You counted the petty cash fund balance of Rainbow Corporation at 9:00 o' clock in the...

 

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You counted the petty cash fund balance of Rainbow Corporation at 9:00 o' clock in the morning of January 4, 2022, and you obtained the following details: Bills and coins Paid vouchers (all dated December 2021) for (a) (b) Telephone Water Office supplies Grab and Lalamove delivery of documents IOU's signed by employees Envelope containing contributions from employees for a donation drive to a co-employee who suffered from the pandemic Company check for fund replenishment Unused office supplies REQUIRED: 3,000 15,000 1,200 You ascertained that Rainbow Corporation established a petty cash fund for P35,000. P2,500 3,500 1,600 3,700 2,800 3,900 Compute the amount of the petty cash fund shortage as at January 4, 2022. Prepare the necessary audit adjusting entries as at December 31, 2021. Compute the correct amount of petty cash fund to be shown as part of Cash in the statement of financial position at December 31, 2021. You counted the petty cash fund balance of Rainbow Corporation at 9:00 o' clock in the morning of January 4, 2022, and you obtained the following details: Bills and coins Paid vouchers (all dated December 2021) for (a) (b) Telephone Water Office supplies Grab and Lalamove delivery of documents IOU's signed by employees Envelope containing contributions from employees for a donation drive to a co-employee who suffered from the pandemic Company check for fund replenishment Unused office supplies REQUIRED: 3,000 15,000 1,200 You ascertained that Rainbow Corporation established a petty cash fund for P35,000. P2,500 3,500 1,600 3,700 2,800 3,900 Compute the amount of the petty cash fund shortage as at January 4, 2022. Prepare the necessary audit adjusting entries as at December 31, 2021. Compute the correct amount of petty cash fund to be shown as part of Cash in the statement of financial position at December 31, 2021.

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