The cash account in ABC Co.s ledger showed a balance at December 31, 2020 of P 4,415,000
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Question:
The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was determined to consist of:
Petty Cash Fund | P 24, 000 |
Undeposited receipts, including a post-dated customer
| 1,220,00 |
Bond Fund | 850,000 |
Voucher’s paid out of collections, not yet recorded | 43,000 |
IOU’s signed by employees, taken from collections | 33,000 |
4,415,000 |
Q1. At what amount should cash on hand and in bank be reported on the December 31, 2020 SFP?
Q2. At what amount should cash and cash equivalent be reported on the December 31, 2020 SFP?
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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