The December 31, 2015 trial balance of Kim Company includes the following accounts: Cash on hand...
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The December 31, 2015 trial balance of Kim Company includes the following accounts: Cash on hand Petty cash fund Korean Bank current account JTBC current account No. 1 JTBC current account No. 2 SKB treasury bill - 60 days The BKI time deposit- 30 days Required: 1. 2. 3. 4. 500,000 20,000 1,000,000 400,000 BKI time deposit - 30 The cash on hand includes a customer postdated check of P100,000 and postal money order of P40,000. Cash on hand Petty cash fund (50,000) 3,000,000 2,000,000 The petty cash fund includes unreplenished petty cash vouchers for P2,000 and an employee check for P3,000 dated January 31, 2016. Security Bank current account Cash and cash equivalents 5. Adjusting entries on December 31, 2015 A check for P200,000 was drawn against Korean Bank account, dated January 15, 2016, delivered to the payee and recorded December 31, 2015. The BKI time deposit is set aside for acquisition of land to be used as a factory site. Park Company closed its book on June 30, 2015. Park Company provided the following transactions: May 2 The entity established an imprest fund of P10,000. 29 The fund is replenished. The petty cash items include: Currency and coin 2,000 1,000 3,000 2,500 1,500 Postage Supplies Transaction Miscellaneous expenses June 30 The fund was not replenished. The fund is composed of the following: Currency and coin 6,000 Supplies 2,000 Postage 1,000 Transportation 1,000 July 15 The fund is replenished and increased to P15,000. Currency and coin Supplies Postage Transportation Miscellaneous expenses 3,000 3,500 1,500 1,500 500 Required: Prepare entries to record the transactions under imprest fund system and fluctuating fund system. The December 31, 2015 trial balance of Choi Company includes the following accounts: Cash on hand Petty cash fund Korea Bank current account Seoul Bank current account City Bank current account Asia Bank saving account Asia Bank time deposit, 90 days o The petty cash consists of the following items on December 31, 2015 Currency and coins IOUS from officers Unreplenished petty cash vouchers Cash on hand includes the following items: o Customer's check for P35,000 returned by bank December 26, 2015 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2016. Customer's check for P15,000 dated January 10, 2016 received December 23, 2015. 200,000 20,000 5,000,000 4,000,000 5,000 2,000 12,000 (100,000) 250,000 2,000,000 Included among the checks drawn by Choi against the Korea Bank current account and recorded in December 2015 are the following: Check and written and dated December 23, 2015 and delivered to payee on January 3, 2016, P25,000. o Check written December 26, 2015, dated January 30, 2016, delivered to payee on December 28, 2015, P45,000. Required: 1. Cash on hand 2. Petty cash fund 3. Philippine Bank current account 4. Cash and cash equivalents 5. Adjusting entries on December 31, 2015 The credit balance in City Bank current account represents checks drawn in excess of the deposit balance which are still outstanding at December 31, 2015. The saving account deposit in Asia bank has been set aside by the Board of Directors for acquisition of new equipment. This amount is expected to be disbursed in the next 3 months from the end of the reporting period. The cash account of Min Company on December 31, 2015 includes the following: Cash on hand 500,000 Petty cash fund. Cash in bank 20,000 2,000,000 Cash on hand includes: a. Customer check of P40,000 return by Bank December 26, 2015 due to insufficient fund but subsequently redeposited and cleared by bank January 5, 2016 b. Customer check for P60,000 dated January 15, 2016 received December 22, 2015. c. Postal money orders received from customer P50,000 The petty cash fund consists of the following items: Currency and coins Employee's vales Currency in envelope marked "collections for Christmas party Check drawn by Suzy payable to petty cash 1,000 3.000 14,000 20,000 Included among the checks drawn by Min against its current account and recorded in December 2015 are: a. Check written and dated December 22, 2015 and delivered to payee on January 5, 2016, P100,000. Required: Compute for the following: 1. Cash on hand 2. Petty cash fund b. Check written December 26, 2015 and dated January 31, 2016 delivered to payee on December 26, 2016, P150,000 3.Cash in bank 4. Adjusting entries on December 31, 2015 The December 31, 2015 trial balance of Kim Company includes the following accounts: Cash on hand Petty cash fund Korean Bank current account JTBC current account No. 1 JTBC current account No. 2 SKB treasury bill - 60 days The BKI time deposit- 30 days Required: 1. 