Callous Company reported the following accounts on December 31, 2021: Cash on hand Petty cash fund Philippine Bank current account City Bank current nccount No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving acoount Asia Bank time deposit, 90 daye. 200,000 20,000 6,000,000 4,000,000 ( 100,000) 250,000 2,000,000 * Cash on hand included the following items: : Customer check for P35,000 returned by bank December 26, 2021 đue to insufficient fund but subeequently redeposited and cleared by the bank on January 10,.2022. Customer check for P15,000 dated Januarv 10, 2022, received December 23, 2021. The petty cash fund consisted of the following items: Currency and coins IOUS from officers Unreplenished petty cash vouchere 5,000 2,000 12,000 - Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2021 were the following: Check written and dated December 23, 2021 and delivered to payee on January 31, 2022, P25,000. Check written December 26, 2021, dated January 30, 2022, delivered to payee on December 28, 2021, P45,000.". equired: Compute the total cash and cash equivalents. Prepare adjusting entries on December 31, 2021.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problom 1-4 (PHILCPA Adapted)
Callous Company reported the following accounts on
December 31, 2021:
Caah on hand
Petty cash fund
Philippine Bank current account
City Bank current nccount No. 1
City Bank current account No. 2 (overdraft)
Asia Bank saving account
Asia Bank time deposit, 90 daye.
'200,000
20,000
6,000,000
4,000,000
( 100,000)
250,000
2,000,000
Cash on hand included the following items: :
Customer check for P35,000 returned by bank December
26, 2021 due to insufficient fund but subeequently
redeposited and cleared by the bank on January 10,2022.
Customer check for P15,000 dated Januarv 10, 2022,
received December 23, 2021.
The petty cash fund consisted of the following items:
Currency and coins
IOUS from officers
Unreplenished petty cash vouchere
5,000
2,000
12,000
Included among the checks drawn by Callous Company
against the Philippine Bank current account and
recorded in December 2021 were the following:
Check written and dated December 23, 2021 and
delivered to payee on January 31, 2022, P25,000.
Check written December 26, 2021, dated January 30, 2022,
delivered to payee on December 28, 2021, P45,000.
Required:
1. Compute the total cash and cash equivalents.
2. Prepare adjusting entries on December 31, 2021.
21
Transcribed Image Text:Problom 1-4 (PHILCPA Adapted) Callous Company reported the following accounts on December 31, 2021: Caah on hand Petty cash fund Philippine Bank current account City Bank current nccount No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving account Asia Bank time deposit, 90 daye. '200,000 20,000 6,000,000 4,000,000 ( 100,000) 250,000 2,000,000 Cash on hand included the following items: : Customer check for P35,000 returned by bank December 26, 2021 due to insufficient fund but subeequently redeposited and cleared by the bank on January 10,2022. Customer check for P15,000 dated Januarv 10, 2022, received December 23, 2021. The petty cash fund consisted of the following items: Currency and coins IOUS from officers Unreplenished petty cash vouchere 5,000 2,000 12,000 Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2021 were the following: Check written and dated December 23, 2021 and delivered to payee on January 31, 2022, P25,000. Check written December 26, 2021, dated January 30, 2022, delivered to payee on December 28, 2021, P45,000. Required: 1. Compute the total cash and cash equivalents. 2. Prepare adjusting entries on December 31, 2021. 21
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