The adjustment to correct petty cash fund involves a debit or credit to petty cash fund at what amount(put Debit and Credit)?What is the adjusted petty cash fund as of December 31, 2014? Vouchers and IOUsDate1/2/1512/20/1412/23/1412/27/14Paid toAmount (Php)PNR – Transportation expensePost Office - postage stampsItallian Village - Christmas party. Dio- IOU351506,290300Others1. Cash sales invoices Php 100,500, all currencies No. 17900 to 182122. Official ReceiptsNumberAmount (Php) Form of Collection31250560Cash3125112,505Check312521,202Cash3125311,290Check3125413,350Check3. Stamps of various denomination amounted to Php804. A notation on a sheet of paper as follows: (Proceeds from employee contribution for ChristmasParty, Php 9,600.)5. Petty cash per ledger, Php15,000. PCF CompanyGeneral and Petty Cash CountAudit Year: 2014Date of count – January 5, 2015Bills and coinsDenomination500phpBundles of 100 pcsRolls of 50 coinsLoose1910022750352041010564110300.254016ChecksMakerPayeePCF CompanyPCF CompanyPCF CompanyPCF CompanyАВС СоCashDateAmount13,350 php12/21/1412/26/141/2/1512/30/1412/27/141/5/1512/29/15Customer 1Customer 212,500Customer 35,700Customer 411,290PCF CompanyMendoza – Officer14,500310O. Campo*Cash260

Petty Cash A petty cash fund is a nominal amount of cash kept on hand generally by the company to…

PCF Company General and Petty Cash Count Audit Year: 2014 Date of count – January 5, 2015 Bills and coins Denomination Bundles of 100 pcs Rolls of 50 coins Loose 500php 100 27 3 5 50 5 20 4 10 10 6 4 10 30 0.25 40 16 Checks Maker Payee PCF Company PCF Company PCF Company PCF Company Date Amount Customer 1 12/21/14 12/26/14 1/2/15 12/30/14 12/27/14 1/5/15 12/29/15 13,350 php 12,500 5,700 11,290 14,500 Customer 2 Customer 3 Customer 4 PCF Company Mendoza – Officer O. Campo* АВС Со Cash 310 Cash 260 IN3U

PCF Company General and Petty Cash Count Audit Year: 2014 Date of count – January 5, 2015 Bills and coins Denomination Bundles of 100 pcs Rolls of 50 coins Loose 500php 100 27 3 5 50 5 20 4 10 10 6 4 10 30 0.25 40 16 Checks Maker Payee PCF Company PCF Company PCF Company PCF Company Date Amount Customer 1 12/21/14 12/26/14 1/2/15 12/30/14 12/27/14 1/5/15 12/29/15 13,350 php 12,500 5,700 11,290 14,500 Customer 2 Customer 3 Customer 4 PCF Company Mendoza – Officer O. Campo* АВС Со Cash 310 Cash 260 IN3U

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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Exercise 11-30 Reconstruct Missing Information from Partial Data (LO 11-2, 11-5) You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) Standard machine hours per unit of output 4 hours Standard variable-overhead rate per machine hour 8.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead Actual fixed overhead Budgeted production in units Actual production in units Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance Fixed-overhead volume variance Total actual overhead…
Indicate whether each transaction would require an adjustment to the bank balance or the book balance when reconciling cash. Interest earned on the cash balance per the bank Choose. statement Minimum balance bank fee charged on the bank Choose. statement Collecton on a note from a customer as indicated on the Choose. bank statement NSF check received from a customer as revealed on the Choose. bank statement Outstanding checks Choose. Bank service charge on the bank statement Choose.
23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.
As on 31 May 2020 the deposits awaiting clearance is RO15,240 and cheques yet to be presented for payment is RO17,590; while the bank balance as recorded in the Cash book was RO 5,480. How much should be the bank balance as on 31 May 2020 as per bank statement? a. RO 6130 b. RO 6130 Overdraft c. RO 7830 d. RO 7830 overdraft -fast-
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