How much is the correct cash balance on December 31, 2020? Presented below are transactions of MM Company related to petty cashfor 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 coinMemoranda showing expenditures for:3,000PostageSupplies2,0005,000Dec. 1 A check was drawn to replenish the fund and to increase itsamount to P20,000.Dec. 31 Incurred the following expenditures:Postage3,0004,000SuppliesDonation2,000The fund was not replenished.How much should be petty cash fund balance to be included in thestatement of financial positions as of December 31, 202O? Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bankreconciliation for November 2020:Balance per ledgerBank service chargesP2,372,000(2,000)Adjusted balanceP2,370,000Balance per bank statementDeposit in transitOutstanding checksAdjusted balanceP2,100,000300,000(30,000)P2,3000Information gathered for December 2020 are as follows:BankBookChecks recorded2,300,0001,620,0002,360,0001,800,000Deposits recordedCollection by bank (P400,000 noteplus interest)NSF check returned with Dec. 31420,000bank statement10,000Service charge2,0001,828,000Balances1,810,000

Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following ba reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) P2,370,000 Adjusted balance Balance per bank statement Deposit in transit Outstanding checks Adjusted balance P2,100,000 300,000 (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 1,800,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 420,000 bank statement 10,000 2,000 1,828,000 Service charge Balances 1,810,000

Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following ba reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) P2,370,000 Adjusted balance Balance per bank statement Deposit in transit Outstanding checks Adjusted balance P2,100,000 300,000 (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 1,800,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 420,000 bank statement 10,000 2,000 1,828,000 Service charge Balances 1,810,000

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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On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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?
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 3,000 4,000 Supplies 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, 202O?
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The statement of financial position of the Company dated October 31,2021, shows cash of P2,177,870. The following items were found to comprise this amount: Cash in Metrobank, (outstanding checks as of year-end totaled P50,200)-P290,320; Petty cash fund (including expense receipts of P2,500)-P15,000; Undeposited sales receipts -P47,200; Sinking fund cash – P500,000; Cash surrender value of life insurance policy –P800,000; Cash in foreign bank (in equivalent pesos) - P250,000; Cash travel advances in the hands of sales personnel-P25,000; Customer’s check on hand: Traveler’s check – P14,450; Customer’s check dated November 3, 2021- P7,400; Manager’s check- P8,500; 120-day BSP Treasury bills- P120,000; 90 day, BSP treasury bills – P100,000. What is the company’s correct amount of cash and cash equivalents on October 31, 2021?
А. Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The followings are information on bank transactions of Savonn Enterprise as at 31 January 2022: i. Amount of cash as shown on the bank statement and book respectively are RM33,815 and RM33,044. The bank collected RM550 on a note receivable for Savonn Enterprise. The bank charged a collection fee of RM10 which was credited to Savonn Enterprise's account. A deposit of RM2,850, representing cash receipts by Savonn Enterprise on 31 January, did not appear on the bank statement. An Non-Sufficient Fund (NSF) cheque for RM180 from a customer, Mr Gebang Kencang, was returned with the bank statement. Also returned with the bank statement is a cheque amounted RM650 from Mr Kuwat Klentong for having different authorised signature on the cheque. The bank paid correctly an amount of RM3,680 for cheque No 2808 which was recorded in a book as RM3,860. Outstanding cheque include cheques No. 1001 and No. 1002, with the amount…
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Beginning January 2022, WMA Enterprise has established a petty cash fund for its small expenditures. The following transactions took place during the month: Date Transactions 2 Jan. Established a RM300 petty cash fund with cash withdrawn from the company's current account. 31 Jan. The petty cash fund has RM12 remaining and is replenished. Expenditures during the month were RM80 for freight-in, RM65 (meals), RM40 (postage), RM75 (amenities) and RM25 (parking). B.
1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund contained $132 and had the following receipts: entertainment $42, postage $29, and printing $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. See attached images
The statement of financial position of the Money Company on December 31, 2020 shows cash of P330,820. Thefollowing items were found to comprise this total amount: Checking account in Metrobank, (outstanding check As of year-end totaled P15,200) P105,200 Savings account at Far East Bank 30,800 Petty cash fund (including expense receipts for 250) 1,500 Cash on Hand (undeposited sales receipts) 4,200 Sinking fund cash 35,000 Cash in foreign bank (in equivalent pesos) 65,000 Customers' check on hand: Traveler's check 14,000 Manager's check 23,120 Short-term treasury bills 52,000 Money Company also has on hand a check payable to supplier amounting to P62,000, which has been recorded in the cash disbursement journal in December. REQUIRED: What is the correct amount of cash?
On December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021, the petty cash fund comprised the following information: Coins and currencies 6,000 Petty cash vouchers for miscellaneous expense 46,000 The petty cash fund was replenished on December 31, 2021. What entry should Hazel make on December 31, 2021 to record the replenishment of petty cash fund?