You were assigned to account for the Cash account of Dragon Ball, Inc. for the year endedDecember 31, 2007. Your cash count of the Petty Cash Fund and undeposited collections asof that date showed the following:P 3,595.011,920.75Currency and coinsExpense vouchersEmployees' IOUSCustomers' checks in payment of accounts573.502,500.00P 8,589.26TotalThe amount of Petty Cash Fund per general ledger is P6,000. Upon comparing the officialreceipts with the bank validated deposit slips, you noted that P3,025.60 was not yetdeposited to the bank.7. What is the amount of cash shortage?What is the amount of Petty Cash Fund to be shown onDecember 31, 2007 balance sheet?8.

Petty Cash Fund It is important to manage the petty cash fund into the business entity which can be…

You were assigned to account for the Cash account of Dragon Ball, Inc. for the year ended December 31, 2007. Your cash count of the Petty Cash Fund and undeposited collections as of that date showed the following: Currency and coins Expense vouchers Employees' IOUS Customers' checks in payment of accounts P 3,595.01 1,920.75 573.50 2,500.00 P 8,589.26 Total The amount of Petty Cash Fund per general ledger is P6,000. Upon comparing the official receipts with the bank validated deposit slips, you noted that P3,025.60 was not yet deposited to the bank. 7. What is the amount of cash shortage? What is the amount of Petty Cash Fund to be shown on December 31, 2007 balance sheet? 8.

You were assigned to account for the Cash account of Dragon Ball, Inc. for the year ended December 31, 2007. Your cash count of the Petty Cash Fund and undeposited collections as of that date showed the following: Currency and coins Expense vouchers Employees' IOUS Customers' checks in payment of accounts P 3,595.01 1,920.75 573.50 2,500.00 P 8,589.26 Total The amount of Petty Cash Fund per general ledger is P6,000. Upon comparing the official receipts with the bank validated deposit slips, you noted that P3,025.60 was not yet deposited to the bank. 7. What is the amount of cash shortage? What is the amount of Petty Cash Fund to be shown on December 31, 2007 balance sheet? 8.

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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