f the Agency approves the establishment of a P30,000 petty cash fund. Here are the following information for the monthly petty expenses as well as the cash count: Coins and Currencies 7,800 Office Supplies Expense 3,400 Fuel and
f the Agency approves the establishment of a P30,000 petty cash fund. Here are the following information for the monthly petty expenses as well as the cash count: Coins and Currencies 7,800 Office Supplies Expense 3,400 Fuel and
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Problem 1. The Head of the Agency approves the establishment of a P30,000 petty cash fund. Here are
the following information for the monthly petty expenses as well as the cash count:
Coins and Currencies 7,800
Office Supplies Expense 3,400
Fuel and Oil 10,500
Postage and Courier Expenses 1,900
Maintenance and Operating Expenses 4,000
A. The journal entries if the PCF is closed.
B. How much is the cash shortage(overage)?
C. How is the shortage or overage accounted?
D. The journal entries for the cash shortage(overage).
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