PROBLEM NO. 1 You were hired by SCAM Corporation to examine their accounts for the year...

 

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PROBLEM NO. 1 You were hired by SCAM Corporation to examine their accounts for the year ended December 31, 2023 and the following are the items disclosed in your audit of the cash accounts: (a) A surprise count of cash and cash items was conducted by your audit staff on January 4, 2024. The company has a petty cash fund of 70,000 which is maintained on an imprest basis. The cash count sheet disclosed the following: Bills and coins IOU Notes of several employees all dated Dec. 2023 Paid petty cash vouchers Description Representation & advertising Office and store supplies P24,250 18,000 No. Date 108 Dec. 29 10,214 109 Dec. 30 3,652 110 Dec. 31 111 Jan. 02 Repair of air conditioning units Transportation expense 6,500 280 112 Jan. 03 Representation expense 7,104 REO.CPA.ACADEMICS.F1.01.00 PROBLEM NO. 1 You were hired by SCAM Corporation to examine their accounts for the year ended December 31, 2023 and the following are the items disclosed in your audit of the cash accounts: (a) A surprise count of cash and cash items was conducted by your audit staff on January 4, 2024. The company has a petty cash fund of 70,000 which is maintained on an imprest basis. The cash count sheet disclosed the following: Bills and coins IOU Notes of several employees all dated Dec. 2023 Paid petty cash vouchers Description Representation & advertising Office and store supplies P24,250 18,000 No. Date 108 Dec. 29 10,214 109 Dec. 30 3,652 110 Dec. 31 111 Jan. 02 Repair of air conditioning units Transportation expense 6,500 280 112 Jan. 03 Representation expense 7,104 REO.CPA.ACADEMICS.F1.01.00