Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following: Currencies - P5,600 Coins - P450 Paid vouchers of office supplies (dated July 2, 2021) - P1,550 Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300 Loans to employees - P3,000 Company check representing replenishment of the petty cash fund - P3,850 What is the correct amount of the petty cash fund at June 30, 2021?
Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following: Currencies - P5,600 Coins - P450 Paid vouchers of office supplies (dated July 2, 2021) - P1,550 Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300 Loans to employees - P3,000 Company check representing replenishment of the petty cash fund - P3,850 What is the correct amount of the petty cash fund at June 30, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following:
Currencies - P5,600
Coins - P450
Paid vouchers of office supplies (dated July 2, 2021) - P1,550
Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300
Loans to employees - P3,000
Company check representing replenishment of the petty cash fund - P3,850
What is the correct amount of the petty cash fund at June 30, 2021?
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