12. On January 1, 2022, Bernadette Corporation established a petty cash fund of P400. On December 31, 2022, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P364. In addition, there was cash amounting to P44. What entry would be required to record the replenishment for the petty cash fund on December 31, 2022? A. Petty Cash 364 Cash Short or Over 8 Cash in Bank 356 B. Miscellaneous expense 364 Cash Short or Over Petty Cash 356 C Miscellaneous expense 364 Cash Short or Over 8 Cash in Bank 356 D. Miscellaneous expense 356 Cash Short or Over 8 Cash in Bank 356
12. On January 1, 2022, Bernadette Corporation established a petty cash fund of P400. On December 31, 2022, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P364. In addition, there was cash amounting to P44. What entry would be required to record the replenishment for the petty cash fund on December 31, 2022? A. Petty Cash 364 Cash Short or Over 8 Cash in Bank 356 B. Miscellaneous expense 364 Cash Short or Over Petty Cash 356 C Miscellaneous expense 364 Cash Short or Over 8 Cash in Bank 356 D. Miscellaneous expense 356 Cash Short or Over 8 Cash in Bank 356
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
![14. The books of Hotsilog Service Inc. disclosed a cash balance of PA8,757 on June 30. The bank statement as
of June 30 showed a balance of PS4,780. Additional information that might be useful in reconciling the two
balances follows:
a. Outstanding checks totaled P9,885 as of June 30.
b. Deposit in transit totaled P13,425 as of June 30.
C There were bank service charges for sune of P210 not yet recorded on the books.
d. Hotsilog's account had been charged on June 26 for a customer's NSF check for P1,296.
e. A bank memo stated that a customer's note for P9,000 and interest of P164 had been collected on
June 27.
1. Check payable to creditors for P3,000 was erroneously recorded on the books as P4,500.
E The deposit of June 24 was recorded on the books as P2,895, but it was actually a deposit of P2,700.
h. Hotsilog's account had been credited by the bank for P600. This amount should have been credited to
Languilog
How much is the correct cash balance at the end of the month?
A 57,720
B. 57,270
C 58,920
D. S8.290
5. Louis Company had the following account balances at December 31, 2021:
Cash in Metrobank
1,875,000
200,000
Cash in BPI
Cash on hand (includes a customer's check for P15.000 dated January 5, 2022
Cash restricted for acquisition of machinery (expected to be disbursed in 2022)
125,000
1,600,000
Cash in Metrobank include P300,000 of compensating balance agaimst short-term borrowing arrangements.
The compensating balance is not legaly restricted as to withdrawal by Louis, In the current asset section of
touis December 31, 2021 statement of financial position, total cash should be reported at
B. 1,885,000
C. 3,785,000
A 2,185,000
D. 3,485,000
26. The following information is available for the Jacobs Company on March 31 of the current year:
146,570
62,500
21,260
Bank statement balance, March 31
Note collected by bank, including interest of P2,500, not yet taken up on the books
NSF check returned with the bank statement
Outstanding check as of March 31
Bank service charges for March
Credit memo for interest credited by bank for the month of March
68,470
1,285
105
What is the correct cash balance at March 31?
A 38,145
B. 78,100
C. 78.205
D. 76,815](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faec766a9-64af-401e-8d8d-4c2da7b39e51%2Fbf642f10-2d82-4e4b-a0bd-698c6eacd9c7%2Fwjal35a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:14. The books of Hotsilog Service Inc. disclosed a cash balance of PA8,757 on June 30. The bank statement as
of June 30 showed a balance of PS4,780. Additional information that might be useful in reconciling the two
balances follows:
a. Outstanding checks totaled P9,885 as of June 30.
b. Deposit in transit totaled P13,425 as of June 30.
C There were bank service charges for sune of P210 not yet recorded on the books.
d. Hotsilog's account had been charged on June 26 for a customer's NSF check for P1,296.
e. A bank memo stated that a customer's note for P9,000 and interest of P164 had been collected on
June 27.
