Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies P841.60 Postage P780.00 Representation P1,000,00 Transportation P1,321.40 Miscellaneous - P837.60 Other items found in the petty cash drawer were as follows: • A sympathy envelope containing P3,500, representing employees' contributions for the death of the mother of the company's messenger. D1 100 dated August 15 2021.
Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies P841.60 Postage P780.00 Representation P1,000,00 Transportation P1,321.40 Miscellaneous - P837.60 Other items found in the petty cash drawer were as follows: • A sympathy envelope containing P3,500, representing employees' contributions for the death of the mother of the company's messenger. D1 100 dated August 15 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A. 538 shortage
B. 562 Shortage
C. 562 overage
D. 538 overage
Transcribed Image Text:Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of
the month, the count of cash on hand indicated that P3,557.40 remained in the fund.
A review of petty cash vouchers disclosed the following expenses had been incurred
during the month:
Office supplies P841.60
Postage P780.00
Representation P1,000,00
Transportation P1,321.40
Miscellaneous - P837.60
Other items found in the petty cash drawer were as follows:
• A sympathy envelope containing P3,500, representing employees' contributions
for the death of the mother of the company's messenger.
• An employee's check for P1,100 dated August 15, 2021.
The given information indicates that there is a
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