P 9,000 Coins and currencies Petty cash vouchers: Gasoline payments Supplies Cash advances to employees Employee's check returned by bank marked NSF Check drawn by Jackson payable to the order of the petty cash custodian representing her salary A sheet of paper with names of employees together with the contribution for a birthday 6,000 7,000 8,000 15,000 9,000

P 9,000 Coins and currencies Petty cash vouchers: Gasoline payments Supplies Cash advances to employees Employee's check returned by bank marked NSF Check drawn by Jackson payable to the order of the petty cash custodian representing her salary A sheet of paper with names of employees together with the contribution for a birthday 6,000 7,000 8,000 15,000 9,000

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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Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below. Procurement Scheduling Materials handling Product development Production Disk drives Tape drives Wire drives Activity Cost Activity Base $392,400 Number of purchase orders 233,100 Number of production orders 409,400 Number of moves 708,700 Number of engineering changes 1,526,300 Machine hours Number of Purchase Orders Number of Number Number of of Moves Engineering Changes 11 7 23 Production Orders 4,090 280 1,800 185 12,000 910 The activity-based cost for each disk drive unit is Oa. $793.58 Ob. $21.93 Oc. $235.34 Od. $191.6 1 1,410 740 4,500 Machine Hours 1,800 8,300 11,500 Number of Units 2,300 4,300 2,400
A check is written to replenish a P 1,000 (imprest) petty cash fund when the fund contains unreplenished petty cash vouchers totaling P 910. In recording the replenishment, O cash in bank is debited for P 1,000 Petty cash fund is debited for P 1,000 O petty cash fund is credited for P 910 O cash in bank is credited for P 910
Upon examination of the petty cash fund of Company B on January 3, 2021, the following items were found: Currencies ₱ 2,500.00 Coins 535.00 Certified Check of general manager dated December 15, 2020 1,500.00 Petty cash vouchers: PCV #7152 Gasoline payments for delivery equipment 650.00 PCV #7153 Medical supplies for employees 500.00 PCV #7154 Repairs of office equipment 100.00 PCV #7155 Loans to employees 180.00 PCV #7156 Overtime Meals of Employees 350.00 Company check representing replenishment of PCF 6,150.00 Unused postage stamps 120.00 An envelope containing contributions of employees for the death of a fellow employee (contents intact) 3,000.00 The petty cash fund was established for an amount of ₱13,000.00 What is the correct amount of petty cash fund at December 31, 2020?
Schedule of Cash Receipts
Required information Problem 6-24A (Algo) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.) Austin Company established a petty cash fund by issuing a check for $286 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $50 24 65 45 81 There was $20 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment.
The petty cash fund of Hotel Snyder on December 31, 2021 is composed of the following: Bills $4,000.00 Coins $1,000.00 Petty cash vouchers: Gasoline $2,500.00 Supplies $1,500.00 IOUs $3,000.00 A check drawn by Hotel Snyder to the order of the petty cash custodian, representing salary $6,000.00 A sheet of paper with the names of several employees together with a contribution for a wedding gift. Attached to the sheet of paper is a currency of $2,000.00 The petty cash general ledger account has a balance of $20,000. What amount should be reported as petty cash on the ledger on December 31, 2021?
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Problem 4 The following items were included as cash in the books of Roa Company: P (1,200) 5,335 Checking account at Security Bank Checking account at BPI Checking account at City Trust used for payment of salaries 5,500 - 107 Postage stamps Employee's postdated check IOU from an employee A check marked DAIF Postal money order Petty cash fund (P324 in expense receipts) Certificate of time deposit with BPI A gold ring surrendered as security by a customer who lost his wallet (at market value) 2,300 200 1,250 500 500 5,000 1,500 4. The correct amount that should be reported as cash is:
kes Problem 6-24A (Algo) Petty cash fund LO 6-4 [The following information applies to the questions displayed below] Austin Company established a petty cash fund by issuing a check for $238 and appointing Steve Mack as petty cash custodian, Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous itens Employee supper money Taxi fare. Window-washing service $42 15 57 37 72 There was $12 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund. (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment.
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
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An account of the petty cash fund showed composition as follows: Coins and currency Paid vouchers Transportation Gasoline Office Supplies Postage Stamps Due from employees Employee's check returned by bank marked "NSF" Check drawn by company to the order of petty cash custodian What is the correct amount of petty cash fund? P900 600 550 350 1,100 P2,500 3,500 1,500 4,500