A cash account in the morning of January 2, 2020 showed the following items in the petty cash of Taehyung Corporation: Currencies and coins counted- P2,512; Company check for replenishment- P18,000; Approved and paid petty cash vouchers- P2,900; Employees’ IOUs- P36,000. The petty cash fund was established for an amount of P60,000. What is the correct amount of petty cash on the balance sheet as of December 31, 2020?
A cash account in the morning of January 2, 2020 showed the following items in the petty cash of Taehyung Corporation: Currencies and coins counted- P2,512; Company check for replenishment- P18,000; Approved and paid petty cash vouchers- P2,900; Employees’ IOUs- P36,000. The petty cash fund was established for an amount of P60,000. What is the correct amount of petty cash on the balance sheet as of December 31, 2020?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 20E
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A cash account in the morning of January 2, 2020 showed the following items in the petty cash of Taehyung Corporation: Currencies and coins counted- P2,512; Company check for replenishment- P18,000; Approved and paid petty cash vouchers- P2,900; Employees’ IOUs- P36,000. The petty cash fund was established for an amount of P60,000. What is the correct amount of petty cash on the balance sheet as of December 31, 2020?
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