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Exercise 1-2 The following items are included in the Cash general ledger account of SANTAN COMPANY as of Dec. 31, 2019: 1. Current account with MBTC 2. Current account with MBTC (overdraft) 3. Petty cash fund (with P350 unreplenished vouchers) 4. Change fund (originally set up by retaining P250 in each of the five cash registers) 5. Cash in bank established as sinking fund 6. Undeposited cash collections (including one check for P400 dated Jan. 2, 2020) 7. Cash deposited with a government agency as bidder's bonds 8. Cash advances for travelling salesmen 9. Cash in bank (under receivership) 10. Cash for meter deposit with a public utility (Meralco) Exercise 1-3 P100,000 20,000 1,000 1,230 40,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported? accounts 5. Change fund 6. Promissory note from cashier with no due date 12,400 7. Currency and coins per count 8. Cash in bank (outstanding checks amounting to P7,000; bank DM of P1,000 not recorded yet in the books) (The balance of the account in the bank is P36,000. 20,000 20,000 16,000 3,000 The following items were included in the Cash account in the general ledger of DAISY CORPORATION as of Dec. 31, 2019: 1. Checks received from customers awaiting deposit 2. Checks received from customers which are postdated 3. Postage stamps received in the mails from customers 4. Postal money orders received from customers in payment of open P40,000 8,000 400 5,600 3,000 2,000 24,300 33,000)

Exercise 1-2 The following items are included in the Cash general ledger account of SANTAN COMPANY as of Dec. 31, 2019: 1. Current account with MBTC 2. Current account with MBTC (overdraft) 3. Petty cash fund (with P350 unreplenished vouchers) 4. Change fund (originally set up by retaining P250 in each of the five cash registers) 5. Cash in bank established as sinking fund 6. Undeposited cash collections (including one check for P400 dated Jan. 2, 2020) 7. Cash deposited with a government agency as bidder's bonds 8. Cash advances for travelling salesmen 9. Cash in bank (under receivership) 10. Cash for meter deposit with a public utility (Meralco) Exercise 1-3 P100,000 20,000 1,000 1,230 40,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported? accounts 5. Change fund 6. Promissory note from cashier with no due date 12,400 7. Currency and coins per count 8. Cash in bank (outstanding checks amounting to P7,000; bank DM of P1,000 not recorded yet in the books) (The balance of the account in the bank is P36,000. 20,000 20,000 16,000 3,000 The following items were included in the Cash account in the general ledger of DAISY CORPORATION as of Dec. 31, 2019: 1. Checks received from customers awaiting deposit 2. Checks received from customers which are postdated 3. Postage stamps received in the mails from customers 4. Postal money orders received from customers in payment of open P40,000 8,000 400 5,600 3,000 2,000 24,300 33,000)

FINANCIAL ACCOUNTING
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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Exercise 1-2 The following items are included in the Cash general ledger account of SANTAN COMPANY as of Dec. 31, 2019: 1. Current account with MBTC 2. Current account with MBTC (overdraft) 3. Petty cash fund (with P350 unreplenished vouchers) 4. Change fund (originally set up by retaining P250 in each of the five cash registers) 5. Cash in bank established as sinking fund 6. Undeposited cash collections (including one check for P400 dated Jan. 2, 2020) 7. Cash deposited with a government agency as bidder's bonds 8. Cash advances for travelling salesmen 9. Cash in bank (under receivership) 10. Cash for meter deposit with a public utility (Meralco) Exercise 1-3 P100,000 20,000 1,000 1,230 40,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported? accounts 5. Change fund 6. Promissory note from cashier with no due date 12,400 7. Currency and coins per count 8. Cash in bank (outstanding checks amounting to P7,000; bank DM of P1,000 not recorded yet in the books) (The balance of the account in the bank is P36,000. 20,000 20,000 16,000 3,000 The following items were included in the Cash account in the general ledger of DAISY CORPORATION as of Dec. 31, 2019: 1. Checks received from customers awaiting deposit 2. Checks received from customers which are postdated 3. Postage stamps received in the mails from customers 4. Postal money orders received from customers in payment of open P40,000 8,000 400 5,600 3,000 2,000 24,300 33,000)
Transcribed Image Text:Exercise 1-2 The following items are included in the Cash general ledger account of SANTAN COMPANY as of Dec. 31, 2019: 1. Current account with MBTC 2. Current account with MBTC (overdraft) 3. Petty cash fund (with P350 unreplenished vouchers) 4. Change fund (originally set up by retaining P250 in each of the five cash registers) 5. Cash in bank established as sinking fund 6. Undeposited cash collections (including one check for P400 dated Jan. 2, 2020) 7. Cash deposited with a government agency as bidder's bonds 8. Cash advances for travelling salesmen 9. Cash in bank (under receivership) 10. Cash for meter deposit with a public utility (Meralco) Exercise 1-3 P100,000 20,000 1,000 1,230 40,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported? accounts 5. Change fund 6. Promissory note from cashier with no due date 12,400 7. Currency and coins per count 8. Cash in bank (outstanding checks amounting to P7,000; bank DM of P1,000 not recorded yet in the books) (The balance of the account in the bank is P36,000. 20,000 20,000 16,000 3,000 The following items were included in the Cash account in the general ledger of DAISY CORPORATION as of Dec. 31, 2019: 1. Checks received from customers awaiting deposit 2. Checks received from customers which are postdated 3. Postage stamps received in the mails from customers 4. Postal money orders received from customers in payment of open P40,000 8,000 400 5,600 3,000 2,000 24,300 33,000)
REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported?
Transcribed Image Text:REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported?
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