In connection with your audit of the financial statements of Thanos Corporation for the year ended...

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In connection with your audit of the financial statements of Thanos Corporation for the year ended December 31, 2023, you conducted a surprise count of the company's petty cash fund and undeposited collections at 8:20a.m. on January 3, 2024. Your count disclosed the following: Bills and coins Bills: Coins: P100.00 5.00 1.00 0.25 5 pieces 50.00 40 pieces 20.00 48 pieces 18 pieces 206 pieces 32 pieces Checks Date December 30 December 30 December 31 December 31 December 31 Payee Cash Thanos Corporation Thanos Corporation Thanos Corporation Thanos Corporation Makers Custodian Soul Stone Company Reality Stone Company Power Stone Company Mind Stone Company Amount 1,200 14,000 1,680 17,800 8,300 December 31 Space Stone Company Thanos Corporation 27,000 Unreimbursed vouchers Date December 23 December 28 December 29 December 29 Payee Description Amount Mr. Hulk, sales manager Advances for trip to Tagaytay City 20,000 Philippine Post Office Postage stamps 1,620 Messengers Transportation 150 Time Stone, Inc. Computer repair 800 Other items found inside the cash box: 1. Unclaimed pay envelope of Scott Land. Indicated on the pay slip in his net salary of P9,200. Your inquiry revealed that Scott's salary is mingled with the petty cash fund. 1. The sales manager's liquidation report for his Tagaytay City Trip. Cash advance received on December 23 Hotel accommodation, meals, etc. 16,000 Bus fare two 1,200 20,000 Cash given to Natasha, sales man Cash returned by Natasha to the sales manager Personal check of the sales manager Total Balance Accounted for as follows: 1,000 18,200 1,800 P 120 1,680 1,800 Additional information: 1. The custodian is not authorized to cash checks. 2. The last official receipt included in the deposit on December 30 is No. 4351 and the last official receipt issued for the current year is No. 4355. The following official receipts are all dated December 31, 2023. OR No. Amount Form of payment 4352 13,600 Cash 4353 17,800 Check 4354 3,600 Cash 4355 8,300 Check 3. The petty cash balance per general ledger is P20,000. The last replenishment of the fund was made on December 22, 2023. question: 3. The adjusting entries on December 31, 2023, should include a net debit to Travel expenses of 4. The cash count should include total checks of 5.What is the total cash shortage? In connection with your audit of the financial statements of Thanos Corporation for the year ended December 31, 2023, you conducted a surprise count of the company's petty cash fund and undeposited collections at 8:20a.m. on January 3, 2024. Your count disclosed the following: Bills and coins Bills: Coins: P100.00 5.00 1.00 0.25 5 pieces 50.00 40 pieces 20.00 48 pieces 18 pieces 206 pieces 32 pieces Checks Date December 30 December 30 December 31 December 31 December 31 Payee Cash Thanos Corporation Thanos Corporation Thanos Corporation Thanos Corporation Makers Custodian Soul Stone Company Reality Stone Company Power Stone Company Mind Stone Company Amount 1,200 14,000 1,680 17,800 8,300 December 31 Space Stone Company Thanos Corporation 27,000 Unreimbursed vouchers Date December 23 December 28 December 29 December 29 Payee Description Amount Mr. Hulk, sales manager Advances for trip to Tagaytay City 20,000 Philippine Post Office Postage stamps 1,620 Messengers Transportation 150 Time Stone, Inc. Computer repair 800 Other items found inside the cash box: 1. Unclaimed pay envelope of Scott Land. Indicated on the pay slip in his net salary of P9,200. Your inquiry revealed that Scott's salary is mingled with the petty cash fund. 1. The sales manager's liquidation report for his Tagaytay City Trip. Cash advance received on December 23 Hotel accommodation, meals, etc. 16,000 Bus fare two 1,200 20,000 Cash given to Natasha, sales man Cash returned by Natasha to the sales manager Personal check of the sales manager Total Balance Accounted for as follows: 1,000 18,200 1,800 P 120 1,680 1,800 Additional information: 1. The custodian is not authorized to cash checks. 2. The last official receipt included in the deposit on December 30 is No. 4351 and the last official receipt issued for the current year is No. 4355. The following official receipts are all dated December 31, 2023. OR No. Amount Form of payment 4352 13,600 Cash 4353 17,800 Check 4354 3,600 Cash 4355 8,300 Check 3. The petty cash balance per general ledger is P20,000. The last replenishment of the fund was made on December 22, 2023. question: 3. The adjusting entries on December 31, 2023, should include a net debit to Travel expenses of 4. The cash count should include total checks of 5.What is the total cash shortage?

Answer rating: 100% (QA)

Petty Cash Fund iIt is important for the business to manage the petty cash fund which is the primary ... View the full answer