Problem 7-4 (PHILCPA Adapted) Problem 7-2 (IAA) Callous Company reported the following accounts on 12:13 December 31, 2016: Argentina Company re December 31, 2016: Cash on hand 200,000 Petty cash fund 20,000 Cash on hand Philippine Bank current account 5,000,000 Petty cash fund City Bank current account No. 1 4,000,000 Security Bank current accou City Bank current account No. 2 (overdraft) ( 100,000) PNB current account Asia Bank saving account 250,000 BDO current account (overd Asia Bank time deposit, 90 days 2,000,000 BSP treasury bill - 120 day BPI time deposit - 90 days Cash on hand included the following items: Bond sinking fund Customer check for P35,000 returned by bank December The cash on hand in 26, 2016 due to insufficient fund but subsequently of P150,000 and post redeposited and cleared by the bank on January 10, 2017. The petty cash fund Customer check for P15,000 dated January 10, 2017, vouchers for P10,000 received December 23, 2016. dated January 31, 20 A cdn.fbsbx.com The petty cash fund consisted of the following items: * The BPI time deposit to be made in early J Currency and coins 5,000 IOUs from officers 2,000 The bond sinking fu Unreplenished petty cash vouchers 12,000 payable due Decemb Included among the checks drawn by Callous Company Required: against the Philippine Bank current account and recorded in December 2016 were the following: 1. Prepare adjusting en Check written and dated December 23, 2016 and 2. Compute the total an delivered to payee on January 3, 2017, P25,000. 3. Explain the presenta Check written December 26, 2016, dated January 30, 2017, and cash equivalent delivered to payee on December 28, 2016, P45,000. Required: Compute the total cash and cash equivalents. Done 2. Prepare adjusting entries on December 31, 2016.Problem 7-2 (IAA) Problem 7-3 (IAA) Argentina Company reported the following accounts on December 31, 2016: Armenia Company reported the following information on 12:13 December 31, 2016: Cash on hand 1,000,000 Petty cash fund 50,000 Cash on hand 1,000,000 Security Bank current account 50,000 2,000,000 Petty cash fund 4,000,000 PNB current account 1,500,000 Cash in bank BDO current account (overdraft) 200,000) Saving deposit 2,000,000 BSP treasury bill - 120 days 3,000,000 7,050,000 BPI time deposit - 90 days 2,000,000 Bond sinking fund 2,500,000 * Cash on hand included the following The cash on hand included a customer postdated check a. Customer check of P100,000 returned by bank December of P150,000 and postal money order of P50,000. 26, 2016 due to insufficient fund but subsequently redeposited and cleared by bank January 5, 2017. The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 b. Customer check for P150,000 dated January 15, 2017 dated January 31, 2017. received December 22, 2016. The BPI time deposit is set aside for acquisition of land c. Postal money orders received from customers, P200,000. A cdn.fbsbx.com to be made in early January 2017. * The petty cash fund consisted of the following items: The bond sinking fund is set aside for payment of bond 2,000 payable due December 31, 2017. Currency and coins Employees' IOUs 10,000 Currency in envelope marked "collections for Required: Christmas party" 5,000 Check drawn by Armenia payable to petty cashier 33,000 1. Prepare adjusting entries on December 31, 2016. 50,000 2. Compute the total amount of cash and cash equivalents. * Check written and dated December 22, 2016 and 3. Explain the presentation of the items excluded from cash delivered to payee on January 5, 2017, P200,000. and cash equivalents. Check written December 26, 2016 and dated January 31, 2017 delivered to payee on December 26, 2016, P300,000. Required: 1. Prepare adjusting entries on December 31, 2016. Done 2. Compute the total cash on December 31, 2016. 196PROBLEMS the following information on 12:13 Problem 7-1 (LAA) 1,000,000 50,000 On December 31, 2016, Albania Company provided the 4,000,000 following data: 2,000,000 Cash in bank 3,000,000 7,050,000 Time deposit - 30 days 1,000,000 Money market placement due on June 30, 2017 2,000,000 following: Saving deposit in closed bank 100,000 Sinking fund for bond payable due June 30, 2018 1,500,000 000 returned by bank December Petty cash fund 20,000 icient fund but subsequently by bank January 5, 2017. The cash in bank included customer check of P200,000 outstanding for 18 months. 50,000 dated January 15, 2017 2016. *. Check of P250,000 in payment of accounts payable was eived from customers, P200,000. dated and recorded on December 31, 2016 but mailed to creditors on January 15, 2017. cdn.fbsbx.com ted of the following items: . Check of P100,000 dated January 31, 2017 in payment of 2,000 accounts payable was recorded and mailed December 31, 10,000 2016. collections for 5,000 *. The reporting period is the calendar year. able to petty cashier 33,000 50,000 The cash receipts journal was held open until January 15, 2017 during which time an amount of P450,000 was ed December 22, 2016 and collected and recorded on December 31, 2016. uary 5, 2017, P200,000. Required: 26, 2016 and dated January 31, December 26, 2016, P300,000. 1. Prepare adjusting entries on December 31, 2016. 2. Compute the total amount of cash and cash equivalents that should be reported on December 31, 2016. on December 31, 2016. 3. Explain the presentation of the items excluded from cash on December 31, 2016. and cash equivalents. Done 97 195