PROBLEMS Problem 1-1 (LAA) 3780000 On December 31, 2019, Albania Company provided the following data Cash in bank 3,000,000 ~ Time deposit — 30 days 1,000,000 ~ Money market placement due on June 30, 2020 2,000,000 Saving deposit in closed bank 100,000 Sinking fund for bond payable due June 30, 2021 1,500,000 Petty cash fund 20,000 ” * The cash in bank included customer check of P200,00¢ outstanding for 18 months. “ks Check of P250,000 in payment of accounts payable was dated and recorded on December 31, 2019 but mailed to / creditors on January 15, 2020. _ Check of P100,000 dated January 31, 2020 in payment of accounts payable was recorded and mailed December 31, - 2019. The reporting period is the calendar year. The cash receipts journal was held upen until January 15, 2020 during which time an amount of P450,000 was ~ tey , 2019. collected and recorded on December 31, 201 lee a8) Required: 1 2. Compute the total . Prepare adjusting entries on December 31, 2019. amount of cash and cash equivalents that should be reported on December 31, 2019. « . _utati af the itoma excluded from cashProblem 1-2 (AA) —# 585 000 Argentina Company reported . December 31, 2019: the following. accounts on Cash on hand Petty cash fund 1,000,000 Security Bank current account 50,000 PNB current account py BDO current account (overdraft) ( ram BSP treasury bill - 120 days 3,000 000 - BPI time deposit -90 days 2,000,000 sinking fund 2,500,000 _ Bond customer postdated check * The cash on hand included a of P150,000 and postal money order of P50,000. * The petty cash fund included unreplenished pe vouchers for 0. cotpent an employee check for 15,000) dated January 31, 2020. leg * The BPI time deposit is set aside for acquisition of land to be made in early January qt * The bond sinking fund is set aside for payment of bond payable due December 31, 2020. Required: 31, 2019 ries on Decembe' equivalents. 1. Prepare ndjusting ent 2, Compute the total emount 3. Explain the presentation of the i and cash equivalents.Problem 1-3 (IAA) F252, 000 4 Armenia Company re: ‘ollowing informa: ON 6, yY reported the foll format; December 31, 2019: ro Cash on hand i Petty cash fund 000,099 Gest in bank i oon? ving deposit 2 2,000,009 ( ot \*/ Cash on hi i \_/ Cash on hand cluded ‘the following: a. Customer check of P100,000 returned by bank December 26, 2019 due to insufficient fund but subsequently redeposited and cleared by bank January 5, 2020, b. Customer check for ‘150,000 dated January 15, 2029 received December 22, 2019. c. Postal money orders received from customers, P200,000. © The petty cash fund consisted of the following items: Currency and coins 2,000 Employees’ IOUs , 10,000 Currency in envelope marked collections for Christmas party 5,000 Check drawn by Armenia payable to petty cashier 33,000 50,000 == ‘ a «) Check written and dated December 22, 2019 8" CY delivered to payee on January 5, 2020, P200,000. ary 3h * Check written December 26, 2019 and dated January 2020 delivered to payee on December 26, 2019, 300;Problem 1-4 (PHILCPA Adapted) || Yo v00 1 " Callous Company reported th “s December 31, 2019: © following accounts on Cash on hand Petty cash fund 200,000 Philippine Bank current account 20,000 City Bank current account No. 1 Sopaan0 City Bank current account No. 2 (overdraft) Capon ‘Asia Bank saving account won ‘Asia Bank time deposit, 90 days 2,000,000 d included the following items: 35,000 returned by bank December ufficient fund but subsequently d by the bank on January 10, 2020. * Cash on han Customer check for P; 26, 2019 due to ins redeposited and clearé Customer check for P15,000 dated January 10, 2020, received December 23, 2019. * The petty cash fund consisted of the following items: Currency and coins 5,000 10Us from officers 2,000 Unreplenished petty cash vouchers 12,000 cso" (000 3 drawn by Callous Company nk current account and e following: nd dated December 23, 2019 and uary 31, 2020, 25,000. January 30, 2020, 45,000. * Included among the check: > against the Philippine Ba recorded in December 2019 were th Check written a: delivered to payee on Jam ber 26, 2019, date Check written Decem! December 28, 2019, delivered to payee on Roanired:Problem 1-5 (ACP) ie Zealous Company established a petty cash fund, Established a petty cash fund of P10,000 on January 2. lL, 2. Petty cash expenses — January 2-31 are: Postage 1500 Supplies 5 ion : 200 Miscellaneous expense ‘800 3. The fund is replenished on February 1 and increased by P5,000. Required: " Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund eystem. Problem 1-6 (ACP) Zenith Company provided the following chronological transactions in relation to petty cash: 1 2. 3. The entity established a petty cash fund of FP 10,000. Petty cash disbursements were: Postage 1,600 Supplies ¢ 3,000 Petty cash disbursements were: ‘Transportation c 1,000 Accounts payable 2 3,500 Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000. Required: Hiiecw es. a d ave, sore re + gee = oer A ere Iproblem 1-18 (PHILCPA Adapted) jorie Company eatabliahod a petty cash fund of P60,000 Mar} with the following information: ingand currency potty cash vouchers: 22,000 7 Medical supplies , 4,000 Re} 1,000) JOU from an employee i 1,600 the order of Ann Cruz, petty cash 9,600 16,000 “ Check drawn payable representing hor salary shock of an employee returned by bank marked "NSF" 3,000 (Meat of paper with the names of several employees > or with & contribution for a birthday party acurrency of 5,000 togetht and attached to the sheet of paper ia cash fund should be reported? What amount of petty k 27, () 37,000 d. 22,000 PA Adapted) Company had a petty cash fund which included e details: 2,000 ~ Admirable the followin Coins and currency Paid vouchers ‘Transportation Gasoline Office supplies Postage stamps Due from employees Employee's check retarned by bank m f 1,000 Check drawn to the order of of petty cae é What amount of petty cash should be reported? a. 2,000 Lo @annProblem 1-20 (ACP) ‘ reported the following information in relation Loe Oe robe 31, 2019: * Checkbook balance, P4,000,000. * Undeposited collections, 400,000. * Acustomer check amounting to P200,000 dated Janu: 2 2020 was included in the December 31, 2019 cheekbook balance. : * Another customer check for P500,000 deposited. on December-22, 2019 was included in the checkbook balance but returned by the bank for insufficiency of fund. This check was redeposited on December 26, 2019 and cleared two days later. * A P400,000 check payable to supplier dated and recorded on December 30, 2019 was mailed on January 16, 2020. * A petty cash fund of P50,000 comprised the following on December 31, 2019: Coins and currencies \ 8,000) Petty cash vouchers 40,000 Refundable deposit for returnable containers 5,000 50,000 * A check of P40,000 was drawn on December 31, 2019 payable to Petty Cash. 1. What is the adjusted cash in bank on December 31, 2019? . 4,600,000 4,200,000 ¢. 4,400,000 ; d. 3,700,000 2. What total amount should be reported as cash on December 31, 2019? es (a .) 4,645,000 . . 4,845,000 - aennnon