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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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7. The petty cash fund of P1,000 is set aside by ABC Co. which contains the following: 3 pcs. P5 coin; one pc. P20 bill; one pc P100 bill; a voucher for bus ticket, P280 and postage of P40; an official receipt for the office supplies purchased, P500; a voucher for photocopies, P45. There was also a check payable to the petty cash custodian amounting to P500. a. What will be the adjusted balance of the petty cash fund?
Transcribed Image Text:7. The petty cash fund of P1,000 is set aside by ABC Co. which contains the following: 3 pcs. P5 coin; one pc. P20 bill; one pc P100 bill; a voucher for bus ticket, P280 and postage of P40; an official receipt for the office supplies purchased, P500; a voucher for photocopies, P45. There was also a check payable to the petty cash custodian amounting to P500. a. What will be the adjusted balance of the petty cash fund?
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