What is the correct amount of petty cash fund as of December 31, 2019?(check the picture for the problem and choices)please show a solution. thank you! The cash account of JKL Company consists of the following on December 31,2019:Cash in bankPetty cash fund (last replenished 11/30/2019)Purchasing fund (last replenished 11/30/2019)Balance per general ledger|P 134,50015,00035,000P 184,500It was discovered that:1. January 7, 2020 replenishment of petty cash fund amounted to P 10,000. The compositionof which is as follows:ate supporting documentsNatureAmount2019P 4,500201920192020GasolineMiscellaneousTransportationRepairs5001,0004,0002. The January 4,2020 replenishment of the purchasing fund amounting to P 29,000 includes2019 purchases of indirect materials, P 20,000, to be used in the production process ofthe company in the year 2020.3. The following are the bank reconciling items that you noted:A bank credit memo representing collection by bank from one of JKL's customers, P58,000.2019 issued checks cleared by bank in January 2020, P 52,000.P 5,000P 11,000P 15,000P 9,000

Petty cash included money small operations of the day-to-day.

The cash account of JKL Company consists of the following on December 31,2019: Cash in bank Petty cash fund (last replenished 11/30/2019) Purchasing fund (last replenished 11/30/2019) Balance per general ledger |P 134,500 15,000 35.000 P184,500 It was discovered than 1. January 7, 2020 replenishment of petty cash fund amounted to P 10,000. The composition of which is as follows ate supporting documents 2019 2019 Nature Gasoline Miscellaneous Tranaportation Repairs 2. The January 4,2020 replenishment of the purchasing fund amounting to P 29,000 includes 2019 purchases of Indirect materials, P 20,000, to be used in the production process of Amount P 4,500 500 1,000 4,000 2019 2020 the company in the year 2020. 3. The following are the bank reconciling items that you noted: - A bank credit memo representing collection by bank from one of JKL's customers, P 58,000. 2019 issued checks cleared by bank in January 2020, P 52,000. P 5,000 P 11,000 P 15,000 P 9,000

The cash account of JKL Company consists of the following on December 31,2019: Cash in bank Petty cash fund (last replenished 11/30/2019) Purchasing fund (last replenished 11/30/2019) Balance per general ledger |P 134,500 15,000 35.000 P184,500 It was discovered than 1. January 7, 2020 replenishment of petty cash fund amounted to P 10,000. The composition of which is as follows ate supporting documents 2019 2019 Nature Gasoline Miscellaneous Tranaportation Repairs 2. The January 4,2020 replenishment of the purchasing fund amounting to P 29,000 includes 2019 purchases of Indirect materials, P 20,000, to be used in the production process of Amount P 4,500 500 1,000 4,000 2019 2020 the company in the year 2020. 3. The following are the bank reconciling items that you noted: - A bank credit memo representing collection by bank from one of JKL's customers, P 58,000. 2019 issued checks cleared by bank in January 2020, P 52,000. P 5,000 P 11,000 P 15,000 P 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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Carmen is making an interbank transfer of $1,500 from Bank A to Bank B to cover an overdraft. What is the effect of entering this transaction in Transfer within QuickBooks? Select an answer: It records the transfer she made. It instructs Bank A to transfer the funds. It informs Bank B that the funds are on the way.
d. none of these. 7. Select the items from the list below that should be included in the "Cash" caption on the balance sheet as of December 31, 2019. For any item not included in "Cash", indicate the proper classification. Not Cash i Cash (a) Colns and currency for change funds. (b) Coins and currency which are from the current day's receipts which have not yet been deposited in the bank. (0) Petty cash. (d) General checking account at First Union Bank, (e) General checking account at Sun Trust Bank. (f) Unused stamps. (g) Deposit in transit. (h) Customer'6 NSF check (returned with bank statement). () Postdated checks from customers. ) Certificate of deposit-60 day CD purchased on December 1, 2014, (k) Certificate of deposit-mnatures in 6 months. (0) 100 shares.of General Motors stock (Intention is to seil in one year or less), (m). Cash to be used to retire long-term debt. (n) Travel advances made to executives for business purposes. (o) Cash advance to executive for personal reasons.…
Required: Prepare a compound adjusting journal entry to correct the petty cash fund balance as of December 31, 2018.
A check that has a future date instead of the actual date; it should not be deposited until the date on the check, is known as ____________. Electric Funds Transfer (EFT) Check 21 Bank card Post dated check
Hi, How do I organize these transactions ? Thanks
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Which of the following serve as the basis for recording appropriate expenses each time the fund is replenished? a. Receipts b. Request letter from cash custodian C Cheques issued to cash custodian d. None of the given options
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