Nov. 20 - The petty cash custodian paid the following from Dec. 15 petty cash fund, all supported by properly approved petty cash vouchers: Transportation Representation Freight for merchandise purchased Computer repairs P1,500 1,200 1,300 920 The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check amounting to P4,920 was issued to the petty cash custodian. Dec. 16 Dec. 16-31 The petty cash custodian paid the following from petty cash fund. Transportation Office supplies Р 340 1,400 A count of the petty cash fund revealed the following composition: Dec. 31 Bills and coins Р3,260 Paid petty cash vouchers for Transportation Office supplies 340 1,400 The fund was not replenished on this date. 2021 Jan. 1-8 The petty cash custodian paid the following: Representation Office supplies Transportation P 1,800 1,300 120 Jan. 9 The petty cash custodian submitted the petty cash vouchers evidencing payments from December 16 through January 8. petty cash fund for its replenishment and to increase its balance by P3,000. A check was issued to the REQUIRED: Prepare journal entries for the given transactions. appropriate adjusting entries on December 31, 2020, the end of the company's reporting period, and reversing entries on January 1. Include any
Nov. 20 - The petty cash custodian paid the following from Dec. 15 petty cash fund, all supported by properly approved petty cash vouchers: Transportation Representation Freight for merchandise purchased Computer repairs P1,500 1,200 1,300 920 The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check amounting to P4,920 was issued to the petty cash custodian. Dec. 16 Dec. 16-31 The petty cash custodian paid the following from petty cash fund. Transportation Office supplies Р 340 1,400 A count of the petty cash fund revealed the following composition: Dec. 31 Bills and coins Р3,260 Paid petty cash vouchers for Transportation Office supplies 340 1,400 The fund was not replenished on this date. 2021 Jan. 1-8 The petty cash custodian paid the following: Representation Office supplies Transportation P 1,800 1,300 120 Jan. 9 The petty cash custodian submitted the petty cash vouchers evidencing payments from December 16 through January 8. petty cash fund for its replenishment and to increase its balance by P3,000. A check was issued to the REQUIRED: Prepare journal entries for the given transactions. appropriate adjusting entries on December 31, 2020, the end of the company's reporting period, and reversing entries on January 1. Include any
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Chapter 1- Cash and Cash Equivalents
Nov. 20 - The petty cash custodian paid the following from
Dec. 15
petty cash fund, all supported by properly approved
petty cash vouchers:
1-8.
Transportation
Representation
Freight for merchandise purchased
Computer repairs
P1,500
1,200
1,300
920
The petty cash custodian submitted the above paid
petty cash vouchers to request for replenishment of
the fund. A check amounting to P4,920 was issued
to the petty cash custodian.
Dec. 16
Dec. 16-31 The petty cash custodian paid the following from
petty cash fund.
Р 340
Transportation
Office supplies
1,400
A count of the petty cash fund revealed the
following composition:
Dec. 31
1-9
Bills and coins
Р3,260
Paid petty cash vouchers for
Transportation
Office supplies
340
1,400
The fund was not replenished on this date.
2021
Jan. 1-8
The petty cash custodian paid the following:
Representation
Office supplies
Transportation
P 1,800
1,300
120
Jan. 9
The petty cash custodian submitted the petty cash
vouchers evidencing payments from December 16
through January 8.
petty cash fund for its replenishment and to
increase its balance by P3,000.
A check was issued to the
REQUIRED:
Prepare journal entries for the given transactions.
appropriate adjusting entries on December 31, 2020, the end of
the company's reporting period, and reversing entries on January
1.
Include any
38
Transcribed Image Text:équivalents to be
reported on December 31, 2020 statement of financial
position. It is the policy of the company to treat as cash
equivalents instruments with maturity date of 90 days or
less.
Indicate the proper reporting for items that are not reported
as cash and cash equivalents at December 31, 2020.
(b)
As a step to safeguard the company's cash balance, the Jessie
Company established an imprest petty cash fund in November
2020.
1-7.
From November 2020 through January 2021, the
company completed the following transactions related to petty
cash.
2020
Nov. 20
The company established an imprest petty cash
fund amounting to P5,000 and
payable to the petty cash custodian.
issued a check
37
65.
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