Homework Help is Here – Start Your Trial Now!
Business
Accounting
Nov. 20 - The petty cash custodian paid the following from Dec. 15 petty cash fund, all supported by properly approved petty cash vouchers: Transportation Representation Freight for merchandise purchased Computer repairs P1,500 1,200 1,300 920 The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check amounting to P4,920 was issued to the petty cash custodian. Dec. 16 Dec. 16-31 The petty cash custodian paid the following from petty cash fund. Transportation Office supplies Р 340 1,400 A count of the petty cash fund revealed the following composition: Dec. 31 Bills and coins Р3,260 Paid petty cash vouchers for Transportation Office supplies 340 1,400 The fund was not replenished on this date. 2021 Jan. 1-8 The petty cash custodian paid the following: Representation Office supplies Transportation P 1,800 1,300 120 Jan. 9 The petty cash custodian submitted the petty cash vouchers evidencing payments from December 16 through January 8. petty cash fund for its replenishment and to increase its balance by P3,000. A check was issued to the REQUIRED: Prepare journal entries for the given transactions. appropriate adjusting entries on December 31, 2020, the end of the company's reporting period, and reversing entries on January 1. Include any

Nov. 20 - The petty cash custodian paid the following from Dec. 15 petty cash fund, all supported by properly approved petty cash vouchers: Transportation Representation Freight for merchandise purchased Computer repairs P1,500 1,200 1,300 920 The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check amounting to P4,920 was issued to the petty cash custodian. Dec. 16 Dec. 16-31 The petty cash custodian paid the following from petty cash fund. Transportation Office supplies Р 340 1,400 A count of the petty cash fund revealed the following composition: Dec. 31 Bills and coins Р3,260 Paid petty cash vouchers for Transportation Office supplies 340 1,400 The fund was not replenished on this date. 2021 Jan. 1-8 The petty cash custodian paid the following: Representation Office supplies Transportation P 1,800 1,300 120 Jan. 9 The petty cash custodian submitted the petty cash vouchers evidencing payments from December 16 through January 8. petty cash fund for its replenishment and to increase its balance by P3,000. A check was issued to the REQUIRED: Prepare journal entries for the given transactions. appropriate adjusting entries on December 31, 2020, the end of the company's reporting period, and reversing entries on January 1. Include any

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 4AP
See similar textbooks
icon
Related questions
Question
100%
how do I solve this?
Chapter 1- Cash and Cash Equivalents Nov. 20 - The petty cash custodian paid the following from Dec. 15 petty cash fund, all supported by properly approved petty cash vouchers: 1-8. Transportation Representation Freight for merchandise purchased Computer repairs P1,500 1,200 1,300 920 The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check amounting to P4,920 was issued to the petty cash custodian. Dec. 16 Dec. 16-31 The petty cash custodian paid the following from petty cash fund. Р 340 Transportation Office supplies 1,400 A count of the petty cash fund revealed the following composition: Dec. 31 1-9 Bills and coins Р3,260 Paid petty cash vouchers for Transportation Office supplies 340 1,400 The fund was not replenished on this date. 2021 Jan. 1-8 The petty cash custodian paid the following: Representation Office supplies Transportation P 1,800 1,300 120 Jan. 9 The petty cash custodian submitted the petty cash vouchers evidencing payments from December 16 through January 8. petty cash fund for its replenishment and to increase its balance by P3,000. A check was issued to the REQUIRED: Prepare journal entries for the given transactions. appropriate adjusting entries on December 31, 2020, the end of the company's reporting period, and reversing entries on January 1. Include any 38
Transcribed Image Text:Chapter 1- Cash and Cash Equivalents Nov. 20 - The petty cash custodian paid the following from Dec. 15 petty cash fund, all supported by properly approved petty cash vouchers: 1-8. Transportation Representation Freight for merchandise purchased Computer repairs P1,500 1,200 1,300 920 The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check amounting to P4,920 was issued to the petty cash custodian. Dec. 16 Dec. 16-31 The petty cash custodian paid the following from petty cash fund. Р 340 Transportation Office supplies 1,400 A count of the petty cash fund revealed the following composition: Dec. 31 1-9 Bills and coins Р3,260 Paid petty cash vouchers for Transportation Office supplies 340 1,400 The fund was not replenished on this date. 2021 Jan. 1-8 The petty cash custodian paid the following: Representation Office supplies Transportation P 1,800 1,300 120 Jan. 9 The petty cash custodian submitted the petty cash vouchers evidencing payments from December 16 through January 8. petty cash fund for its replenishment and to increase its balance by P3,000. A check was issued to the REQUIRED: Prepare journal entries for the given transactions. appropriate adjusting entries on December 31, 2020, the end of the company's reporting period, and reversing entries on January 1. Include any 38
équivalents to be reported on December 31, 2020 statement of financial position. It is the policy of the company to treat as cash equivalents instruments with maturity date of 90 days or less. Indicate the proper reporting for items that are not reported as cash and cash equivalents at December 31, 2020. (b) As a step to safeguard the company's cash balance, the Jessie Company established an imprest petty cash fund in November 2020. 1-7. From November 2020 through January 2021, the company completed the following transactions related to petty cash. 2020 Nov. 20 The company established an imprest petty cash fund amounting to P5,000 and payable to the petty cash custodian. issued a check 37 65.
Transcribed Image Text:équivalents to be reported on December 31, 2020 statement of financial position. It is the policy of the company to treat as cash equivalents instruments with maturity date of 90 days or less. Indicate the proper reporting for items that are not reported as cash and cash equivalents at December 31, 2020. (b) As a step to safeguard the company's cash balance, the Jessie Company established an imprest petty cash fund in November 2020. 1-7. From November 2020 through January 2021, the company completed the following transactions related to petty cash. 2020 Nov. 20 The company established an imprest petty cash fund amounting to P5,000 and payable to the petty cash custodian. issued a check 37 65.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Classification of Stocks
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
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
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: 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