1. Check payable to creditors for P3,000 was erroneously recorded on the books as P4,500.
E The deposit of June 24 was recorded on the books as P2,895, but it was actually a deposit of P2,700.
h. Hotsilog's account had been credited by the bank for P600. This amount should have been credited to
Languilog
How much is the correct cash balance at the end of the month?
A 57,720
B. 57,270
C 58,920
D. S8.290
5. Louis Company had the following account balances at December 31, 2021:
Cash in Metrobank
1,875,000
200,000
Cash in BPI
Cash on hand (includes a customer's check for P15.000 dated January 5, 2022
Cash restricted for acquisition of machinery (expected to be disbursed in 2022)
125,000
1,600,000
Cash in Metrobank include P300,000 of compensating balance agaimst short-term borrowing arrangements.
The compensating balance is not legaly restricted as to withdrawal by Louis, In the current asset section of
touis December 31, 2021 statement of financial position, total cash should be reported at
B. 1,885,000
C. 3,785,000
A 2,185,000
D. 3,485,000
26. The following information is available for the Jacobs Company on March 31 of the current year:
146,570
62,500
21,260
Bank statement balance, March 31
Note collected by bank, including interest of P2,500, not yet taken up on the books
NSF check returned with the bank statement
Outstanding check as of March 31
Bank service charges for March
Credit memo for interest credited by bank for the month of March
68,470
1,285
105
What is the correct cash balance at March 31?
A 38,145
B. 78,100
C. 78.205
D. 76,815
![12. On January 1, 2022, Bernadette Corporation established a petty cash fund of P400. On December 31, 2022,
the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses
amounting to P364, In addition, there was cash amounting to P44. What entry would be required to
record the replenishment for the petty cash fund on December 31, 2022?
A. Petty Cash
364
Cash Short or Over
8
Cash in Bank
356
B. Miscellaneous expense
364
Cash Short or Over
Petty Cash
356
C. Miscellaneous expense
364
Cash Short or Over
Cash in Bank
8
356
D. Miscellaneous expense
356
Cash Short or Over
8
Cash in Bank
356
13. Iron Company provided the following information for the month of October:
Cash in bank, per bank statement, October 31
Bank service charge for October
Interest paid by the bank to Iron Company for October
Deposits made but not yet recorded by the bank
Checks written and mailed but not yet recorded by the bank
Erroneously recorded a check payment for P92,000 this should be been recorded as
P128,000
5,600,000
24,000
20,000
700,000
1,300,000
36,000
What is the cash balance per ledger on October 31?
A. 5,000,000
B. 5,040,000
C. 5,080,000
D. 5,600,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faec766a9-64af-401e-8d8d-4c2da7b39e51%2Fbf642f10-2d82-4e4b-a0bd-698c6eacd9c7%2Fwpi5ite_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12. On January 1, 2022, Bernadette Corporation established a petty cash fund of P400. On December 31, 2022,
the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses
amounting to P364, In addition, there was cash amounting to P44. What entry would be required to
record the replenishment for the petty cash fund on December 31, 2022?
A. Petty Cash
364
Cash Short or Over
8
Cash in Bank
356
B. Miscellaneous expense
364
Cash Short or Over
Petty Cash
356
C. Miscellaneous expense
364
Cash Short or Over
Cash in Bank
8
356
D. Miscellaneous expense
356
Cash Short or Over
8
Cash in Bank
356
13. Iron Company provided the following information for the month of October:
Cash in bank, per bank statement, October 31
Bank service charge for October
Interest paid by the bank to Iron Company for October
Deposits made but not yet recorded by the bank
Checks written and mailed but not yet recorded by the bank
Erroneously recorded a check payment for P92,000 this should be been recorded as
P128,000
5,600,000
24,000
20,000
700,000
1,300,000
36,000
What is the cash balance per ledger on October 31?
A. 5,000,000
B. 5,040,000
C. 5,080,000
D. 5,600,000
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