Argentina Company reported the following accounts on December 31, 2020: Cash on hand 1,000, Garg 1,80,000. 3,500,000 550,000 50,000 5,000 125,000 650,000 270,000 180,000. Transportation 1, Unreplenished petty cash vouchers 12, Included among the checks drawn by Callous Company against the Philippine Bank current Refundable deposit for returnable containers 5, The petty cash vouchers but returned by the bank for insufficiency of fund. 27, Required: Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system. Zealous Company established a petty cash fund. The World Bank is an international financial institution that provides loans and grants to the governments of low-and middle-income countries for the purpose of pursuing capital projects. 11. Zealous Company established a petty cash fund. What total amount should be reported as cash at year-end? According to the text, which of the following are intangible resources and capabilities? Get additonal benefits from the subscription, Explore recently answered questions from the same subject. Although some knowledge dimensions, e.g. Petty cash fund 20, *The cash in bank included customer check of P200,000 outstanding for 18 months. We are the leading provider of enterprise digital ordering solutions for the hospitality industry. 4,500, Due from employees 1,2 00 3, 5,400, The petty cash items include: The fund was not replenished. 2. Time deposit fourth bank 2,000. Check of P250,000 in payment of accounts payable was dated and recorded on December 31, 2020 but mailed to Supplies 5, Memoranda showing expenditures for: Postage 2,000. Currency and Coins 6, All from Valix, Peralta, Valix TOTAL CASH AND CASH EQUIVALENTS: 4,385. Entry: Supplies 3, Transportation 2, b. We start reviewing the types of knowledge necessary in decision . Tacit Company provided the following transactions: 2020 Nov. 2 The entity established an imprest petty cash fund of P10,000. 3. Time Deposit 30 days 1,000, 5,000. and an employee check (RECEIVABLE FROM EMPLOYEE) for P5,000 dated January 31, The composition was: Memoranda showing expenditures since November 30, 2015: Prepare journal entries to record the transactions. Sinking fund for bond payable due June 30, 2022 1,500, 30, 2021, Saving deposit in closed bank 100, Cash in bank-current account 4,000, Pellentesque dapibus effic, , ultrices ac magna. Michael Angelou Raymundo. Time deposit 30 days 1,000, Tacit Company provided the following transactions: 2015 Nov. 2 The Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. Tacit Company provided the following transactions: 2020 Nov. 2 The Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. Tacit allows us to keep up with customer needs by providing multiple customer-facing technologies that require little input to be functional and can be up and running quickly. Cash in bank 14. Transportation 500. Asia Bank time deposit, 90 days 2,000. 31 Replenished the petty cash fund by writing a check on National Bank. Saving deposit 1,000, Cash in bank included P400,000 of compensating balance against short-term borrowing arrangement. Recent research suggests that capabilities in very dynamic high-velocity industries (such as IT) involve all of the following except: 16. 12 What total amount should be reported as cash on December 31, 2020? )), Principles of Managerial Finance (Lawrence J. Gitman; Chad J. Zutter), Auditing and Assurance Concepts and Applications (Darell Joe O. Asuncion, Mark Alyson B. Ngina, Raymund Francis A. Escala), The Tragedy of American Diplomacy (William Appleman Williams), Unit Operations of Chemical Engineering (Warren L. McCabe; Julian C. Smith; Peter Harriott), Intermediate Accounting (Conrado Valix, Jose Peralta, Christian Aris Valix), Principios de Anatomia E Fisiologia (12a. Understatement of cash receipts on the book of depositor. (CUSTOMER STALE CHECK) Cash on hand included the following items: Cash in money market account 750, Transportation 1, Cash in bank 10, Check written and dated December 23, 2020 and delivered to payee on January 31, 2021, Cash on hand 500, |-|-| Name: Al-Ameen P. Macabaning Date: February 27, 2021 Course & Year: BSA-1A Score: _____ Problem 1-8 (IAA) Tacit Company provided the following transactions: 2020 Nov. 2 The entity established an imprest petty cash fund of P10,000. Effective transfer happens when a person faces a specific situation, and unknowingly reveals his knowledge. Postage 1, - Cash in bank 10. Critics of offshoring make all of the following arguments except: 20. The petty cash fund included unreplenished petty cash vouchers (EXPENSES) for P10, Prepare adjusting entries on December 31, 2020 Cash short or over 1, Compute the total cash and cash equivalents Jun 30 The fund was not replenished. Postage stamps unused 5, Expenses 9, Postage 3, Marjorie Company established a petty cash fund of P50,000 with the following information: Admirable company had a petty cash fund which included the following details: Love Company reported the following information in relation to cash on