Gambit Company has the following information as of January 30:Treasury Bills - P 500,000Money Market - P35,000Short-term investments purchased within 3 months of maturity - P50,000Investments to be held for 3 years - P300,000Also, Gambit Company established a Php 20,000 petty cash fund by issuing acheck to the custodian on January 1. On January 30, the petty cash fund wasreplenished and increased to Php 30,000 in total. The contents of the petty cashfund at the time of the January 30 replenishment were:Currency and coins P3,500Petty cash receipts for:Transportation-in for inventory 2,000Delivery expense.3,000Repairs to office equipment.Entertainment of customers.5,0006,000The company uses the perpetual inventory method.The following information is available for the Gambit Company for the month ofJanuary.a. On January 30, after all transactions have been recorded, the balance in thecompany's Cash account has a balance of P894,000.b. The company's bank statement shows a balance on January 30 of P760,000.c. Outstanding checks at January 30 total P15,000.d. A deposit placed in the bank's night depository on January 30 totaling P58,000did not appear on the bank statement.e. The bank collected P60,000 on a note receivable that is not yet recorded byGambit Company.f. A P150,000 NSF check from a customer, is shown on the bank statement butnot yet recorded by the company.g. Comparing the checks on the bank statement with the entries in the accountingrecords reveals that check #12345 for the payment of an account payable wascorrectly written for P656,000, but was recorded in the accounting records asP666,000.h. Included with the bank statement was a bank service charge in the amount ofP10,000. It has not been recorded on the company's books.i. The bank charged P1,000 as fee for check collections. This has not beenrecorded on the company's books.Required:1. Prepare Gambit's general journal entry to record both the reimbursement andthe increase of the petty fund on January 30.2. Prepare the January bank reconciliation for Gambit.3. Prepare the general journal entries to bring the company's book balance ofcash into conformity with the reconciled balance as of January 30.4. How much is the the Cash and Cash Equivalents which should be presented inGambit's Balance Sheet?

Bank Reconciliation Statement is an account prepared by bank to match the debit balance as per cash…

Required: 1. Prepare Gambit's general journal entry to record both the reimbursement and the increase of the petty fund on January 30. 2. Prepare the January bank reconciliation for Gambit. 3. Prepare the general journal entries to bring the company's book balance of cash into conformity with the reconciled balance as of January 30.

Required: 1. Prepare Gambit's general journal entry to record both the reimbursement and the increase of the petty fund on January 30. 2. Prepare the January bank reconciliation for Gambit. 3. Prepare the general journal entries to bring the company's book balance of cash into conformity with the reconciled balance as of January 30.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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