Further investigation also disclosed that a cash sale of merchandise last Jan. 2, 2020 amounted to P555.40 as shown by the sales records, while the cash receipts and bank deposit slip showed that only P455.40 was deposited at BDO on Jan. 3, 2020. You also found that the pay envelopes of the following employees had been opened, but the money was not removed was not removed from the envelopes.. Each envelope was marked "Unclaimed" and opened- W. Martinez- For the week ending Dec. 30, 2019. H. Bautista- For the week ending Dec.23, 2019. P24.65 P23.25 Make a: 1. Petty cash count sheet as of Jan. 5, 2020
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- Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund:Freight-Out RO 72Supplies Expense 102Entertainment of Clients 110Postage Expense 51InstructionsPrepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.Odum Corporation’s cash account showed a balance of $17,000 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,711.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $175.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $960.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: Check # Amount 429 $57.40 432 147.50 433 210.80 434 191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank statement had been incorrectly…You are auditing the cash account of GSP Company with a balance of P 840,000 as of December 31, 2022. On deposit in a current account with the Banco de Oro Cash collections not yet deposited to the bank A customer's check returned by the bank for insufficient fund A check drawn by the Vice President of the company dates January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by GSP Petty Cash Fund of which P 12,000 is in currency; P 4,000 in form of IOUS, and P 4,0 by approved petty cash vouchers for expenses all dated prior to closing of the books 31, 2022 TOTAL Less: Overdraft with BPI secured by a chattel mortgage on the inventories Balance per ledger What is cash balance that would be reported in the statement of financial position as at December 31, 2022? O 1,208,000 O 1,182,000 O 1,220,000 O 1,350,000
- You are auditing general cash for the Tampa Supply Company for the fiscal year ended March 31, 2019. The client has not prepared the March 31 bank reconciliation. After a brief discussion with the owner, you agree to prepare the reconciliation, with assistance from one of Tampa Supply's clerks. General Ledger Bank Statement Beginning balance 3/1/19 7,637 9,513 Deposits 25,336 Cash receipts journal 26,512 Checks cleared (25,629) Cash disbursements journal (23,824) March bank service charge (75) Note paid directly (4,500) NSF check (2,071) Ending balance 3/31/19 10,325 2,574 Balance per bank 9,513 Deposits in transit 620 Outstanding checks 2,496 Balance per books 7,637 1. Checks clearing that were outstanding on February 28 totaled $2,477. 2. Checks clearing that were recorded in the Marchdisbursements journal totaled $21,205. 3. Deposits included $620 from…Assume that you have audited accounts receivable as of 12/31/2020 and are confident that the ending balance should be $7,188,000. Further, you know that the audited balance as of 12/31/2019 was $8,462,000. You also verified cash deposits from customers through a review of the bank account. Based on that review you believe that cash receipts from customers ranges from an amount of $40,000,000 to $41,000,000. Which amount below would represent an overstatement of revenue for the year ending 12/31/2020, based on the facts above? 1. $38,500,000 2. $41,000,000 3. $39,762,000 4. $39,100,000On June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balance
- The following information is made available while checking the cash accounts of AeronCompany on December 31, 2019:Balance per book 7,100,000Balance in checking account 7,000,000Deposit in transit 1,200,000Outstanding checks 1,500,000Deposit in other bank closed by BSP 1,500,000Currency and coins on hand 600,000Petty cash fund 50,000DAIF checks of customers returned by bank 500,000Error in recording a check in the book. The correct amount as paid bythe bank is P100,000 instead of P200,000 as recorded in the book 100,000The correct cash balance under current assets on December 31, 2019 is_______Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2019, and prepare the journal entries: (a) The bank statement balance is $4,095 (b) The cash account balance is $4,205. (c) Outstanding checks amounted to $517. (d) Deposits in transit are $655. (e) The bank service charge is $45. (f) A check for $84 for supplies was recorded as $48 in the ledger. (g) NSF check for $649.00 (h) EFT collected $715.00 (i) Bank error processed a check for $53 as $351. On September 1, 2020, Walls Company establishes a petty cash fund by issuing a checkfor $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020,Andrew Liu submitted the following paid petty cash vouchers:Freight-In $22Supplies Expense $13Entertainment of Clients $37Postage Expense $19The fund was replenished on September 19, 2020 when there is $7 cash in the fund andthe company decided to raise the fund to $150. Prepare the journal entries required to establish the petty cash fund on September 1and the replenishment of the fund on September 19.2. The petty cash fund was established on April 10, 2020, in the amount of $300. These arethe following expenditure made by petty cash custodian:Postage expense $27Mailing labels and other supplies $75.25I.O.U from employees $25Shipping charges (to customer) $47.50Newspaper advertising $33Miscellaneous expense $47.25On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at$25. Prepare the…
- The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS Cash Debit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 CASH PAYMENTS Check No. 4113 Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 4114 10 4115 16 4116 22 4117 29 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 9 12 17 22 23 92,700 543,750 Less: Checks and other debits: P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 Apr. 7 13 14 15 18 21 26 30 50,000 30 1,000 Service charge 335,300 P 304,000 Ending balanceRefer to workpaper 20-8. Suppose there was a third transfer on the interbank transfer schedule for $16,500. Assume that the funds were transferred from the general cash account to the payroll cash account. Also assume that the transfer was recorded in the client’s cash disbursements journal on 1/4/2019, and the check cleared the disbursing bank on 1/4/2019. In addition, assume that the transfer was recorded in the client’s cash receipts journal on 12/26/2018 and was received by the receiving bank on 12/26/2018. Discuss the concerns you would have about this transfer.Required: 1.Complete the bank reconciliation at December 31, 2019. 2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions. Please show work.