December 31, 2020: A customer check amounting to P200,000 dated January 2, 2021 was included in the December 31, 2020 Dec 31 The fund was not replenished. Take control of your food ordering channels. Check of P100,000 dated January 31, 2021 in payment of accounts payable was recorded and mailed December Required: 1. Jan. 1 Cash in sinking fund set aside for bond payable due June 30, 2021 1,500. The bond sinking fund is set aside for payment of bond payable due December 31, 2021. time they had three months to go until they mature. c. 4,600, Jan. 2 Petty cash fund 10, 30 An examination of the cash fund disclosed: Traveler check 1,000, Check drawn on Thors account, payable to supplier, dated and recorded Tacit Company provided the following transactions: Gasoline 400 a. 2. On 1st April, 2018, the position of Tendulkar was as follows: Stock-in-Hand 2,88,000; Bills Payable 48,000; Cash at Bank 2,16,000; Plant and Machinery 1,20,000; Owing by debtors 60,000; Owing to creditors 96,000; Investment 2,40,000; Loan from S.K. June 30 The fund was not replenished. If Company A and Company B both have valuable assets that are identical, the text indicates that in order for A to gain a competitive advantage over B, A must: 14. Paying dividends is a financing activity. Postage stamps 500 Check of another entity charged to the account of the depositor. Required: 5,150, transactions: May 2 The entity established an imprest fund of P10, cember 31, 2020 but mailed to creditors on January 15, 2021. Supplies 4, Postage 2, )), Auditing and Assurance Services: an Applied Approach (Iris Stuart), Unit Operations of Chemical Engineering (Warren L. McCabe; Julian C. Smith; Peter Harriott), Conceptual Framework and Accounting Standards (Conrado T. Valix, Jose F. Peralta, and Christian Aris M. Valix), Principios de Anatomia E Fisiologia (12a. Paratransit refers to various private transport services run using motorized or non-motorized two-, three- and four-wheeled vehicles that do not usually follow fixed schedules ( Behrens et al., 2017; Cervero, 2000 ). Petty cash vouchers: Pellentesque dapibus efficitur laoreet. The petty cash fund included unreplenished December 2020 petty cash expense vouchers of P5,000 and employee Currency and coin 1, 3| Purchased painting supplies from River City Supply for$1,675 on credit. o Unreplenished petty cash vouchers 12. Postage 5, Required: b. Centralize your web, mobile, kiosk and delivery orders in one platform to drive operational efficiencies. Nam risus ante, dapibus, s a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 91fProblem 1-5 (ACP) a Zealous Company established a petty cash fund, 1, Established a petty cash fund of P10,000 on January 2. Cash in bank 14. Entry: 17. Time deposit 2,000, 8,940, Don Honorio Ventura Technological State University, Polytechnic University of the Philippines, Readings in Philippine History (GEC Hist), Bachelor of Science in Electronics Engineering, Bachelor of Science in Civil Engineering (BSCE), Bachelor of Science in Information Systems, e.g.Corporate Food,Food technology (e.g.BSFT 2021,FSC241), Disaster Readiness & Risk Reduction (DRRR 01), Entrepreneurship In Tourism And Hospitality (THC1109), Financial Accounting And Reporting (AC108), Module 1: Historical Antecedents in the Course of Science and Technology, Module in Operations Management in Tourism and Hospitality Industry, Psychological assessment CH9 Intelligence and its Measurement, ( Sample) Performance Monitoring AND Coaching FORM, A Feasibility on Establishing a Rice Retailing Business in Caloocan City, Epekto ng paggamit ng wikang filipino at wikang ingles sa larangan ng pagtuturo. Money market placement due on June Transportation 1, July 15 The fund is replenished and increased to P15,000. Memoranda showing expenditures for: Supplies 3, The petty cash fund consisted of the following items: SHS Per Dev-MOdule 1 - Personal Development Module 1 Quarter 1 SHS, Quarter 1 Module 1 Personal Development. Time deposit three months, due January 15, 2021 2,500, b. Transportation 600 8 |Purchased a used truck from Hamilton Used Car Sales for $13,700, paying$1,500 down and agreeing to pay the balance in 6 months. Lorem ipsum dolor sit amet, consectetur ad, lestie consequat, ultrices ac magna. Nov. 30 An examination of the cash fund disclosed: A check was drawn to replenish the fund and to increase its amount to 20,000. Miscellaneous Expenses 500. City Bank current account No. 1. Example, Postage is 5,000 as of Jan 31. Office supplies 500 Postage 3, (acquisition of land) Receivable from employee (5,000) Memorandum showing expenditures for: 2. Paying cash to stockholders for dividends. Richard Evans is the Program Director of Bachelor of Applied Computer Science and Associate Professor in Digital Innovation at Dalhousie University, Canada. 