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
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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:
P 3,595.01
1,920.75
Currency and coins
Expense vouchers
Employees' IOUS
Customers' checks in payment of accounts
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.
Transcribed Image Text: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: P 3,595.01 1,920.75 Currency and coins Expense vouchers Employees' IOUS Customers' checks in payment of accounts 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.
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