F. Hai – Co is reviewing the cash accounting for Hei – Co. Hai – Co's review will focus on the petty cash fund account and the bank reconciliation for the month ended June 30, 2013. She has collected the following information from Hei – Co's bookkeeper for this task. 7 Petty cash fund 1. The petty cash fund was established on June 3, in the amount of P 10,000 2. Expenditures from the fund by the custodian as of June 30, 2013, were Office supplies IOUS from employees Shipping charges Other expenses evidenced by approved petty cash vouchers for the following: P 3,920 1,200 2,298 1,526 On June 30, the petty cash fund was replenished and increased to P 12,000; currency and coins in the fund at that time totaled P 756.
F. Hai – Co is reviewing the cash accounting for Hei – Co. Hai – Co's review will focus on the petty cash fund account and the bank reconciliation for the month ended June 30, 2013. She has collected the following information from Hei – Co's bookkeeper for this task. 7 Petty cash fund 1. The petty cash fund was established on June 3, in the amount of P 10,000 2. Expenditures from the fund by the custodian as of June 30, 2013, were Office supplies IOUS from employees Shipping charges Other expenses evidenced by approved petty cash vouchers for the following: P 3,920 1,200 2,298 1,526 On June 30, the petty cash fund was replenished and increased to P 12,000; currency and coins in the fund at that time totaled P 756.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
These are the answers to the solution manual:
9. P(300)
10. P11,244
11.P368,720
Are they really the correct answers? Please show the computation from 9-11 please, thank you!
Transcribed Image Text:F. Hai – Co is reviewing the cash accounting for Hei – Co. Hai – Co's review will
focus on the petty cash fund account and the bank reconciliation for the month
ended June 30, 2013. She has collected the following information from Hei –
Co's bookkeeper for this task.
Petty cash fund
1. The petty cash fund was established on June 3, in the amount of P 10,000
2. Expenditures from the fund by the custodian as of June 30, 2013, were
Office supplies
IOUS from employees
Shipping charges
Other expenses
evidenced by approved petty cash vouchers for the following:
Р 3,920
1,200
2,298
1,526
On June 30, the petty cash fund was replenished and increased to P 12,000; currency
and coins in the fund at that time totaled P 756.
Transcribed Image Text:Bank reconciliation
Debit
Credit
Balance
Balance, June 1
Deposits
Note payment direct from
customer (with interest of P
1,200)
Checks cleared during June
Bank service charges
Balance, June 30
P 350, 760
P 1,120,000
37,200
1,246,000
1,080
Hei – Co's Cash account
P 354,000
1,240,000
Balance, June 1, 2013
Deposits during June
Checks written during June
Balance, June 30
?
320,600
Deposits in transit are determined to be P 120,000 and checks outstanding at June 30
total P 34,000. Cash on hand (except petty cash) at June 30 is P 9,840.
9. What is the amount of petty cash shortage?
10.
The journal entry to record the replenishment of and increase in the
petty cash fund includes a credit to cash of ?
11.
Correct cash balance, June 30, 2013.
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