Answered: The journal entries required at Dec 31,…

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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The following data were available for Nina School of Rock at Dec 31, 2022:
Cash in bank - BPI (per books) 75,000
Cash in bank - Metrobank (1,000)
Payroll fund 25,000
Petty cash fund, 3,000 (includes 500 unreplenished vouchers)
Additional information at Dec 31:
a. Outstanding checks, P1,200
b. Service charge for Dec P200 (unrecorded by books)
c. Deposit in transit, P2,000

The journal entries required at Dec 31, 2022 includes:

Cr Petty Cash Fund 500

Dr Cash in bank 700

Dr Expenses 300

Cr Cash in bank 700

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