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On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021, the netty cash fund was examined and found to comprise the following information: Coins and currencies Petty cash vouchers for expenses 6,000 46,000

On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021, the netty cash fund was examined and found to comprise the following information: Coins and currencies Petty cash vouchers for expenses 6,000 46,000

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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Hi. Can I ask for the correct answer and complete solution of both number 1 and 2? Thank you for your support in my studies. 

On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021, the netty cash fund was examined and found to comprise the following information: Coins and currencies Petty cash vouchers for expenses 6,000 46,000 The petty cash fund was replenished on December 31, 2021. 1. What amount should be reported as cash shortage or cash overage? a. 2,000 over b. 2,000 short c. 4,000 short d. 2. What entry should Andi Company make on December 31, 2021 to record the replenishment of petty cash fund? a. Petty cash 46,000 Cash in bank Cash short and over 44,000 2,000 b. Miscellaneous expenses Cash in bank Cash short and over 46,000 44,000 2,000 c. Miscellaneous expenses Cash short and over Cash in bank 44,000 2,000 46,000 d. Miscellaneous expenses Petty cash Cash short and over 46,000 44,000 2,000
Transcribed Image Text:On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021, the netty cash fund was examined and found to comprise the following information: Coins and currencies Petty cash vouchers for expenses 6,000 46,000 The petty cash fund was replenished on December 31, 2021. 1. What amount should be reported as cash shortage or cash overage? a. 2,000 over b. 2,000 short c. 4,000 short d. 2. What entry should Andi Company make on December 31, 2021 to record the replenishment of petty cash fund? a. Petty cash 46,000 Cash in bank Cash short and over 44,000 2,000 b. Miscellaneous expenses Cash in bank Cash short and over 46,000 44,000 2,000 c. Miscellaneous expenses Cash short and over Cash in bank 44,000 2,000 46,000 d. Miscellaneous expenses Petty cash Cash short and over 46,000 44,000 2,000
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