Problem 1-5 (ACP) Zealous Company established a petty cash fund 1. Established a petty cash fund of P10,000 on January 2. 2. Petty cash expenses – January 2-31 are: Postage Supplies Transportation Miscellaneous expense 1,500 5,500 1,200 800 3. The fund is replenished on February 1 and increased by P5,000. Required: Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system. Problem 1-6 (ACP) Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P10,000. 2. Petty cash disbursements were: Postage Supplies 3. Petty cash disbursements were: Transportation Accounts payable 1,500 3,000 1,000 3,500 4. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000. Required: boin Prepare journal entries to record the transactions under fluctuating fund system and imprest fund system.
Problem 1-5 (ACP) Zealous Company established a petty cash fund 1. Established a petty cash fund of P10,000 on January 2. 2. Petty cash expenses – January 2-31 are: Postage Supplies Transportation Miscellaneous expense 1,500 5,500 1,200 800 3. The fund is replenished on February 1 and increased by P5,000. Required: Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system. Problem 1-6 (ACP) Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P10,000. 2. Petty cash disbursements were: Postage Supplies 3. Petty cash disbursements were: Transportation Accounts payable 1,500 3,000 1,000 3,500 4. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000. Required: boin Prepare journal entries to record the transactions under fluctuating fund system and imprest fund system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 1-5 (ACP)
1. Established a petty cash fund of P10,000 on
2. Petty cash expenses – January 2-31 are:
Postage
Supplies
Transportation
Miscellaneous expense
1,500
5,500
1,200
800
3. The fund is replenished on February 1 and increased
P5,000.
Required:
Prepare journal entries to record the transactions under the
fluctuating fund system and imprest fund system.
Problem 1-6 (ACP)
Zenith Company provided the following chronological
transactions in relation to petty cash:
1. The entity established a petty cash fund of P10,000.
2. Petty cash disbursements were:
Postage
Supplies
3. Petty cash disbursements were:
Transportation
Accounts payable
1,500
3,000
1,000
3,500
4. Issued check for an amount to replenish the fund and
bring the balance of the petty cash to P20,000.
Required:
Prepare journal entries to record the transactions under
fluctuating fund system and imprest fund system.
22](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7893be82-a47d-4588-83d5-67afdea60a6e%2Fa12d8959-0f24-4b30-aca9-f1678eb4818a%2Ftnbm52_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 1-5 (ACP)
1. Established a petty cash fund of P10,000 on
2. Petty cash expenses – January 2-31 are:
Postage
Supplies
Transportation
Miscellaneous expense
1,500
5,500
1,200
800
3. The fund is replenished on February 1 and increased
P5,000.
Required:
Prepare journal entries to record the transactions under the
fluctuating fund system and imprest fund system.
Problem 1-6 (ACP)
Zenith Company provided the following chronological
transactions in relation to petty cash:
1. The entity established a petty cash fund of P10,000.
2. Petty cash disbursements were:
Postage
Supplies
3. Petty cash disbursements were:
Transportation
Accounts payable
1,500
3,000
1,000
3,500
4. Issued check for an amount to replenish the fund and
bring the balance of the petty cash to P20,000.
Required:
Prepare journal entries to record the transactions under
fluctuating fund system and imprest fund system.
22
![Problem 1-4 (PHILCPA Adapted)
Callous Company reported the following accounts on
December 31, 2020:
Cash on hand
Petty cash fund
Philippine Bank current account
City Bank current account No. 1
City Bank current account No. 2 (overdraft)
Asia Bank saving account
Asia Bank time deposit, 90 days
200,000
20,000
5,000,000
4,000,000
( 100,000)
250,000
2,000,000
Cash on hand included the following items:
Customer check for P35.000 returned by bank December
26, 2020 due to insufficient fund but subsequently
redeposited and cleared by the bank on January 10, 2021.
Customer check for P15,000 dated January 10, 2021,
received December 23, 2020.
The petty cash fund consisted of the following items:
Currency and coins
IQUS from officers
Unreplenished petty cash vouchers
5,000
2,000
12,000
Included among the checks drawn by Callous Company
against the Philippine Bank current account and
recorded in December 2020 were the following:
*
Check written and dated December 23, 2020 and
0 delivered to payee on January 31, 2021, P25,000.
Check written December 26, 2020, dated January 30, 2021,
delivered to payee on December 28, 2020, P45,000.
henito
Required:
1. Compute the total cash and cash equivalents.
2. Prepare adjusting entries on December 31, 2020.
21](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7893be82-a47d-4588-83d5-67afdea60a6e%2Fa12d8959-0f24-4b30-aca9-f1678eb4818a%2Ff157eb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 1-4 (PHILCPA Adapted)
Callous Company reported the following accounts on
December 31, 2020:
Cash on hand
Petty cash fund
Philippine Bank current account
City Bank current account No. 1
City Bank current account No. 2 (overdraft)
Asia Bank saving account
Asia Bank time deposit, 90 days
200,000
20,000
5,000,000
4,000,000
( 100,000)
250,000
2,000,000
Cash on hand included the following items:
Customer check for P35.000 returned by bank December
26, 2020 due to insufficient fund but subsequently
redeposited and cleared by the bank on January 10, 2021.
Customer check for P15,000 dated January 10, 2021,
received December 23, 2020.
The petty cash fund consisted of the following items:
Currency and coins
IQUS from officers
Unreplenished petty cash vouchers
5,000
2,000
12,000
Included among the checks drawn by Callous Company
against the Philippine Bank current account and
recorded in December 2020 were the following:
*
Check written and dated December 23, 2020 and
0 delivered to payee on January 31, 2021, P25,000.
Check written December 26, 2020, dated January 30, 2021,
delivered to payee on December 28, 2020, P45,000.
henito
Required:
1. Compute the total cash and cash equivalents.
2. Prepare adjusting entries on December 31, 2020.
21
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