2. 3. 4. 500,000 20,000 1,000,000 400,000 BKI time deposit - 30 The cash on hand includes a customer postdated check of P100,000 and postal money order of P40,000. Cash on hand Petty cash fund (50,000) 3,000,000 2,000,000 The petty cash fund includes unreplenished petty cash vouchers for P2,000 and an employee check for P3,000 dated January 31, 2016. Security Bank current account Cash and cash equivalents 5. Adjusting entries on December 31, 2015 A check for P200,000 was drawn against Korean Bank account, dated January 15, 2016, delivered to the payee and recorded December 31, 2015. The BKI time deposit is set aside for acquisition of land to be used as a factory site. Park Company closed its book on June 30, 2015. Park Company provided the following transactions: May 2 The entity established an imprest fund of P10,000. 29 The fund is replenished. The petty cash items include: Currency and coin 2,000 1,000 3,000 2,500 1,500 Postage Supplies Transaction Miscellaneous expenses June 30 The fund was not replenished. The fund is composed of the following: Currency and coin 6,000 Supplies 2,000 Postage 1,000 Transportation 1,000 July 15 The fund is replenished and increased to P15,000. Currency and coin Supplies Postage Transportation Miscellaneous expenses 3,000 3,500 1,500 1,500 500 Required: Prepare entries to record the transactions under imprest fund system and fluctuating fund system. The December 31, 2015 trial balance of Choi Company includes the following accounts: Cash on hand Petty cash fund Korea Bank current account Seoul Bank current account City Bank current account Asia Bank saving account Asia Bank time deposit, 90 days o The petty cash consists of the following items on December 31, 2015 Currency and coins IOUS from officers Unreplenished petty cash vouchers Cash on hand includes the following items: o Customer's check for P35,000 returned by bank December 26, 2015 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2016. Customer's check for P15,000 dated January 10, 2016 received December 23, 2015. 200,000 20,000 5,000,000 4,000,000 5,000 2,000 12,000 (100,000) 250,000 2,000,000 Included among the checks drawn by Choi against the Korea Bank current account and recorded in December 2015 are the following: Check and written and dated December 23, 2015 and delivered to payee on January 3, 2016, P25,000. o Check written December 26, 2015, dated January 30, 2016, delivered to payee on December 28, 2015, P45,000. Required: 1. Cash on hand 2. Petty cash fund 3. Philippine Bank current account 4. Cash and cash equivalents 5. Adjusting entries on December 31, 2015 The credit balance in City Bank current account represents checks drawn in excess of the deposit balance which are still outstanding at December 31, 2015. The saving account deposit in Asia bank has been set aside by the Board of Directors for acquisition of new equipment. This amount is expected to be disbursed in the next 3 months from the end of the reporting period. The cash account of Min Company on December 31, 2015 includes the following: Cash on hand 500,000 Petty cash fund. Cash in bank 20,000 2,000,000 Cash on hand includes: a. Customer check of P40,000 return by Bank December 26, 2015 due to insufficient fund but subsequently redeposited and cleared by bank January 5, 2016 b. Customer check for P60,000 dated January 15, 2016 received December 22, 2015. c. Postal money orders received from customer P50,000 The petty cash fund consists of the following items: Currency and coins Employee's vales Currency in envelope marked "collections for Christmas party Check drawn by Suzy payable to petty cash 1,000 3.000 14,000 20,000 Included among the checks drawn by Min against its current account and recorded in December 2015 are: a. Check written and dated December 22, 2015 and delivered to payee on January 5, 2016, P100,000. Required: Compute for the following: 1. Cash on hand 2. Petty cash fund b. Check written December 26, 2015 and dated January 31, 2016 delivered to payee on December 26, 2016, P150,000 3.Cash in bank 4. Adjusting entries on December 31, 2015
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QUESTION 1 A Cash on Hand The cash on hand balance is given as P500000 However it also includes Customer postdated check of P100000 Postal money order of P40000 Cash on hand P500000 P100000 P40000 P36... View the full answer
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Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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