Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following: Currencies - P5,600 Coins - P450 Paid vouchers of office supplies (dated July 2, 2021) - P1,550 Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300 Loans to employees - P3,000 Company check representing replenishment of the petty cash fund - P3,850 What is the correct amount of the petty cash fund at June 30, 2021?
Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following: Currencies - P5,600 Coins - P450 Paid vouchers of office supplies (dated July 2, 2021) - P1,550 Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300 Loans to employees - P3,000 Company check representing replenishment of the petty cash fund - P3,850 What is the correct amount of the petty cash fund at June 30, 2021?
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
Related questions
Question
Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following:
Currencies - P5,600
Coins - P450
Paid vouchers of office supplies (dated July 2, 2021) - P1,550
Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300
Loans to employees - P3,000
Company check representing replenishment of the petty cash fund - P3,850
What is the correct amount of the petty cash fund at June 30, 2021?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College