T Opposite each item, write the proper account classification, and indicate also the generally accepted account titles
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Opposite each item, write the proper account classification, and indicate also the generally accepted account titles to use. 1 Petty cash fund totally depleted 2 Newly replenished petty cash fund P100.000 20.000 3. A customer's check marked DAUD (drawn against uncleared deposits) 4. A customer's check marked DAIF (drawn against insufficient funds) 5. A customer's check which is postdated 6. Demand deposit with MBTC fund 40,000 7. Savings account with Land Bank check for 8. Withdrawable deposit with Bank of America 12.400 9. Cash deposited in Switzerland restricted in withdrawal 10. Cash deposited with a bank under receivership smen 11. Cash deposited at Cititrust restricted in withdrawal 12. Cash in sinking bond fund public utility 13. Cash deposited with suppliers as advance payment 20,000 20,000 16,000 alco)- 3,000 14. Current account with PNB showing a debit balance in the books 15. Current account with PCIB-Equitable showing a debit balance in the bank 16. Cash deposited with the owner of a piece of land in an option to acquire the land currently under lease 17. Postage stamps received from the mails representing remittance of a customer on small sale to him 18. Payroll fund on hand for coming payday 19. Postal money orders on hand inclu 20. Cash deposited with a closed bank Cash accos in the general ledger of DA 21. A customer's check awaiting deposit waiting depart 22. Employees' sales collectible at the end of the month included among the petty cash items 23. Cash deposited at Phil. Savings Bank restricted in withdrawal 24. Money market placement with SMC for 60 days 25. Money market placement with Ayala Land for 100 days (acquired 90 days before due date) 26. Money market placement with Purefoods for 100 days (acquired 10 days before due date) 27. Cash deposited with a special bank account to finance the construction of a new building 28. Checks made out in payment for liabilities but not yet mailed until further notice from the general manager; or antedated check payments 29. Petron stock certificates 30. BSP treasury bills Opposite each item, write the proper account classification, and indicate also the generally accepted account titles to use. 1 Petty cash fund totally depleted 2 Newly replenished petty cash fund P100.000 20.000 3. A customer's check marked DAUD (drawn against uncleared deposits) 4. A customer's check marked DAIF (drawn against insufficient funds) 5. A customer's check which is postdated 6. Demand deposit with MBTC fund 40,000 7. Savings account with Land Bank check for 8. Withdrawable deposit with Bank of America 12.400 9. Cash deposited in Switzerland restricted in withdrawal 10. Cash deposited with a bank under receivership smen 11. Cash deposited at Cititrust restricted in withdrawal 12. Cash in sinking bond fund public utility 13. Cash deposited with suppliers as advance payment 20,000 20,000 16,000 alco)- 3,000 14. Current account with PNB showing a debit balance in the books 15. Current account with PCIB-Equitable showing a debit balance in the bank 16. Cash deposited with the owner of a piece of land in an option to acquire the land currently under lease 17. Postage stamps received from the mails representing remittance of a customer on small sale to him 18. Payroll fund on hand for coming payday 19. Postal money orders on hand inclu 20. Cash deposited with a closed bank Cash accos in the general ledger of DA 21. A customer's check awaiting deposit waiting depart 22. Employees' sales collectible at the end of the month included among the petty cash items 23. Cash deposited at Phil. Savings Bank restricted in withdrawal 24. Money market placement with SMC for 60 days 25. Money market placement with Ayala Land for 100 days (acquired 90 days before due date) 26. Money market placement with Purefoods for 100 days (acquired 10 days before due date) 27. Cash deposited with a special bank account to finance the construction of a new building 28. Checks made out in payment for liabilities but not yet mailed until further notice from the general manager; or antedated check payments 29. Petron stock certificates 30. BSP treasury bills
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Answers The classification of the items listed will depend on their nature as assets specifically within current assets under cash or cash equivalents or possibly other classifications such as receiva... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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