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How much expense should recognized in 2021?

How much expense should recognized in 2021?

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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How much expense should recognized in 2021?
Your audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021, for 20,000. Transactions related to the fund are as follows: . October and November fund disbursements (before the November 15 replenishment) include the following: Transportation expense 4,500 Repairs for office equipment 6,780 3.000 IOU from employees ● The fund was replenished on November 15 when the petty cash on hand total to 1.200. The check drawn is enough to bring the petty cash balance to P20,000. The shortage is appropriately recorded by your client. D November (after the November 15 replenishment) and December disbursements include the following: Transportation expense 3.600 Office supplies 2.200 Office furniture (purchased Dec. 31) 5.000 IOU from employees 800 ● Cash count related to the fund revealed currencies totaling to P3.400. The fund was replenished in January 2022. All supplies were used during the year.
Transcribed Image Text:Your audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021, for 20,000. Transactions related to the fund are as follows: . October and November fund disbursements (before the November 15 replenishment) include the following: Transportation expense 4,500 Repairs for office equipment 6,780 3.000 IOU from employees ● The fund was replenished on November 15 when the petty cash on hand total to 1.200. The check drawn is enough to bring the petty cash balance to P20,000. The shortage is appropriately recorded by your client. D November (after the November 15 replenishment) and December disbursements include the following: Transportation expense 3.600 Office supplies 2.200 Office furniture (purchased Dec. 31) 5.000 IOU from employees 800 ● Cash count related to the fund revealed currencies totaling to P3.400. The fund was replenished in January 2022. All supplies were used during the year.
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