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Problem 1-24 (PHILCPA Adapted) Marjorie Company established a petty cash fund of P50,000 with the following information: Coins and currency 22,000 Petty cash vouchers: Gasoline 3,000 Medical supplies 1,000 Repairs 1,500 IOU from an employee 3,500 Check drawn payable to the order of Ann Cruz, petty cash custodian, representing her salary 15,000 Check of an employee returned by bank marked "NSF" 3,000 A sheet of paper with the names of several employees together with a contribution for a birthday party and attached to the sheet of paper is a currency of 5,000 What amount of petty cash fund should be reported? a. 42,000 b. 27,000 C. 37,000 d. 22,000 Problem 1-25 (PHILCPA Adapted) Admirable Company had a petty cash fund which included the following details: Coins and currency 2,000 Paid vouchers Transportation 600 Gasoline 400 Office supplies 500 Postage stamps 300 Due from employees 1,200 3,000 Employee's check returned by bank marked "NSF" 1,000 Check drawn to the order of of petty cash custodian 4,000 What amount of petty cash should be reported? a. 2,000 b. 7,000 C. 6,000 d. 9,000 . 34Problem 1-26 (PHILCPA Adapted) On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021, the petty cash fund was examined and found to comprise the following information: Coins and currencies Petty cash vouchers for expenses 6,000 46,000 The petty cash fund was replenished on December 31, 2021. 1. What amount should be reported as cash shortage or cash overage? a. 2,000 over b. 2,000 short C. 4,000 short d. 0 2. What entry should Andi Company make on December 31, 2021 to record the replenishment of petty cash fund? a. Petty cash 46,000 Cash in bank 44,000 Cash short and over 2,000 b. Miscellaneous expenses 46,000 Cash in bank 44,000 Cash short and over 2,000 c. Miscellaneous expenses 44,000 Cash short and over 2,000 Cash in bank 46,000 d. Miscellaneous expenses 46,000 Petty cash 44,000 Cash short and over 2,000