CPA Company reported the following information on December 31, 2021: Cash on hand Petty cash fund Cash in bank Savings deposit A. Cash on hand included the following: 3,000,000 50,000 5,000,000 1,000,000 a. Customer check of P100,000 returned by bank December 26, 2021 due to insufficient fund by subsequently redeposited and cleared by bank January 5, 2022. b. Customer check for P150,000 dated January 15, 2022 received December 22,2021. c. Postal money orders received from customers, P200,000 B. The petty cash fund consisted of the following items: Currency and coins Employees' IOUS Currency in envelope marked collections for Christmas party 10,000 20,000 5,000 Check drawn by Jimin payable to petty cashier 20,000 55,000 C. Check written and dated December 22, 2021 and delivered to payee on January 5, 2022, P200,000 D. Check written December 26, 2021 and dated January 31, 2021 delivered to payee on December 26, 2021, P300,000 How much is the total amount of petty cash fund as of December 31, 2021?

CPA Company reported the following information on December 31, 2021: Cash on hand Petty cash fund Cash in bank Savings deposit A. Cash on hand included the following: 3,000,000 50,000 5,000,000 1,000,000 a. Customer check of P100,000 returned by bank December 26, 2021 due to insufficient fund by subsequently redeposited and cleared by bank January 5, 2022. b. Customer check for P150,000 dated January 15, 2022 received December 22,2021. c. Postal money orders received from customers, P200,000 B. The petty cash fund consisted of the following items: Currency and coins Employees' IOUS Currency in envelope marked collections for Christmas party 10,000 20,000 5,000 Check drawn by Jimin payable to petty cashier 20,000 55,000 C. Check written and dated December 22, 2021 and delivered to payee on January 5, 2022, P200,000 D. Check written December 26, 2021 and dated January 31, 2021 delivered to payee on December 26, 2021, P300,000 How much is the total amount of petty cash fund as of December 31, 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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