PT. Manukdadali has $100 maximum in Petty Cash. On June 27, 2022 the Petty Cash of PT. Manukdadali has been used for $92. The correct record to top-up the Petty Cash of PT. Manukdadali must be Select one: a. Petty Cash $92 on Credit b. Cash $92 on Credit c. Cash $8 on Debit d. Petty Cash $8 on Debit

PT. Manukdadali has $100 maximum in Petty Cash. On June 27, 2022 the Petty Cash of PT. Manukdadali has been used for $92. The correct record to top-up the Petty Cash of PT. Manukdadali must be Select one: a. Petty Cash $92 on Credit b. Cash $92 on Credit c. Cash $8 on Debit d. Petty Cash $8 on Debit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 4EA: Record the following transactions: A. Started a petty cash fund in the amount of $500. B....

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A company has decided to start a petty cash fund for $150. Which of the following is the correct journal entry? A. B. C. No entry is required. D.
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The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash drawer of the custodian had the following items on hand: Currencies and coins - P8,200Employee's advance receipts - P1,800Currency in an envelope marked collection for "abuloy" to an employee's family, with employees' names attached - P2,000Unreplenished petty cash vouchers - P2,240Replenishment check drawn by Jackie Company payable to the petty cashier - P2,320How much is the correct amount of the petty cash fund for financial reporting purposes?
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On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
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The following items are found in the cash account of AAA Company at December 31, 2021. The company’s controller asks your opinion whether the items listed below should be considered as part of cash account and come up with an adjusting entry to adjust the cash account.• A check worth P288,000 from customer who paid the account net of the 4% discount. The company records the transaction as credit to Accounts Receivable for the proceeds.• Postage stamps, P1,000;• Cash in closed bank (F Bank), P195,000;• Redemption fund, P300,000;• Sinking fund, P300,000. This will be used on May 1, 2022 to redeem the bonds payable;• Change fund, P25,000;• X Bank Checking Account No. 0004568, P410,000.• Y Checking Account No. 0002347, P275,000.;• Overdraft in Z Checking Account No. 00011256, P150,000 resulting from a withdrawal of a company’s check dated January 3, 2022 in payment of account, P450,000. This was recorded in the company’s disbursement ledger at December 31, 2021;• Overdraft in X Checking…
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