Question: Problem 9: Prada Company established a petty cash fund to help ensure internal control over...
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Question: Problem 9: Prada Company established a petty cash fund to help ensure internal control over its small expenditures. The following are the transactions affecting the petty cash fund for the month of May 2019: 1. On May 2, the company established a petty cash fund in the amount 2. The following were paid by the petty cash custodian from May 2 through May 20: Freight on merchandise purchases Freight on merchandise sold Supplies purchased IOUS from employees 6. A count of the fund on May 31 revealed bills and coins in the petty cash amounting to P5.700. The company's reporting period ends May 31. P8,000. IOUS from employees 3. On May 18, the employees paid their IOUS as indicated above (the advances were granted in May 10; the proceeds from such collection were returned to the petty cash fund). 4. On May 20, the fund was replenished.5. Payments from petty cash fund from May 20 through May 31 are as follows: Freight on merchandise purchases P 1.200 Transportation of messenger Medicines for employees Required: Prepare journal entries for the above transactions, including any adjustments on May 31, 2019. P2.500 3,000 800 1,200 150 320 500 Question: Problem 9: Prada Company established a petty cash fund to help ensure internal control over its small expenditures. The following are the transactions affecting the petty cash fund for the month of May 2019: 1. On May 2, the company established a petty cash fund in the amount 2. The following were paid by the petty cash custodian from May 2 through May 20: Freight on merchandise purchases Freight on merchandise sold Supplies purchased IOUS from employees 6. A count of the fund on May 31 revealed bills and coins in the petty cash amounting to P5.700. The company's reporting period ends May 31. P8,000. IOUS from employees 3. On May 18, the employees paid their IOUS as indicated above (the advances were granted in May 10; the proceeds from such collection were returned to the petty cash fund). 4. On May 20, the fund was replenished.5. Payments from petty cash fund from May 20 through May 31 are as follows: Freight on merchandise purchases P 1.200 Transportation of messenger Medicines for employees Required: Prepare journal entries for the above transactions, including any adjustments on May 31, 2019. P2.500 3,000 800 1,200 150 320 500
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SL NO 1 May22 2 3 JOURNAL ENTRY IN THE BOOKS OF PRADA COMPANY DATE 4 May22 5 6 May21 DES... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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