UHAWSAIYO COMPANY GENERAL AND PETTY CASH COUNT AUDIT YEAR: 2014 DATE OF COUNT: January 5, 2015, 9:10 am Bills and Coins Denomination Bundles of 100 pcs. Rolls of 50 coins Loose P 500 1 9 100 2 27 50 3 5 20 5 4 10 10 5 6 4 1 10 20 .25 40 16 Checks Maker Payee Date Amount T. Otis – customer Uhawsaiyo 12/30/14 P 11,920 R. Eyes – customer Uhawsaiyo 12/26/14 12,505 O. Liever – customer Uhawsaiyo 1/2/15 5,707 F. Rancisco – customer Uhawsaiyo 12/21/14 13,350 Uhawsaiyo ABC. Co 12/27/14 14,500 M. Doza – officer Cash 1/5/15 310 O.Campo – officer * Cash 12/29/15 260 *Amount is for a return of travel advance mad to the employee in an earlier period. Vouchers and IOU Paid to Date Amount PNR – transportation expense 1/2/15 P 35 Post ofiice- Postage Stamps 12/20/14 150 Italian Village – Christmas Party 12/23/14 6,290 I.Dio - IOU 12/27/14 300 Others: Cash sales invoices ( all currencies No. 17903 to 18112), P 100,500 Official Receipts Number Amount Form of Collection 31250 P 560 Cash 31251 12,505 Check 31252 1,202 Cash 31253 11,920 Check 31254 13,350 Check Stamps of various denomination amounted to P 80. A notation on a sheet of paper as follows: “Proceeds from employee contribution for Christmas Party, P 9,500” Petty Cash Ledger, P 15,000. Required: How much is the petty cash shortage as of January 5, 2015? What is the net adjustment to the Petty Cash Fund? What is the adjusted Petty Cash fund Balance as of December 31, 2014?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 19E

See similar textbooks

Related questions

Concept explainers

Question

UHAWSAIYO COMPANY

GENERAL AND PETTY CASH COUNT

AUDIT YEAR: 2014

DATE OF COUNT: January 5, 2015, 9:10 am

Bills and Coins
Denomination	Bundles of 100 pcs.	Rolls of 50 coins	Loose
P 500	1		9
100	2		27
50	3		5
20	5		4
10			10
5		6	4
1		10	20
.25		40	16

Checks
Maker	Payee	Date	Amount
T. Otis – customer	Uhawsaiyo	12/30/14	P 11,920
R. Eyes – customer	Uhawsaiyo	12/26/14	12,505
O. Liever – customer	Uhawsaiyo	1/2/15	5,707
F. Rancisco – customer	Uhawsaiyo	12/21/14	13,350
Uhawsaiyo	ABC. Co	12/27/14	14,500
M. Doza – officer	Cash	1/5/15	310
O.Campo – officer *	Cash	12/29/15	260

*Amount is for a return of travel advance mad to the employee in an earlier period.

Vouchers and IOU
Paid to		Date	Amount
PNR – transportation expense	1/2/15	P 35
Post ofiice- Postage Stamps	12/20/14	150
Italian Village – Christmas Party	12/23/14	6,290
I.Dio - IOU	12/27/14	300

Others:

Cash sales invoices ( all currencies No. 17903 to 18112), P 100,500
Official Receipts

Number	Amount	Form of Collection
31250	P 560	Cash
31251	12,505	Check
31252	1,202	Cash
31253	11,920	Check
31254	13,350	Check

Stamps of various denomination amounted to P 80.
A notation on a sheet of paper as follows:

“Proceeds from employee contribution for Christmas Party, P 9,500”

Petty Cash Ledger, P 15,000.

Required:

How much is the petty cash shortage as of January 5, 2015?
What is the net adjustment to the Petty Cash Fund?
What is the adjusted Petty Cash fund Balance as of December 31, 2014?

Expert Solution

Step by step

Solved in 5 steps with 7 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.