Problem 1

What is the adjusted cash and cash equivalents balance of Sasha Corporation as of December 31, 2020?

Current account at PNB 65,000

Treasury bills (acquired 3 months before maturity) 200,000
Payroll account 175,000
Traveler’s check 60,000
Money order 10,000
Company’s check dated 12/30/20 but not mailed at year-end 30,000
Petty cash fund____________________________________________________ 4,0000___ 
544,000

Problem 2

(IMPREST SYSTEM)

Date Account Titles Debit Credit

November 1 PCF 4,200

Cash in Bank 4,200

Nov 26 Office Supplies 671

Freight In 457
Repairs and Maintenance 1,099
Miscellaneous Expense 1,583
Cash shortage or overage 66
Cash In Bank 4,200

December 12 Accounts Payable 1,642

Wages to employees 970
Miscellaneous Expense 1,151
Cash Shortage 31
Cash In Bank 4,200

PCF 1,600
Cash in Bank 1,600

December 31 Transportation 728

Accounts Payable 1,249
Wages to Employees 485
Store Supplies 969
Miscellaneous Expense 1,827
Cash shortage or overage 51
PCF 5800
Miscellaneous Expense 46
Cash Shortage or overage 46

What is the cash shortage or overage for the year 2020?

66 51
31
=46 is the cash shortage or overage for the year 2020

Problem 3

What is the adjusted April 30 cash balance?

What is the adjusted May 31 cash balance?
 What is the adjusted cash receipts?
What is the adjusted cash disbursements?

April.30 Receipts Disbursments May.31

Balance per book 25,780 53,980 54,760 25,000

Service Charge - April 30 (180) (180)
-May 31 240 (240)

NSF check 5,000 (5,000)

Interest Earned 7,500 7,500
Book Error (2,000)

Adjusted balance 25,600 61,480 57,820 29,260

Balance per bank 27,380 55,880 56,300 26,960

Outstanding Check-April (8,630) (8,630)

-May 10,150 (10,150)
DIT- -April 6,850 (6,850)
- May 12,450
Adjusted Balance 25,600 61,480 57,820 29,260