Grand 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 June 28, 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 How much is the shortage or overage in the petty cash fund at June 30, 2021?
Grand 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 June 28, 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 How much is the shortage or overage in the petty cash fund at June 30, 2021?
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 7E
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Grand 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 June 28, 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
How much is the shortage or overage in the petty cash fund at June 30, 2021?
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