A surprise count of the petty cash fund of Jing Trading on July 4, 2021 showed the following: Currencies 5,600 Coins 450 Paid vouchers for: Office supplies (dated July 2, 2021) 1,750 Newspaper subscription for two weeks (dated June 29, 2021) 300 Loans to employees 3,000 Company check representing replenishment of petty cash fund 3,850 The company’s fiscal year ends of June 30. The petty cash fund was established for an amount of P15,000. What is the correct amount of petty cash fund at June 30, 2021? 6,050 9,900 11,650 15,000 How much is the shortage or overage in the petty cash fund at June 30, 2021? Group of answer choices 50 shortage 50 overage 1,800 shortage 1,800 overage
A surprise count of the petty cash fund of Jing Trading on July 4, 2021 showed the following: Currencies 5,600 Coins 450 Paid vouchers for: Office supplies (dated July 2, 2021) 1,750 Newspaper subscription for two weeks (dated June 29, 2021) 300 Loans to employees 3,000 Company check representing replenishment of petty cash fund 3,850 The company’s fiscal year ends of June 30. The petty cash fund was established for an amount of P15,000. What is the correct amount of petty cash fund at June 30, 2021? 6,050 9,900 11,650 15,000 How much is the shortage or overage in the petty cash fund at June 30, 2021? Group of answer choices 50 shortage 50 overage 1,800 shortage 1,800 overage
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A surprise count of the petty cash fund of Jing Trading on July 4, 2021 showed the following:
|
Currencies |
5,600 |
|
Coins |
450 |
|
Paid vouchers for: |
|
|
Office supplies (dated July 2, 2021) |
1,750 |
|
Newspaper subscription for two weeks (dated June 29, 2021) |
300 |
|
Loans to employees |
3,000 |
|
Company check representing replenishment of petty cash fund |
3,850 |
The company’s fiscal year ends of June 30. The petty cash fund was established for an amount of P15,000.
What is the correct amount of petty cash fund at June 30, 2021?
6,050
9,900
11,650
15,000
How much is the shortage or overage in the petty cash fund at June 30, 2021?
Group of answer choices
50 shortage
50 overage
1,800 shortage
1,800 overage
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education