PROBLEM #3Harley Co. reported the following information in relation to cash onDecember 31, 2019:*Checkbook balance, P4,000,000*Undeposited collections, P400,000*A customer check amounting to P200,000 dated January 2, 2020 wasincluded in the December 31, 2012 checkbook balance.*Another customer check for P500,000 deposited on December 22. 2019 wasincluded in the checkbook balance but returned by the bank forinsufficiency of fund. This check was redeposited on December 26, 2012 andcleared 2 days later.*A P400,000 check payable to supplier dated and recorded on December30, 2012 was mailed on January 16, 2020.A petty cash fund of P50,000 comprised the following on December 31,2019:Coins and currencies5.000Petty cash vouchers40,000Refundable deposit for returnable containers5,000A check of P40,000 was drawn on December 31, 2019 payable to PettyCash.1. What is the adjusted cash in bank on December 31, 2019?2. What total amount should be reported as cash on December 31, 2019?

Add back any deposits in transit using the cash balance displayed on the bank statement. Subtract…

Answered: December 31, 2019: *Checkbook balance,…

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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H7. What is ABC Company, Inc.'s cash balance as of March 31? Cash balance on depositor's books: $15,000 checks in circulation: $2,500 interest earned on account balance: $15 customer check returned for non-sufficient funds (“NSF”): $100 multiple choice a)$12,500 b)$14,885 c)$14,915 d)$17,385
None
The Marnie Department produced the following data for Amy Company as of December 31, 2021: Checkbook balance P 475,000Collectibles balance 500,000Cash in sinking fund 500,000Petty cash fund balance 5,000There was also a check drawn on Amy's account, payable to supplier amounting to P10,000, dated and recorded on December 31, 2014, but was mailed only on January 15, 2022. On December 31, 2021, how much should be reported as "cash and cash equivalents"? A. 990,000 B. 490,000 C. 980,000 D. 480,000
45. At what amount will the account "Cash" appear on the December 31, 2022 balance sheet? The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank Cash collection not yet deposited to the bank P 900,000 350,000 150,000 70,000 A customer's check returned by the bank for insufficient fund A check drawn by the Vice-President of the Corporation dated January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees' I.O.U.; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to…
Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…
What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial position? On June 1, Mickey Mouse Corporation accepted a customer's P10,000, 9 percent, 3-month note. On July 1, the note was discounted at a bank at a rate of 12 percent. How much cash did Mickey Mouse receive from the bank on the discounted note?
Waterway, Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 Add: Deposit in transit Less: Outstanding checks Balance per books, 3/31/20 Data per bank for the month of April 2020 follow: Deposits Disbursements $36600 O $25050 O $31100 O $29350 O $26350 6240 42840 8540 $34300 $47200 50400 All reconciling items at March 31, 2020 cleared the bank in April. Outstanding checks at April 30, 2020 totaled $6050. There were no deposits in transit at April 30, 2020. What is the cash balance per books at April 30, 2020?
An entity provided the following data on December 31, 2020: Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00 What amount should be reported as cash and cash equivalents on December 31, 2020?
Josephine Company's checkbook balance on December 31, 2023 was P900,000. In addition, Josephine Company held the following items in its safe on December 31: Check payable to Josephine Co., dated January 5, 2024, not included in December 31 checkbook balance Check payable to Josephine Co., deposited December 20 and included in December 31 checkbook balance but returned by bank on December 30, stamped "NSF". The check was redeposited January 2, 2024 and cleared on January 3, 2024. Check drawn on Josephine Co.'s account and payable to a vendor, dated and recorded December 31 but not mailed until January 15, 2024. P200,000 50,000 150,000 What is the proper amount to be shown as cash on Josephine Co.'s statement of financial position on December 31, 2023?
40. What amount should be reported as cash on December 31, 2022? 40. Huston's Company had a checkbook balance on December 31, 2022 of P820,000 and held the following items: L Check payable to Huston dated January 4, 2023 included in the December 31 checkbook balance, P90,000. 11. Check payable to Huston dated December 28, 2022 and included in the December 31 balance, it was returned by the bank on December 30 marked NSF. The check was redeposited January 3, 2023 and is cleared January 5, 2023, P80,000. III. Check payable to Regina Mills, a supplier, dated January 3, 2023 was delivered on December 29, 2022, P65,000. This was excluded in the December 31 balance.
Required: Prepare a compound adjusting journal entry to correct the petty cash fund balance as of December 31, 2018.
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