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On December 31, 2021 Mickey Mouse Corporation's trial balance includes the following accounts: Petty cash fund 100,000 1,500,000 3,500,000 Current account – BPI Current account – BDO Current account – Metrobank (overdraft) 120-day Money market placement – UCPB Time deposit – PNB (150,000) 2,000,000 1,000,000 Additional Information: • The petty cash fund includes unreplenished December 2021 petty cash expense vouchers for P25,000 and an employee check for P5,000 dated January 31,2022. • A check for P100,000 was drawn against BDO current account dated and recorded December 27, 2021 but delivered to payee on January 10, 2022. • A check for P325,000 was drawn against BPI account. The check was duly delivered to the payee on December 28, 2021 and dated January 4, 2022. • A customer's check amounting to P250,000 dated December 23,2021 was included in BPI current account. However, the check was returned by the bank on December 28, 2022 due to insufficient balance of the customer to its account. • The PNB time deposit is set aside for land acquisition in early January 10,2022.

On December 31, 2021 Mickey Mouse Corporation's trial balance includes the following accounts: Petty cash fund 100,000 1,500,000 3,500,000 Current account – BPI Current account – BDO Current account – Metrobank (overdraft) 120-day Money market placement – UCPB Time deposit – PNB (150,000) 2,000,000 1,000,000 Additional Information: • The petty cash fund includes unreplenished December 2021 petty cash expense vouchers for P25,000 and an employee check for P5,000 dated January 31,2022. • A check for P100,000 was drawn against BDO current account dated and recorded December 27, 2021 but delivered to payee on January 10, 2022. • A check for P325,000 was drawn against BPI account. The check was duly delivered to the payee on December 28, 2021 and dated January 4, 2022. • A customer's check amounting to P250,000 dated December 23,2021 was included in BPI current account. However, the check was returned by the bank on December 28, 2022 due to insufficient balance of the customer to its account. • The PNB time deposit is set aside for land acquisition in early January 10,2022.

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
Problem 5AP
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What should be reported as cash and cash equivalents on December 31, 2021?

On December 31, 2021 Mickey Mouse Corporation's trial balance includes the following accounts: Petty cash fund 100,000 1,500,000 3,500,000 (150,000) 2,000,000 1,000,000 Current account – BPI Current account – BDO Current account – Metrobank (overdraft) 120-day Money market placement – UCPB Time deposit – PNB Additional Information: • The petty cash fund includes unreplenished December 2021 petty cash expense vouchers for P25,000 and an employee check for P5,000 dated January 31,2022. • A check for P100,000 was drawn against BDO current account dated and recorded December 27, 2021 but delivered to payee on January 10, 2022. • A check for P325,000 was drawn against BPI account. The check was duly delivered to the payee on December 28, 2021 and dated January 4, 2022. • A customer's check amounting to P250,000 dated December 23,2021 was included in BPI current account. However, the check was returned by the bank on December 28, 2022 due to insufficient balance of the customer to its account. • The PNB time deposit is set aside for land acquisition in early January 10,2022.
Transcribed Image Text:On December 31, 2021 Mickey Mouse Corporation's trial balance includes the following accounts: Petty cash fund 100,000 1,500,000 3,500,000 (150,000) 2,000,000 1,000,000 Current account – BPI Current account – BDO Current account – Metrobank (overdraft) 120-day Money market placement – UCPB Time deposit – PNB Additional Information: • The petty cash fund includes unreplenished December 2021 petty cash expense vouchers for P25,000 and an employee check for P5,000 dated January 31,2022. • A check for P100,000 was drawn against BDO current account dated and recorded December 27, 2021 but delivered to payee on January 10, 2022. • A check for P325,000 was drawn against BPI account. The check was duly delivered to the payee on December 28, 2021 and dated January 4, 2022. • A customer's check amounting to P250,000 dated December 23,2021 was included in BPI current account. However, the check was returned by the bank on December 28, 2022 due to insufficient balance of the customer to its account. • The PNB time deposit is set aside for land acquisition in early January 10,2022.
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