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Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found: MC34 Total bills and coins Certified check of general manager dated December 15, 2020 Petty cash vouchers (PCVS) not yet replenished: 1,825 1,500 280 650 PCV #7163 Postage stamps PCV #7164 Supplies PCV #7165 IOU of employee 500 Company check representing replenishment of petty cash fund Unused postage stamps An envelope containing contributions of employees for the death of a fellow employee (contents intact) 3,000 5,150 120 The petty cash fund was established for an amount of P10,000. What is the correct amount of petty cash fund at December 31, 2020? a. P9,905 P8,475 P6,975 P1,825 b. C. d.

Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found: MC34 Total bills and coins Certified check of general manager dated December 15, 2020 Petty cash vouchers (PCVS) not yet replenished: 1,825 1,500 280 650 PCV #7163 Postage stamps PCV #7164 Supplies PCV #7165 IOU of employee 500 Company check representing replenishment of petty cash fund Unused postage stamps An envelope containing contributions of employees for the death of a fellow employee (contents intact) 3,000 5,150 120 The petty cash fund was established for an amount of P10,000. What is the correct amount of petty cash fund at December 31, 2020? a. P9,905 P8,475 P6,975 P1,825 b. C. d.

FINANCIAL ACCOUNTING
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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MC 34

Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found:

(see attached image)

The petty cash fund was established for an amount of P10,000. What is the correct amount of petty cash fund at December 31, 2020?

 

a. P9,905

b. P8,475

c. P6,975

d. P1,825

company. The note had a face value of P15,000. in transit and P15,000 of outstanding checks. MC36 Eternity Company reported a balance of P43,000 in its Cash MC35 Use the same information given in MC34. What is the amount Chapter 1- Cash and Cash Equivalents d. Cash Short and Over Cash in Bank Miscellaneous Expense 3,560 80 3,640 Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found: MC34 Total bills and coins Certified check of general manager dated December 15, 2020 Petty cash vouchers (PCVS) not yet replenished: PCV #7163 Postage stamps PCV #7164 Supplies PCV #7165 1,825 1,500 280 650 IOU of employee 500 Company check representing replenishment of petty cash fund Unused postage stamps An envelope containing contributions of employees for the death of a fellow employee (contents intact) 3,000 5,150 120 The petty cash fund was established for an amount of P10,000. What is the correct amount of petty cash fund at December 31, 2020? a. P9,905 P8,475 P6,975 P1,825 b. C. d. of cash shortage or overage? P95 shortage P25 overage P215 shortage cannot be determined a. b. c. d. The bank 50
Transcribed Image Text:company. The note had a face value of P15,000. in transit and P15,000 of outstanding checks. MC36 Eternity Company reported a balance of P43,000 in its Cash MC35 Use the same information given in MC34. What is the amount Chapter 1- Cash and Cash Equivalents d. Cash Short and Over Cash in Bank Miscellaneous Expense 3,560 80 3,640 Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found: MC34 Total bills and coins Certified check of general manager dated December 15, 2020 Petty cash vouchers (PCVS) not yet replenished: PCV #7163 Postage stamps PCV #7164 Supplies PCV #7165 1,825 1,500 280 650 IOU of employee 500 Company check representing replenishment of petty cash fund Unused postage stamps An envelope containing contributions of employees for the death of a fellow employee (contents intact) 3,000 5,150 120 The petty cash fund was established for an amount of P10,000. What is the correct amount of petty cash fund at December 31, 2020? a. P9,905 P8,475 P6,975 P1,825 b. C. d. of cash shortage or overage? P95 shortage P25 overage P215 shortage cannot be determined a. b. c. d. The bank 50
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