ABS Company showed the following information available as of December 31,2021 before any adjustments during the month: Petty cash fund 29,000 Cash on hand 150,000 Cash in BDO 500,000 Cash in BPI 900,000 Cash equivalents 200,000 Other current assets 50,000 1 The petty cash box as of december 31 includes the following: Currencies and coins 9,000 Check replenishment for december recorded 30,000 under cash on hand Customer NSF check returned by BPI 10,000 2 The petty cash book shows that the petty cash fun has an original balance of Php50,000 and the total disubrsements during December amounted to Php 20,000. The entity sends replenishment checks every month except in November, hence, an adjustment was properly made on November 30.

ABS Company showed the following information available as of December 31,2021 before any adjustments during the month: Petty cash fund 29,000 Cash on hand 150,000 Cash in BDO 500,000 Cash in BPI 900,000 Cash equivalents 200,000 Other current assets 50,000 1 The petty cash box as of december 31 includes the following: Currencies and coins 9,000 Check replenishment for december recorded 30,000 under cash on hand Customer NSF check returned by BPI 10,000 2 The petty cash book shows that the petty cash fun has an original balance of Php50,000 and the total disubrsements during December amounted to Php 20,000. The entity sends replenishment checks every month except in November, hence, an adjustment was properly made on November 30.

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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Prepare adjusting entries on December 31,2021

ABS Company showed the following information available as of December 31,2021 before any adjustments during the month:
Petty cash fund
29,000
Cash on hand
150,000
Cash in BDO
500,000
Cash in BPI
900,000
Cash equivalents
200,000
Other current assets
50,000
1 The petty cash box as of december 31 includes the following:
Currencies and coins
9,000
Check replenishment for december recorded
30,000
under cash on hand
Customer NSF check returned by BPI
10,000
2 The petty cash book shows that the petty cash fun has an original balance of
Php50,000 and the total disubrsements during December amounted to Php
20,000. The entity sends replenishment checks every month except in
November, hence, an adjustment was properly made on November 30.

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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