How much is the petty cash fund shortage at December 31, 2021? The adjusted petty cash fund
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Question:
How much is the petty cash fund shortage at December 31, 2021?
The adjusted petty cash fund balance of Lannister Corporation at December 31, 2021 is?
What is the amount of operating expenses found in the petty cash fund of Lannister Corporation?
Excluding petty cash fund, the cash account of Lannister Corporation is understated at December 31, 2021 by how much?
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You are making an audit of the Lannister Corporation for the past calendar year. The balance of the Petty Cash account at December 31, 2021 was P1,300. Your count of the imprest cash count made at 8:30 am on January 3, 2022, in the presence of the petty cash custodian, revealed: Currency and coins Checks: Date Maker 12/28/2021 Jaime, vice-president 12/29/2021 Cersei, employee 12/31/2021 Tyrion, customer 01/02/2022 Joffrey, customer 01/10/2022 Myrcella, employee (check received Dec. 29) Vouchers: Dec. 11 Dec. 28 Dec. 29 Dec. 31 Jan. 2 Bank PNB DBP RCBC # 301 # 302 # 305 # 500 PNB PNB 571.38 (These checks were all considered good when deposited after dates shown on the checks. The first four checks were actually deposited Jan. 3; the last check was deposited Jan. 11; all five checks proved to be good.) 380.00 80.00 153.80 121.36 80.00 # 261 Tommen, shipping clerk - temporary advance for the use of the receiving department. Your count of Mr. Tommen's fund revealed: currency - P28.80: merchandise freight bills. P31.20. P 60.00 12.00 47.30 88.93 29.36 Postage Freight bill on merchandise purchases Freight bill on office supplies Freight bill on merchandise purchases IOU Dec. 21 Ysabel, employee Sales Invoices (for cash sales, collections handled by the petty cashier): Invoice # 315 Dec. 30 P 120.00 328 Dec. 31 153.80 121.36 334 Jan. 2 (As a general rule, the petty cashier turn over the proceeds of cash sales to the general cashier on the 10th, 20th and last days of each month. Proceeds on these sales were recorded and deposited by the general cashier.) 36.00 Postage Stamps: Three one-peso stamps. The petty cashier handled postage stamps. These stamps represent the unused stamps purchased on Voucher # 301. You are making an audit of the Lannister Corporation for the past calendar year. The balance of the Petty Cash account at December 31, 2021 was P1,300. Your count of the imprest cash count made at 8:30 am on January 3, 2022, in the presence of the petty cash custodian, revealed: Currency and coins Checks: Date Maker 12/28/2021 Jaime, vice-president 12/29/2021 Cersei, employee 12/31/2021 Tyrion, customer 01/02/2022 Joffrey, customer 01/10/2022 Myrcella, employee (check received Dec. 29) Vouchers: Dec. 11 Dec. 28 Dec. 29 Dec. 31 Jan. 2 Bank PNB DBP RCBC # 301 # 302 # 305 # 500 PNB PNB 571.38 (These checks were all considered good when deposited after dates shown on the checks. The first four checks were actually deposited Jan. 3; the last check was deposited Jan. 11; all five checks proved to be good.) 380.00 80.00 153.80 121.36 80.00 # 261 Tommen, shipping clerk - temporary advance for the use of the receiving department. Your count of Mr. Tommen's fund revealed: currency - P28.80: merchandise freight bills. P31.20. P 60.00 12.00 47.30 88.93 29.36 Postage Freight bill on merchandise purchases Freight bill on office supplies Freight bill on merchandise purchases IOU Dec. 21 Ysabel, employee Sales Invoices (for cash sales, collections handled by the petty cashier): Invoice # 315 Dec. 30 P 120.00 328 Dec. 31 153.80 121.36 334 Jan. 2 (As a general rule, the petty cashier turn over the proceeds of cash sales to the general cashier on the 10th, 20th and last days of each month. Proceeds on these sales were recorded and deposited by the general cashier.) 36.00 Postage Stamps: Three one-peso stamps. The petty cashier handled postage stamps. These stamps represent the unused stamps purchased on Voucher # 301.
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Answer To answer the questions lets first summarize the transactions related to the petty cash fund ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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