Problem 1 (Petty Cash)George Corp sets up a petty cash fund to pay for relatively small amounts of expenses. George Corp., where the petty cash account amount remains in its original amount and the transaction is determined for petty cash balance under $ 1,000. The following are available data for the month of July 2020On July 4, the company will set a petty cash fund of $ 1,000Summary of expenses, petty cash is $ 250 on file by the company. on July 14 are as follows:Payroll Check S83Dividends $ 49Commission S64Travel and Entertainment Expense $ 23Advertising $ 31On July 25, George purchased, the equipment for S1800George Corp decided to increase the cash amount to the petty cash fund by $ 500 on July 31Requested:Make a number of entries on petty cash transactions using the impress and fluctuating method during July.Problem 2 (Receivables)PT CAHAYA's Receivables Balance as of December 31, 2019 was IDR 1,350,000,000, allowance for uncollectible accounts was IDR 75,000,000. The transactions for 2020 are as follows:Placing money at PT BINTANG and receiving a money order with a nominal value of IDR 180,000,000, 10%, 3 monthsCredit sales of IDR 1 553,000,000.Write off PT INDAH's receivables of Rp. 180,000 000 due to bankruptcyFactors outstanding debt of Rp. 800 000,000 to WIDYA FINANCE, finance charges 1% of factored receivables and retained 2%On September 1, transferred PT ABI's receivables Rp. 700 000,000 to Bank BNI 45 as collateral for notes payable of 10%, Rp. 600 000 000, and finance charge of 1% on the debt.October 1st. Receive payment from PT ABI with a sales discount of IDR 7,000,000 and a sales return and allowance of IDR 5,000,000, immediately transferred to Bank BNI 45 plus interestReceived payment of receivables that have been written off from PT INDAH Rp. 125,000,000.Dividend receivables to be received on investment in shares in PT. Image IDR 2,000,000At the end of December to collect the remaining collateralized receivables.It is estimated that 2% of the outstanding receivables are uncollectibleRequested:Make a journal at PT CAHAYA to record the transaction abovePrepare a presentation of accounts receivable on the Statement of Financial Position

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Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

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Problem 1 (Petty Cash)

George Corp sets up a petty cash fund to pay for relatively small amounts of expenses. George Corp., where the petty cash account amount remains in its original amount and the transaction is determined for petty cash balance under $ 1,000. The following are available data for the month of July 2020

On July 4, the company will set a petty cash fund of $ 1,000
Summary of expenses, petty cash is $ 250 on file by the company. on July 14 are as follows:

Payroll Check S83

Dividends $ 49

Commission S64

Travel and Entertainment Expense $ 23

Advertising $ 31

On July 25, George purchased, the equipment for S1800
George Corp decided to increase the cash amount to the petty cash fund by $ 500 on July 31

Requested:

Make a number of entries on petty cash transactions using the impress and fluctuating method during July.

Problem 2 (Receivables)

PT CAHAYA's Receivables Balance as of December 31, 2019 was IDR 1,350,000,000, allowance for uncollectible accounts was IDR 75,000,000. The transactions for 2020 are as follows:

Placing money at PT BINTANG and receiving a money order with a nominal value of IDR 180,000,000, 10%, 3 months
Credit sales of IDR 1 553,000,000.
Write off PT INDAH's receivables of Rp. 180,000 000 due to bankruptcy
Factors outstanding debt of Rp. 800 000,000 to WIDYA FINANCE, finance charges 1% of factored receivables and retained 2%
On September 1, transferred PT ABI's receivables Rp. 700 000,000 to Bank BNI 45 as collateral for notes payable of 10%, Rp. 600 000 000, and finance charge of 1% on the debt.
October 1st. Receive payment from PT ABI with a sales discount of IDR 7,000,000 and a sales return and allowance of IDR 5,000,000, immediately transferred to Bank BNI 45 plus interest
Received payment of receivables that have been written off from PT INDAH Rp. 125,000,000.
Dividend receivables to be received on investment in shares in PT. Image IDR 2,000,000
At the end of December to collect the remaining collateralized receivables.
It is estimated that 2% of the outstanding receivables are uncollectible

Requested:

Make a journal at PT CAHAYA to record the transaction above
Prepare a presentation of accounts receivable on the Statement of Financial Position

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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