A count of the undeposited receipts under the custody of Gor G. Nyo, cashier of Macario Corp., onSeptember 30, showed the following composition:Currency and coinsUnused postage and documentary stampsEmployee IOU's (supported by promissory notes)Other disbursement vouchers paid from cash receiptsP24,6202202,0001,600Checks:Date3-24-20PayeeМаcario Corp.DrawerRita Co. (Customer)Tams Co. (Customer)Jonli Inc. (Customer)Macario Corp.X24E Co. (Customer)2,0004,7003,9205,7001,500P 44,7609-20-20Маcario Corp.Macario Corp.MERALCO9-27-20**9-30-2010-2-20Macario Corp.Total per count**Marked NSF by the bank (replaced by the customer and redeposited on October 5)Assuming the cashier's accountability is P33,540 per the client's records as of September 30:1. What was the amount of shortage/overage on September 30?2. What is the adjusted balance of undeposited collections as of September 30?

Undeposited receipts refer to funds received by a company or individual that have not yet been…

A count of the undeposited receipts under the custody of Gor G. Nyo, cashier of Macario Corp., on September 30, showed the following composition: Currency and coins Unused postage and documentary stamps Employee IOU's (supported by promissory notes) Other disbursement vouchers paid from cash receipts Checks: Date 3-24-20 9-20-20 9-27-20 3,920 9-30-20 5,700 10-2-20 1,500 Total per count P 44,760 **Marked NSF by the bank (replaced by the customer and redeposited on October 5) Payee Macario Corp. Macario Corp. Macario Corp. MERALCO Macario Corp. P24,620 220 2,000 1,600 Drawer Rita Co. (Customer) Tams Co. (Customer) Jonli Inc. (Customer) Macario Corp. X24E Co. (Customer) 2,000 4,700 **

A count of the undeposited receipts under the custody of Gor G. Nyo, cashier of Macario Corp., on September 30, showed the following composition: Currency and coins Unused postage and documentary stamps Employee IOU's (supported by promissory notes) Other disbursement vouchers paid from cash receipts Checks: Date 3-24-20 9-20-20 9-27-20 3,920 9-30-20 5,700 10-2-20 1,500 Total per count P 44,760 Marked NSF by the bank (replaced by the customer and redeposited on October 5) Payee Macario Corp. Macario Corp. Macario Corp. MERALCO Macario Corp. P24,620 220 2,000 1,600 Drawer Rita Co. (Customer) Tams Co. (Customer) Jonli Inc. (Customer) Macario Corp. X24E Co. (Customer) 2,000 4,700

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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Company developed the following reconciling information and preparing it's April bank recognition: cash balance per bank for 15400, note receivable collected by Bank 8400, outstanding checks 12,600 deposit in transit 6300; bank service charge 150 NSF check 1680; using the above information determine The cash balance per books before adjustment for the company
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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,175. B. On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)
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2., On November 30, XYZ, Inc.'s petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund.
The following petty cash transactions were made by the Freeman Corporation during the month General Journal of September. Record the transactions in the journal provided in the account order that they appear below. Date Account Debit Credit Sep 1 Established a petty cash fund of $300. 1-Sep Petty Cash 300 Cash 300 Sep 15 Reimbursed the petty cash fund for the following: Stapler, staples, and tape $55 15-Sep 55 Pizza for the office party (meals) $85 85 Maintenance/Janitorial $112 112 The cash in the box before reimbursement was $40.…
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7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus
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