.
July. 1, 20x1 Established P30,000 petty cash fund.
July 1 through 21, 20x1
Disbursements:
Office supplies expense
Transportation expenses
Repairs and maintenance
P4,200
10,500
3,000
Miscellaneous expense
9,000
Total
P26,700
July 22, 20x1 Total coins and currencies in the petty cash box is P1,500. Replenishment is
made.
The petty cash fund is not replenished and financial statements are prepared on July 31, 20x1.
The month-end adjustment to the petty cash fund would not include a
debit to receivable from custodian for P1.80o.
a.
credit to petty cash fund for P28,500.
total debits to various expense accounts for P26,700.
b.
C.
d.
credit to cash in bank for P28,500.
20.
On December 31, 20x1, the petty cash fund of Kristelle Co. with a general leger balance
of P15,000 comprises the following:
Coins and currencies
Petty cash vouchers:
Gasoline for delivery equipment
Medical supplies for employees
Advances to employees
3,000
2,040
2,550
IOU's: 5,040
A sheet of paper with names of several employees together with contribution to bereaved
employee,
attached is a currency of
Checks:
2,220
2,400
Check drawn to the order of the petty cash custodian
3,000
Personal check drawn by the petty cash custodian
2,400
The entry to replenish the fund on December 31, 20x1 includes a
credit to cash shortage or overage for P2,910.
debit to cash shortage or overage for P2,910.
a.
b.
C.
credit to cash in bank for P9,450.
d.
credit to petty cash fund for P9,450.
30.
In a bank reconciliation, deposits not recorded by the bank are:
а.
added to the balance according to the bank statement
b.
deducted from the balance according to the bank statement
added to the balance according to the depositor's records
C.
d.
deducted from the balance according to the depositor's records
I
U A
!!
lil
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