adjusting entry related to cash at Dec 31 would include: Cr Expenses 1,500 Cr Receivables 6,000 Cr Cash 7,500 Cr Cash 9,500
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trade Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) .
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- ABC Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information for the entity: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) The adjusting entry related to cash at Dec 31 would include: Cr Expenses 1,500 Cr Cash 7,500 Cr Cash 9,500 Cr Receivables 6,000ABC Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information for the entity: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) How much is the correct cash balance at Dec 31? 442,500 444,500 450,500 500,000The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following:Petty cash fund - P3,600Checking account in BDO (check of P6,000 is still outstanding). - P336,750Notes receivable in the possession of a collecting agency - P25,000Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) - P178,000Bond sinking fund cash - P134,000IOUs signed by employees - P4,900Total - P682,250At what amount should "Cash on hand and in bank" be reported at December 31, 2021?
- 47.ABC Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information for the entity: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) How would the compensating balance be shown in the financial statements at Dec 31? Deduction from cash balance Shown as other asset and a disclosure on the nature of the restriction Notes to financial statements only Shown as current liabilityVKS Company has the following selected accounts with unadjusted balances:· Cash on petty cash fund (including unreplenished expenses with supporting receipts of P12,000)- P75,000· Cash in bank (net of P21,000 account with BPI which has a credit balance due to overdrawn checks)- P245,000· Checks issued (post-dated as of year-end)- P155,000· Checks prepared, recorded but was not delivered to vendor- P120,000 Assuming no other cash items are on hand nor pending clearing and that the post-dated check was not deposit until it was ready for credit with the bank, how much should be included as cash and cash equivalent in the statement of financial position to be presented as of year end?The book balance of a cash in bank account of Stands Corp. is P1,090,00O. As of this date, outstanding checks totaled P60,000 while deposits in transit amount to P120,00O. The accountant of Stands determined that debit memos and credit memos for the month amounting to P30,000 and P200,000 has not yet been recorded. What is the adjusted cash in bank balance? * A.P920,000 B.P1,030,000 O C.P1,090,000 O D.P1,260,000
- The following information are available for ABC Corp at Dec 31: Cash in BDO, P100,000 (compensating balance is P25,000) Cash in BPI, (P2,000) Cash in Metrobank $2,000 Cash on hand, P6,000 (includes post dated check of P1,000) Change Fund P5,000 Petty Cash Fund, P3,000 (includes petty cash voucher of P500) Exchange rate is P48 : $1 How much is the cash balance at Dec 31? 100,000 207,500 208,500 209,500Jungkook Company reported a cash balance of P3,310,476 on December 31, 2020. The amount consistsof the following:• Petty cash fund (including expense receipts for P 2,340)- P10,000• Checking account in BDO (outstanding checks at Dec. 31, P26,780)- P286,230• Cash on hand, including a customer’s check of P4,750 dated January 15, 2021- P38,246• Cash in bank, General account, net of P12,000 bank overdraft in another bank’s account- P284,000• Cash in bank, payroll account, net of P 8,500 check dated December 26, but undelivered as ofDecember 31, 2020- P225,000• Sinking fund cash- P1,567,000• Short-term treasury bills- P120,000• Cash surrender value of life insurance- P780,000At what amount should cash and cash equivalents of Jungkook reported on December 31, 2020?9. The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at this amount was a customer's NSF check for P2,400 that had been returned. Kelvin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17,200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)? a. P121,800 c. P117,000 d. P115,400 b. P119,400 (Adapted)
- The Cash account of Ranger Corp. reported a balance of $2,480 at August 31. Included were outstanding cheques totaling s600 and an August 31 deposit of $380 that did not appear on the bank statement. The bank statement, which came from Turkay Bank, listed an August 31 balance of $3,297. Included in the bank balance was an August 30 collection of $624 on account from a customer who pays the bank directly. The bank statement also shows a $17 service charge, $20 of interest revenue that Ranger earned on its bank balance, and an NSF cheque for $30. Prepare a bank reconciliation to determine how much cash Ranger actually has at August 31. (Include the balances at August 31 in each of the addition subtotal calculations.) Ranger Corp. Bank Reconciliation August 31 Bank Books Balance, August 31 Balance, August 31 Add: Add: Subtotal Subtotal Less: Less: Choose from any list or enter any number in the input fields and then continue to the next question.The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.Vegas company's unadjusted cash balance at Oct 31 is $5,400. The following information is available for bank reconciliation: - outstanding checks, $600 - deposit in transit, $450 - bank service charges, $90 - bank had collected an account receivable for company, $1000 - bank statement included an NSF check written by one of company's customers for $600. What was the adjusted book balance at Oct 31? A, $5,400 B, $5,710 C, $6,910 D, $5,490