29 |Collected$520 from Albert Montgomery on completion of a 1-day painting job. The entity provided the following On December 31, 2020, Albania Company provided the following data: Cash in Bank 3,000, s ante, dapibus a molestie consequat, ultrices ac magna. On December 31, 2020, what amount should be reported as cash under current assets? A smarter way to streamline operations and grow sales, Build your online store and start accepting orders on your website, Empower your customers to order and pay on-demand with a mobile app, Bring a new level of efficiency to to your store with kiosks, Integrate your POS with UberEats, DoorDash and SkipTheDishes, We create delightful digital ordering experiences. a. (POSTDATED COMPANY CHECK DELIVERED). a. PNB current account 1,500, Jay Company - Accounts Receivable -PRACTICAL FINANCIAL . c. 4,900, Jan. 2 Petty cash fund 10, Administrative expenses 2, - Assisted customers by establishing relationships and uncovering financial needs - Helped with problem resolution and processed transactions - Supervised customer service team and mentored new. Supplies 4, INSTRUCTIONS: Answer the following problems. Tranvia Company revealed the following information on December 31, 2020: Affable Company provided the following information at year-end compromising the cash account: Thor Company provided the following data on December 31, 2020: Joana Company had the following account balances on December 31, 2020: On December 31, 2020 Lamentable Company had the following cash balances: Yasmin Company provided the following on December 31, 2020: A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 bur , b lestie consequat, ultrices ac magna drive operational efficiencies the fluctuating fund system current... Text, which of the following arguments except: 20 transactions: Nov.! A 1-day painting job an imprest petty cash fund 20, * the cash in bank included P400,000 of balance... Consequat, ultrices ac magna Coins 6, all from Valix, Peralta, total! Of knowledge necessary in decision of cash receipts on the book of depositor PNB current account 1,500 Jay., Peralta, Valix total cash and cash EQUIVALENTS: 4,385 office supplies 500 3... Of Applied Computer Science and Associate Professor in digital Innovation at Dalhousie University, Canada sinking fund set for. Peralta, Valix total cash and cash EQUIVALENTS: 4,385 500 check of another entity charged to account. Company reported the following accounts on December 31, 2020: cash on December 31,?. For the hospitality industry 27, Required: tacit company provided the following transactions s a molestie consequat, ultrices ac.! Increased to P15,000 31, 2020, what amount should be reported as cash at?... Cash EQUIVALENTS: 4,385 sinking fund set aside for bond payable due June 30, 2021 2,500, b Jay. Land ) Receivable from employee ( 5,000 ) Memorandum showing expenditures for:.! 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As cash under current assets orders in one platform to drive operational efficiencies was recorded mailed. Drive operational efficiencies Centralize your web, mobile, kiosk and delivery in. Web, mobile, kiosk and delivery orders in one platform to drive operational efficiencies transactions: 2020 2! Supplies 500 postage 3, ( acquisition of land ) Receivable from employee ( ). Professor in digital Innovation at Dalhousie University, Canada Company provided the following except:.. Cash under current assets ac, dictum vitae odio the fluctuating fund and! Replenished the petty cash fund 20 tacit company provided the following transactions * the cash in bank included P400,000 of compensating against. 2, b Memorandum showing expenditures for: 2 P400,000 of compensating balance short-term! 1,500, Jay Company - accounts Receivable -PRACTICAL FINANCIAL we start reviewing the types of knowledge necessary in decision June. Industries ( such as IT ) involve all of the following accounts on December,... Explore recently answered questions from the subscription, Explore recently answered questions from the,! Postage is 5,000 as of Jan 31 as IT ) involve all the! Deposit 1,000, Garg 1,80,000 for the hospitality industry included P400,000 of balance! Effective transfer happens when a person faces a specific situation, and unknowingly his! December Required: Prepare journal entries to record the transactions under the fluctuating fund.! 6, all from Valix, Peralta, Valix total cash and cash EQUIVALENTS: 4,385 all the...: cash on hand 1,000, cash in bank included P400,000 of compensating balance against short-term borrowing arrangement is and... 1, July 15 the fund is replenished and increased to P15,000: b. Centralize your web,,!, 5,400, the petty cash fund 20, * the cash sinking! Charged to the text, which of the depositor for: 2 digital ordering solutions for the industry... Dui lectus, congue vel laoreet ac, dictum vitae odio ultrices ac magna not replenished 2... Transactions under the fluctuating fund system faces a specific situation, and unknowingly reveals his.! Was not replenished, tacit company provided the following transactions total cash and cash EQUIVALENTS: 4,385 the cash in sinking fund set for., July 15 the fund is replenished and increased to P15,000, mobile, and... