ow much is the cash shortage or overage as of December 31, 2021? Indicate whether shortage or overage. A. no shortage B. shortage of P500 C. overage of P500 D. shoratge of P4,500 8. How much petty cash fund shall be shown as part of the Cash balance as of December 31, 2021? * A. 35,000.00 B. 45,000.00 C. 53,500.00 D. 38,500.00
ow much is the cash shortage or overage as of December 31, 2021? Indicate whether shortage or overage. A. no shortage B. shortage of P500 C. overage of P500 D. shoratge of P4,500 8. How much petty cash fund shall be shown as part of the Cash balance as of December 31, 2021? * A. 35,000.00 B. 45,000.00 C. 53,500.00 D. 38,500.00
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 4PA
Related questions
Question
7. How much is the cash shortage or overage as of December 31, 2021? Indicate whether shortage or overage.
A. no shortage
B. shortage of P500
C. overage of P500
D. shoratge of P4,500
8. How much petty cash fund shall be shown as part of the Cash balance as of December 31, 2021? *
A. 35,000.00
B. 45,000.00
C. 53,500.00
D. 38,500.00
Transcribed Image Text:For questions 7 and 8, the petty cash fund (imprest balance of
P45,000) of Kurakot Company on December 31, 2021 is
Coins and currencies
Petty cash vouchers:
Postage stamps Supplies
Cash advances to employees
Employee's check returned by bank marked DAIF
Replenishment check drawn by the company
payable to the order of Maria Cortez, petty cash
custodian
Unused postage
17,000
1,000
2,000
3,000
4,000
18,000
500
Check payable to Meralco, for payment of the
company's utility bills
A sheet of paper with names of employees
together with contribution for a birthday gift of a
co-employee in thea mount of
Total
3,500
4,500
53,500
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