As of December 31, 2022, Sandy Beach had $9,000,000 in 7.0 percent serial bonds outstanding. Cash of $444,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund. and the debt service fund levies property taxes in an amount sufficient to cover principal payments.
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- Which of the following serve as the basis for recording appropriate expenses each time the fund is replenished ? a . Request letter from cash custodian b . Checks issued to cash custodian • c . Receipts d . None of the given optionsa. Journalize the establishment of the fund. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $51, contributions and donations of $37, and meals and entertainment of $90. The remaining cash is $171 in the ending cash balance. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash by $180. Journalize this event. Apr. 11Instruction: Provide the journal entry to record the transactions or events below. If no journal entry is needed, state the registry or other documents where the transaction or event is recorded. 1. Receipt of notice of appropriation amounting to P400M. 2. Receipt of allotment from the DBM amounting to P380M. 3. Incurrence of obligation amounting to P350M. 4. Receipt of Notice of Cash Allocation amounting to P325M. 5. Accrual of P300M salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages 280M Personal Economic Relief Allowance (PERA) 20M Gross Withholding Compensation Tax 300M (75M) GSIS Withholding (15M) Pag-IBIG (15M) PhilHealth (8M) Total Deductions (113M) Net 187M 6. Granting of cash advance for the payroll. 7. Liquidation of the cash advance for payroll. 8. Remittance of taxes withheld to the BIR. 9. Remittance of other amounts withheld to the other government agencies concerned.
- Define current assets. What basis is used for arranging individual items within the current assets section? 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, 2021a. Describe the entries that have been posted to the following accounts after the Change Fund was established. b. How will the balance of Cash Short and Over be reported on the income statement?rel Fund, Bank Accounts and Control of Funds June 5 Star 5 Grocery t Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank Statement of Banco de Oro. Cash Receipts Journal Date Payor Odessa Allera O.R. Number Amount June 3 0001 P 30,000 20,000 5,000 10,000 20 Arnold Navales 0002 29 Juanita Nambatac 0003 30 Kyle Jamora 0004 362 Cash Disbursements Journal Date Payee Check Number Amount 15 DX Convenience Store 6581 P. 5,000 6582 21 MY Store 7,000 10,000 8,000 9,000 25 Eddie Gomez 6583 28 Rodolfo de la Torre 6584 6585 Banco de Oro Bank Statement For the month of June, 20A Date Withdrawal Deposit Balance P 30,000 25,000 45,000 37,000 28,000 June 4 P 30,000 15 6581 P 5,000 21 20,000 8,000 9,000 25 6584 28 6585 P 50,000 22,000 P 28,000 2 Count - Credits Count - Debit Balance Last Statement MAASIM GROCERY Maasim, Sarangani Province
- A brokerage account for the deposit of client funds A must require the signatures of two officers. B. must be labeled as a special or trust account. OC. may contain all brokerage funds if properly designated. D. should maintain a balance of at least $100 at all times.Prepare the journal entries to record the following transactions using Imprest Fund System and Fluctuating Fund Systerm. Use yellow pad or bond paper. Submit picture of your answer. 2008 May 20 Established a petty cash fund of P15,000. June 15 The petty cash fund was not replenished. The fund contained the following: Currency and coins Supplies expense Selling expense Miscellaneous Expense 3,000 2,700 5,850 3,450 June 20 The fund was replenished. It contained the following: Currency and coins Selling expenses Supplies expenses Miscellaneous Expense 1,000 6,200 3,450 4,350 June 24 The fund was replenished and increased to P20,000. It contained the following: Currency and coins General expenses Transportation expenses Supplies expenses 3,200 4,400 3,100 4,300 June 30 The fund was replenished. It contained the following: Currency and coins Transportation expenses Supplies expenses Selling expenses 6,000 5,500 4,750 3,750 July 3 The fund was not replenished. It contained the following:…lemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11
- TEST III: Prepare the cash position report of ABC's Company with complete headings as of June 16, 20 provided the following transactions was incurred on each bank account: PREPARE CASH POSITION IN CONSOLIDATED FORMAT PARTICULARS Bal. As of 6.15.2000 Collections of loans: OR# 0001 OR# 0002 OR# 0003 OR# 0004 Passbook Fees OR# 0005 Receipt of fund from Funding Agency Loan Releases: CV# 0001 CV# 0002 CV# 0003 CV# 0004 Payment Utilities CV# 0005 LAND BANK 5,000.00 250.00 650.00 150.00 150.00 375.00 25,000.00 10,000.00 35,000.00 875.0 SOLID BANK 2,500.00 250.00 50,000,00 UCPB 1,000.00 PNB 5,000.00 I5. The balance sheet of the central government account shows the following balances as at the end of the year 31/12/2019 Assets Cash at Bank Advances: Staff Department and Agencies Loans: NGO's Public Corporations. Companies Investment: General Stocks and shares International Agencies Liabilities Loans: Domestic Foreign Trust Funds and Deposits Other Liabilities General Revenue Revenue GHC 000 Tax Revenue (690) 6,325 4,186 48 8,846 6,248 714 5,293 4.786 35,756 During the year 2020, the government financial business and transactions undertaken by the departments were summarized; GHC 5,922 13,854 11,980 2,077 1.923 35,756 Property Excise Duties Petroleum Tax Other taxes on domestic goods Import Duties Export(Cocoa) Value Added Tax (VAT) Personal taxes (PAYE) Personal taxes (Self Employed) Reconstruction Levy Fees and Charges Sales of goods and services. Rent Interest and Profit Dividend Company taxes Revenue Grant Advances-Recovery Trust Funds: Deposits-Receipts Expenditure Personal…Question: Prepare the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries.) VIEW POLIES Show Attempt History Current Attempt in Progress Sunland Airline needs to send one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sunland issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the nployee returned the following receipts along with a report that the fund had $69.20 left in cash. Receipt Amount Description 1 $26.85 Taxi ride from airport to job site 43.50 FedEx charges for delivering plane parts 35.60 4 74.05 5 355.30…