28. On April 2020, Grapes Company established an imprest petty cash fund for P20,000 by writing a check drawn against its general checking account. On April 23, the fund contained the following: Currency and coins- P8,0003; Receipts for office supplies- P6,000; Receipts for postage (still unused)- P4,000; Receipts for transportation- P1,200. On April 24, the company wrote a check to replenish the fund. What is the amount of replenishment under the imprest fund system? A. P20,000 B. P14,000 C. P12,000
28. On April 2020, Grapes Company established an imprest petty cash fund for P20,000 by writing a check drawn against its general checking account. On April 23, the fund contained the following: Currency and coins- P8,0003; Receipts for office supplies- P6,000; Receipts for postage (still unused)- P4,000; Receipts for transportation- P1,200. On April 24, the company wrote a check to replenish the fund. What is the amount of replenishment under the imprest fund system? A. P20,000 B. P14,000 C. P12,000
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....
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