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 bo 3,000 do 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.
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 bo 3,000 do 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer for Problem 1-6
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
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