Homework Help is Here – Start Your Trial Now!
Business
Accounting
ash account in the current asset section of the statement of financial position fo pany showed a balance of P555,000. It was found to include the following items

ash account in the current asset section of the statement of financial position fo pany showed a balance of P555,000. It was found to include the following items

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EA: Record the following transactions: A. Started a petty cash fund in the amount of $500. B....
See similar textbooks
icon
Related questions
Question

help me to solve this 

The cash account in the current asset section of the statement of financial position for Relay Company showed a balance of P555,000. It was found to include the following items. Petty cash fund (P1,000 is in the form of paid vouchers) 5,000 Checking account balance, per bank statement (A P25,000 check is still 255,000 outstanding) Undeposited receipts, including a post- dated check for P5,000 120,000 Currencies and coins awaiting deposit 55,000 Bond sinking fund 100,000 Check drawn by manager, returned by bank 20,000 marked NSF What is the correct cash balance for Relay Company's statement of financial position? O P404,000 O P430,000 O P429,,0000 O P529,000
Transcribed Image Text:The cash account in the current asset section of the statement of financial position for Relay Company showed a balance of P555,000. It was found to include the following items. Petty cash fund (P1,000 is in the form of paid vouchers) 5,000 Checking account balance, per bank statement (A P25,000 check is still 255,000 outstanding) Undeposited receipts, including a post- dated check for P5,000 120,000 Currencies and coins awaiting deposit 55,000 Bond sinking fund 100,000 Check drawn by manager, returned by bank 20,000 marked NSF What is the correct cash balance for Relay Company's statement of financial position? O P404,000 O P430,000 O P429,,0000 O P529,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Value Chain Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS