Answered: adjusting entry related to cash at Dec…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 4PA

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trade Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) . adjusting entry related to cash at Dec 31 would include:

Cr Expenses 1,500

Cr Receivables 6,000

Cr Cash 7,500

Cr Cash 9,500

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