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What is the correct petty cash fund balance to be reported as of December 31, 2018?

What is the correct petty cash fund balance to be reported as of December 31, 2018?

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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What is the correct petty cash fund balance to be reported as of December 31, 2018?

A count of the Petty Cash Fund in the morning of January 3, 2019, of Manny Co. with an imprest balance of P40,000 showed its composition as follows: Bills and coins: P1,000, 5 pieces 500, 10 рcs. 200, 5 pcs. 100, 10 рcs. 50, 10 рcs 20, 20 рcs 10, 25 рcs 5, 50 pcs Unreplenished paid vouchers 12/29 Transportation 12/30 Office repairs 12/30 Officers' meeting meals 12/30 Due to employees 1/2 Gasoline Unreplenished unpaid vouchers 1/3 Transportation 1/3 Office supplies P500 300 900 1,000 1,000 800 1,500 Checks on hand 12/30 E. Dikong, employee 11/30 M. Dugas, employee, returned by the bank 2,000 marked NSF 1,000 10,000 12/27 Manny Co., payable to the custodian Cash receipt voucher for a return of an expense advance 900
Transcribed Image Text:A count of the Petty Cash Fund in the morning of January 3, 2019, of Manny Co. with an imprest balance of P40,000 showed its composition as follows: Bills and coins: P1,000, 5 pieces 500, 10 рcs. 200, 5 pcs. 100, 10 рcs. 50, 10 рcs 20, 20 рcs 10, 25 рcs 5, 50 pcs Unreplenished paid vouchers 12/29 Transportation 12/30 Office repairs 12/30 Officers' meeting meals 12/30 Due to employees 1/2 Gasoline Unreplenished unpaid vouchers 1/3 Transportation 1/3 Office supplies P500 300 900 1,000 1,000 800 1,500 Checks on hand 12/30 E. Dikong, employee 11/30 M. Dugas, employee, returned by the bank 2,000 marked NSF 1,000 10,000 12/27 Manny Co., payable to the custodian Cash receipt voucher for a return of an expense advance 900
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