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 - P8,200 Employee's advance receipts - P1,800 Currency in an envelope marked collection for "abuloy" to an employee's family, with employees' names attached - P2,000 Unreplenished petty cash vouchers - P2,240 Replenishment check drawn by Jackie Company payable to the petty cashier - P2,320 How much is the correct amount of the petty cash fund for financial reporting purposes?

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A: Solution: Adjusted balance of accounts receivables = Unadjusted balance  -Write offs

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A: Correct amount of petty cash fund at June 30, 2021 = Currencies + Coins + Company check representing…

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A: Petty Cash Fund It is important to manage the petty cash fund into the business entity which can be…

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A: SOLUTION-   CASH ON HAND AND IN BANK - CASH ON HAND MEANS PHYSICAL CASH YOUR BUSINESS HAS IN ITS…

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A: The items that should be included are: - Currencies - Coins - Petty cash vouchers (these will be…

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A:

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A: The petty cash fund is established to pay small and regular expenses of the business.

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A: Solution:- Calculation of the cash (shortage)/overage as follows under:- Introduction:- The petty…

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A: Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than…

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A: A petty cash book is used to record the minor cash transaction of the business.

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

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A: Correct balance of petty cash = Currencies + Coins

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A:

Q: BTS Company provided the following information on December 31, 2021: 500,000 20,000 Cash on hand…

A: Cash and cash equivalents refer to the amount held by a business organization in the form of hard…

Q: petty cash fund

A: Petty cash fund means the fund created out of cash designated to meet the daily needs of business.

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A: Introduction: Cash balance to be reported on the statement of financial position.

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A: Introduction:  The most liquid current assets on a company's balance sheet are cash and cash…

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A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: - transportation, P600 - gasoline, P400 - office supplies, P500

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Q: How much is the cash overage (shortage)?

A: Petty cash refers to the amount of cash kept by the company in small quantity to make the payment of…

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A:

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A: Cash is the highly liquid asset one can ever have. The items having the second higher liquidity are…

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A: These are part of current assets which  are short-term commitments that can be converted into cash…

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A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

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A: Petty cash book is the cashbook maintained for small petty expenses incurred in the business. All…

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A: A petty cash fund can be described as a fund established by the company to meet small expenses like…

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A: It used in expenses like foods, postage stamp ,fare ,food expense etc.

Q: Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items…

A: Petty cash funds are those funds which are established for the purpose of small petty expenses in…

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A: The petty cash fund is established for day to day cash expenses of the business.

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A: Cash and Cash Equivalent It is the company's assets that are cash or or cash equivalent , which can…

Q: Raffy Tulfo In Action (RTIA) appointed Shelwyn as its petty cash custodian. As at December 31, 2020,…

A: Petty cash is the fund of cash which includes the payments and receipts of minor expenses to be made…

Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Petty cash maintained to spend for the business related small expense on day-to-day basis.

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A: Inventory means the stock of goods in which the businessmen deals. Every company wants to maintain…

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A: Cash and cash equivalents are balance-sheet line items that represent the value of a company's cash…

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.