r audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021, for 000. Transactions related to the fund are as follows: October and November fund disbursements (before the November 15 replenishment) include the owing: sportation expense 4,500 pairs for office equipment 6.780 from employees 3.000 The fund was replenished on November 15 when the petty cash on hand total to 1.200. The check wn is enough to bring the petty cash balance to P20,000. The shortage is appropriately recorded by ur client. November (after the November 15 replenishment) and December disbursements include the owing: nsportation expense 3.600 fice supplies 2,200 fice furniture (purchased Dec. 31) 5,000 J from employees 800 Cash count related to the fund revealed currencies totaling to P3.400. The fund was replenished in nuary 2022. All supplies were used during the year.
r audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021, for 000. Transactions related to the fund are as follows: October and November fund disbursements (before the November 15 replenishment) include the owing: sportation expense 4,500 pairs for office equipment 6.780 from employees 3.000 The fund was replenished on November 15 when the petty cash on hand total to 1.200. The check wn is enough to bring the petty cash balance to P20,000. The shortage is appropriately recorded by ur client. November (after the November 15 replenishment) and December disbursements include the owing: nsportation expense 3.600 fice supplies 2,200 fice furniture (purchased Dec. 31) 5,000 J from employees 800 Cash count related to the fund revealed currencies totaling to P3.400. The fund was replenished in nuary 2022. All supplies were used during the year.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PB: On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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Provided that the entity did not prepare year-end adjustinv jpurnal entry, how much is the 2021 net income overstated?
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