Particulars Rs Opening balance: Cash in Hand 5000 Cash at Bank 25000 Subscriptions 165000 Donations 35000 Investment Purchased 80000 Rent Paid 20000 General Expenses 21500 Postage and stationery 2000 Courier charges 1000 Sundry Expenses 2500 Closing Cash in Hand 12000
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Prepare Receipts and Payment Account
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- Analyze the transactions cash withdrawn from the bank for business use 50000Which of the following is a cash inflow from financing activities? Receipt from collections on notes receivable Receipt from interest on notes receivable Receipt from issuance of notes payable Receipt from sale of property and equipment Submit Never submit passwords through Google Forms. This form was created inside of Palawan State University. Report Abuse Google PormsRecord the following transactions: A. Started a petty cash fund in the amount of $300. B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $124. C. Increased petty cash by $50.
- 31 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported? Exercise 1-4 An analysis of the Cash account of the HYACINTH COMPANY revealed the following details as of Dec. 31, 2019: 1. Petty cash fund (cleared of non-fund items) 2. Change fund 3. Undeposited collections 4. Cash in bank- BDO 5. Cash in bank-BDO 6. Cash in bank-sinking fund 7. Cash deposited with a closed bank 8. Demand deposits with Bank of America 9. Time deposit (60 days) with China Bank 10. Cash in bank- for building construction P4,700 2,000 8,000 20,000 (4,000) 40,000 12,000 80,000 120,000 240,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet? 2. How will the other accounts be reported? Exercise 1-5 The cash account of the EVERGREEN COMPANY showed a credit balance of P20,000 after checks totaling P45,000 have been prepared in payment of outstanding liabilities with suppliers and credited to cash in…What is double entry for the following transaction: Paid MK20000 of the cash in hand into bank accountPROBLEM 1. 4111 Company had the following items in its "Cash and cash equivalents" account as of December 31, 2022: Cash on hand P125,000Bank time deposit (acquired 12/30/2022; due in 2/28/2023) 150,000Petty cash fund - including P2,550 unreplenished vouchers dated December 27-30, 2022; and P1,200 dated January 4, 2023 10,000Cash in foreign bank - unrestricted ($5,000; average rate - P50; closing rate - P52) 250,000Cash restricted for additions to plant (to be disbursed in 2025) 1,200,000Cash in bank - to be used for payment of 2023 dividends and taxes 1,380,000 How much should be reported as cash and cash equivalents as of December 31, 2022? a. P1,875,450 b. P1,922,450 c. P1,921,250 d. P1,944,250 PROBLEM 2. The following data were taken from the accounting records of 423, Inc Balance at January 1, 2022 5,000 balls @ P20Purchases:…
- # Q E O C INSTRUCTIONS: Record the following transactions: Started a petty cash fund in the amount of $300. DR [Select] and CR [Select] . for $300. . * Replenished petty cash fund using the following expenses in this order: Auto $69, Office Expenses $77, Postage Expense $56, Miscellaneous Expenses $98. Cash on hand is $6. CR $ 4 R F DR DR V DR DR DR or CR? CR % * Increased petty cash by $100. DR Petty Cash 5 T G + B A Auto Expense 6 Office Expense Postage Expense Miscellaneous Expense Cash Cash and CR [Select] MacBook Pro = Y H C & 7 N U J + $69 # $77 # $56 + $98 # $6 + $300 - * 00 8 M - + for $100. fo K ( - o 9 < O < I ) - O L command (›) P . : ; I option { [ ? + 11 + = I w } 1 delete returnurrent Attempt in Progress This information relates to the Cash account in the ledger of Wildhorse Company. Balance September 1–$17,770; Cash deposited-$64,000 Balance September 30-$18,790; Checks written-$62,800 The September bank statement shows a balance of $17,870 at September 30 and the following memoranda. Credits Debits Collection from customer of electronic funds transfer $2,200 NSF check: H. Kane $930 Interest earned on checking account 70 Safety deposit box rent 85 At September 30, deposits in transit were $5,133 and outstanding checks totaled $2,778. Prepare the bank reconciliation at September 30, 2022. (List items that increase balance as per bank & books first.) WILDHORSE COMPANY Bank Reconciliation 2$ 2$ %24 %24 %24 > > > > > > > >Reconciliation of Heaven Company’s bank account atMay 31 is:Balance per bank statement 2,100,000Deposits in transit 300,000Checks outstanding ( 30,000)Correct cash balance 2,370,000Balance per book 2,372,000Bank service charge ( 2,000)Correct cash balance 2,370,000June data are as follows:BankTotal credits P1,620,000Total debits 2,300,000Collection by bank (P400,000Note plus interest)420,000NSF check 10,000Balance 1,420,000BooksDeposits recorded 1,800,000Checks recorded 2,360,000Balance 1,810,000 The deposits in transit on June 30 amount toa. P120,000 c. P900,000b. P480,000 d. P 0
- Determine the amount of Cash and Cash equivalents. Undeposited Collections Cash in Bank- PCIB- Savings Cash in bank- PNB checking account 60,000 270,000 135,000 Cash in bank - PNB (overdraft) Undeposited NSF check received from customer Dec. 15, 2019 Undeposited check from customer dated Dec. 15, 2019 Undeposited check from customer dated Jan. 15, 2019 Undeposited check from customer dated Feb 15, 2020 Cash in Bank- PCIB (Payroll Fund) (32,000) 15,000 35,000 25,000 20,000 375,000 Cash in Bank- PCIB (Bond Sinking Fund) 500,000 IOUS from officers 20,000 Cash in Foreign Bank $50,000 Petty Cash Fund including unreplenished vouchers of P21,000 30,000 Three-month BSP treasury bill 250,000 Investment in debt securities 350,000 n your audit of its cash account, you have ascertained the following items to be of importance: a. Undeposited Collections contain Postdated check to a supplier dated December 18, 2019 and is undelivered. b. Cash in bank PCIB- Savings has a compensating balance that is…Balance of cash in bank account 1,300,000Balance of bank statement 1,200,000Outstanding checks, August 31:Number 555 10,000761 55,000762 40,000763 25,000764 65,000765 70,000Receipts of August 31, deposited September 1 275,000The bank statement showed the following charges:a. Service charge for August 5,000b. NSF check received from a customer 85,000The cashier-bookkeeper had misappropriated 30,000 and an additional 10,000 by charging sales discounts and crediting accounts receivable.The stub for check number 765 and the invoice relating thereto show that it was for 50,000. The check was recorded incorrectly in the cash disbursements journal as 70,000. The check was drawn in payment of an account payable.Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located.Required:a. Prepare a bank reconciliation on August 31 using the adjusted balance method.b. Prepare adjusting entries in the Susan Company book on August 31View Policies Show Attempt History Current Attempt in Progress Sheridan Inc. owns these assets at the statement of financial position date: Cash in bank (savings account) $20,240 Cash on hand 1,540 Prepaid insurance 1.840 Cash in bank (chequing account) 12,880 Postdated cheques received from customers 920 (a) Your answer is correct. What amount should be reported as cash and cash equivalents in the statement of financial position? Cash 34660 eTextbook and Media Attempts: 1 of 3 used
