You were able to gather the following from the December 31, 2020balance of PPP COMPANY:trialCash on hand500,000Petty cash fund10,0001,000,0001,080,000(80,000)BPI current accountSecurity Bank current account No. 1Security Bank current account No. 2PNB savings account1,200,000PNB current account500,000Cash on hand includes the following items:Customer's check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021Customer'scheckfor 25,000 dated January2,2021,receivedinDecember 29, 2020Postal money orders received from customers 30,000The petty cash fund consisted of the following items as of December 31, 2020Currency and coinsEmployees' vales2,0001,600Currency in envelope marked "collections for charity1,200Unreplenished petty cash vouchersCheck drawn by PPP payable to petty cash custodian1,3004,00010,100Included among the checks drawn by PPP against the BPI current account andrecorded in December 2020 are the following:Checks written and dated December 29 2020 and delivered to payee onJanuary 2, 2021, 80,000. The accountant neglected to record the check.Checks written on December 27, 2020 , dated January 2, 2021, deliveredto payee on December 29, 2020 , 40,000The credit balance in the Security Bank account No.2 represents checks drawnin excess of the deposit balance.These checks were still outstanding atDecember 31, 2020 .The savings account deposit in PNB has been set asideThis account is expected toby the board for acquisition of new equipment.be disbursed in the next 3 months from the balance sheet date.Based ontheabove information,determine the adjusted balanceofthefollowing:20. Cash on hand21. Petty cash fund22. BPI current account23. Cash and Cash equivalents

Adjusted balance Adjusted balance refers to the balance which is obtained after making all the…

You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash on hand 500,000 Petty cash fund 10,000 BPI current account 1,000,000 1,080,000 Security Bank current account No. 1 Security Bank current account No. 2 PNB savings account (80,000) 1,200,000 PNB current account 500,000 Cash on hand includes the following items: • Customer's check for 45, 000 returned by bank on December 26, 2020 due to insufficiency of funds but subsequently redeposited and cleared by the bank on January 8, 2021 Customer's check for 25,000 dated January 2, 2021, received in December 29, 2020 Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020 2,000 Currency and coins Employees' vales Currency in envelope marked "collections for charity Unreplenished petty cash vouchers Check drawn by PPP payable to petty cash custodian P 1,600 1,200 1,300 4,000 10,100

You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash on hand 500,000 Petty cash fund 10,000 BPI current account 1,000,000 1,080,000 Security Bank current account No. 1 Security Bank current account No. 2 PNB savings account (80,000) 1,200,000 PNB current account 500,000 Cash on hand includes the following items: • Customer's check for 45, 000 returned by bank on December 26, 2020 due to insufficiency of funds but subsequently redeposited and cleared by the bank on January 8, 2021 Customer's check for 25,000 dated January 2, 2021, received in December 29, 2020 Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020 2,000 Currency and coins Employees' vales Currency in envelope marked "collections for charity Unreplenished petty cash vouchers Check drawn by PPP payable to petty cash custodian P 1,600 1,200 1,300 4,000 10,100

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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