The Petty Cash box of Poultry Feeds Co. as of December 31, 2020 contains the following: receipt for gasoline P1,000; National Bookstore receipt for bond papers P800; invoice for food purchase P500 and postage stamps P200. Also included are bills and coins for 2,400. The general ledger account of PCF has a balance of 5,000. The company uses the imprest system. If the company replenished the PCF on December 31, 2020, how much is the balance of PCF at year end?

Q: While checking the cash account of the Torquoise Company on December 31, 2020, you find the…

A: Torquoise Company           Bank Reconciliation           December 31, 2020…

Q: n December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021,…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: A surprise count of the petty cash fund of Jing Trading on July 4, 2021 showed the following:…

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

Q: The petty cash custodian of Barbie Inc presented the following on December 31, 2015, the end of the…

A: The general ledger shows an imprest petty cash fund balance of 16,000. Coins and Currency - 825…

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A: Net profit means the difference between the income and expenses. In the present case , we need to…

Q: On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021,…

A: The petty cash fund is maintained by the company for the day to day expenses of the business.

Q: While checking the cash account of the Torquoise Company on December 31, 2020, you find the…

A: Torquoise Company   Currency and coins counted P95,000 Petty cash fund P10,000 Less: Petty…

Q: The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash…

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty cash book is the accounting book prepared for the recording of outlays of miscellaneous…

Q: ·       Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook…

A: The answer has been mentioned below.

Q: 28. On April 2020, Grapes Company established an imprest petty cash fund for P20,000 by writing a…

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

Q: Grand Company's fiscal year ends on June 30.   Its petty cash fund was established for an amount of…

A: Petty cash fund  P15,000 Payment:   Paid vouchers of office supplies (dated June 28, 2021)…

Q: Your count of the undeposited receipts under the custody of the cashier of Abaca Company on…

A: Sometimes there is a difference between cash balance as per books and cash balance as per physical…

Q: BBB Company’s check book balance on December 31,2020 was P5,000,000. Inaddition, BBB Company held…

A: Introduction: NSF Check: NSF stands for Non sufficient funds check, When there is no sufficient…

Q: 5. Postage stamps (received from a customer as a payment for a small purchases 8.00 from Sampaguita…

A: Petty Cash The purpose of preparing the petty cash system to manage the expenses of petty cash…

Q: On December 31, 2020, the Branch Current in the Home Office books shows a balance of P50,000. The…

A: In Branch Accounting It is a general practice to prepare a Reconciliation account to arrive at the…

Q: On December 31, 2021 Mickey Mouse Corporation's trial balance includes the following accounts: Petty…

A: Cash & Cash Equivalent Cash & Cash equivalent refers to an item that is presented in the…

Q: The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is…

A: Correct balance of petty cash = Currencies + Coins

Q: VKS Company established a petty cash fund of P10,000 on July 1, 2021.  At the end of the month, the…

A: Solution: Total petty cash receipts = 741.90 + 880 + 900 + 1421.40  + 837.60 = 4.780.90

Q: On January 31, Jema hardware received a check from a customer for payment of an invoice. The 6,000…

A: A cash receipts journal refers to a journal in the books of accounts that records all the receipts…

Q: Further investigation also disclosed that a cash sale of merchandise last Jan. 2, 2020 amounted to…

A: Petty Cash Fund The usages of petty cash fund is to manage the petty expenses which are incurred in…

Q: Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund…

A: A journal entry is the first step in recording financial transactions in the books of business…

Q: The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below Account Name…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

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

Q: The following are data of Taehyung Inc.:  The petty cash fund was established on May 2, 2019, in…

A: The journal entry to record the replenishment of and increase in petty cash fund is as under:…

Q: The cash account of Ria on December 31,2021 has an balance of P151,000 and it consists of the…

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

Q: The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020, with an Imprest…

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

Q: The December 31,2020 trial balance of DDD Company includes the followingaccounts:  Cash on hand…

A: Cash equivalent are the marketable securities in which the business invests for short term investing…

Q: teinert Company has the following items at year-end: Cash in bank $45k Petty Cash 500 Short-term…

A: Cash and Cash Equivalents It includes, Cash in hand Balance with banks Cheques, drafts on hand Petty…

Q: You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash…

A: Adjusted balance Adjusted balance refers to the balance which is obtained after making all the…

Q: The petty cash box, upon investigation, showed the following items: bills- P450, coins- P50;…

A: Petty cash fund =  bills +  coins + vouchers for taxi fare + voucher for supplies

Q: A surprise count of the petty cash fund of Jungkook Pharma on July 4, 2020 showed the following:…

A:

Q: Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund…

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

Q: The trial balance of MasqueCompany at December 31, 2021includes the following accounts: Petty cash…

A:

Q: How much is the petty cash short or over? b. What is the adjusted balance of the petty cash fund at…

A: Petty cash is the cash which is set by the company in order to make the small payments like the tea,…

Q: Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of…

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

Q: The Petty Cash box of Mini Book Store as of December 31, 2022 contains the following: receipt for…

A: In Imprest System, petty custodian should have constant amount and the same shown as debit  balance…

Q: The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash…

A: Correct amount of petty cash fund for financial reporting purposes = Currencies and Coins + Currency…

Q: Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held…

A: Bank reconciliation statement is a statement which is prepared in order to match the book balance…

Q: Grand Company's fiscal year ends on June 30.   Its petty cash fund was established for an amount of…

A: Here in this question, we are required to find out shortage or overage in the petty cash fund at…

Q: CPA Company established a petty cash fund of P10,000 on July 1, 2021.  At the end of the month, the…

A: Solution: Total petty cash receipts = P741.90 + P880 +P900 + P1,421.40 + P837.60 = P4,780.90…

Q: EFG Company established a petty cash fund of P90,000 on December 1, 2021. As of December 31, 2021,…

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

Q: The December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand…

A: The term cash and cash equivalents mean the cash the company is having or such assets held by the…

Q: A count of the undeposited receipts under the custody of Nina Cao, cashier of Tahiti Corporation, on…

A: Cash shortages and overages occur when the actual quantity of cash on hand varies from the amount of…

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.

Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty Cash fund: It is a fund established to meet the tiny cash expenses of the business. An amount…

Q: The following data are obtained from the single-entry records kept by Jefford Merchandising for…

A: 1. Here we will prepare the Accounts receivable A/c where We will calculate credit Sales as Balance…

Q: Sheridan Company has the following items at year-end: Cash in bank $34700 Petty cash $290…

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

Q: BBB Company's check book balance on December 31,2020 was P5,000,000. addition, BBB Company held the…

A: Answer: Cash reported on December 31, 2020: P4,800,000

Q: Marc Company's checkbook balance at December 31, 2021 was P167,085. In addition, Marc held the…

A: The check not yet mailed or presented is not deducted in checkbook but Adjusted in cash book at the…