2021 June 1- A petty cash of P10,000 was established. 5- Disbursements were: Supplies Transportation Postage P2,000 1,500 3,000 15- Disbursements were: Representation IOUS of employees P 200 2,800 20- The fund was rep enished. 30- Disbursements were: Transportation Postage Miscellaneous P2,800 4,500 1,000 The fund was not replenished. July 5- Replenished the fund and increased to P20,000.

2021 June 1- A petty cash of P10,000 was established. 5- Disbursements were: Supplies Transportation Postage P2,000 1,500 3,000 15- Disbursements were: Representation IOUS of employees P 200 2,800 20- The fund was rep enished. 30- Disbursements were: Transportation Postage Miscellaneous P2,800 4,500 1,000 The fund was not replenished. July 5- Replenished the fund and increased to P20,000.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS Cash Debit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 CASH PAYMENTS Check No. 4113 Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 4114 10 4115 16 4116 22 4117 29 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 9 12 17 22 23 92,700 543,750 Less: Checks and other debits: P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 Apr. 7 13 14 15 18 21 26 30 50,000 30 1,000 Service charge 335,300 P 304,000 Ending balance
51 Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies – P841.60 Postage – P780.00 Representation – P1,000,00 Transportation – P1,321.40 Miscellaneous – P837.60 Other items found in the petty cash drawer were as follows: A sympathy envelope containing P3,500, representing employees’ contributions for the death of the mother of the company’s messenger. An employee’s check for P1,100 dated August 15, 2021. The given information indicates that there is a how many shortage or overage?
СР 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: $10 Postage Office supplies 50 Maintenance 35 Meals (selling expenses) 25 $120 18 Increased the fund by an additional $200 25 Reimbursed the fund for the following: Office supplies Delivery charges $75 30 $105 28 Reduced the amount of the fund to $350. Required: Prepare journal entries to record these transactions.
PETTY CASH FUND (EXERCISES) ZEALOUS COMPANY ESTABLISHED A PETTY CASH FUND. 1. ESTABLISHEDA PETTY CASH FUND OF P10,000 ON JANUARY 2. 2 PETTY CASH FUND EXPENSES-JANUARY 2-31 ARE: POSTAGE-P1,500; SUPPLIES-P5,500; TRANSPORTATION-P1,200; MISCELLANEOUS EXPENSE -P800 3 THE FUND IS REPLENISHED ON FEBRUARY 1 AND INCREASED BY P5,000. REQUIREMENT: PREPARE A JOURNAL ENTRIES TO RECORD THE TRANSACTIONS UNDER THE FLUCTUATING FUND SYSTEM AND IMPREST FUND SYSTEM.
ABSB established a $100 petty cash fund on January 1, 2021. On January 31, the fund had a $24 cash balance and petty cash receipts for postage of $28, Office supplies $20, and delivery expense of $30. Prepare Journal Entries to establish the fund on January 1, and to replenish the fund on January 31, 2021
MC33 On December 1, 2020, Kyle Corporation established a petty cash fund of P4,000. On December 31, 2020, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P3,640. In addition, there was cash amounting to P440. What entry would be required to record replenishment of the petty cash fund on December 31, 2020? (with solution) a. Petty Cash — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 b. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Petty Cash — P3,560 c. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 d. Miscellaneous Expense — P3,560 Cash Short and Over — P80 Cash in Bank — P3,640
The December 31,2020 trial balance of DDD Company includes the followingaccounts:Cash on hand 1,000,000Petty cash fund 40,000Security Bank current account 2,000,000PNB Current account No. 1 800,000PNB Current account No. 2 ( 100,000)BSP Treasury bill – 60 days 6,000,000BPI time deposit – 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 andpostal money order of P80,000.  The petty cash fund includes unreplenished petty cash vouchers for P4,000and an employee check for P6,000 dated January 31,2021.  A check for P400,000 was drawn against Security Bank account, datedJanuary 15,2021, delivered to the payee and recorded December 31,2020.  The BPI time deposit is set aside for acquisition of land to be used as afactory site.4. What amount of cash and cash equivalents should be reported in statement of financial position on December 31,2020?
On December 31, 2019, Taehyung Company had the following cash balances: Cash in bank- P2,500,000 Petty Cash fund (all funds were reimbursed on 12/31/2019)- P150,000 Time deposit (start date: December 1, 2019 and due February 14, 2020)- P350,000 Cash in bank included P900,000 of compensating balance against short-term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal. In the December 31, 2019, statement of financial position, what total amount should be reported as cash and cash equivalents?
2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
Problem 14-1 (AICPA Adapted) Campbell Company had the following account balances on December 31, 2019: Petty cash fund Cash in bank - current account Cash in bank - payroll account Cash in bank - sinking fund Cash on hand Cash in bank - restricted account for plant addition and expected to be disbursed in 2020 Treasury bills The petty cash fund included unreplenished December 2019 petty cash expense vouchers P5,000 and employee IOU P5,000. 50,000 4,000,000 1,200,000 2,000,000 500,000 The cash on hand included a P100,000 customer check payable to Campbell dated January 15, 2020. 1,500,000 1,000,000 In exchange for a guaranteed line of credit, the entity has agreed to maintain a minimum balance of P200,000 in the unrestricted current bank account. The sinking fund is set aside to settle a bond payable that is due on December 31, 2020. a. 8,640,000 b. 7,440,000 What total amount should be reported as cash and cash equivalents on December 31, 2019? c. 7,640,000 d. 5,640,000 152
How much should be petty cash fund balance to be included in the statement of financial positions as of December 31, 2020? * Presented below are transactions of MM Company related to petty cash for the last 2 months of year 2020. Nov. 2 Established an imprest petty cash fund of P10,000. 30 Examination of the cash fund disclosed the following: Currency and coin Memoranda showing expenditures for: 3,000 Postage Supplies 2,000 5,000 Dec. 1 A check was drawn to replenish the fund and to increase its amount to P20,000. Dec. 31 Incurred the following expenditures: Postage Supplies 3,000 4,000 Donation 2,000 The fund was not replenished. How much should be petty cash fund balance to be included in the statement of financial positions as of December 31, 2020?
38. Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies – P841.60 Postage – P780.00 Representation – P1,000,00 Transportation – P1,321.40 Miscellaneous – P837.60 Other items found in the petty cash drawer were as follows: A sympathy envelope containing P3,500, representing employees’ contributions for the death of the mother of the company’s messenger. An employee’s check for P1,100 dated August 15, 2021. The given information indicates that there is a a. 538 shortage b. 562 shortage c. 562 overage d. 538 overage 39. During 2021, Tartarus Company signed a noncancellable contract to purchase 500 sacks of rice at P900 per sack with delivery to be made in 2022. On December 31, 2021, the price of rice had fallen to P850 per sack. On…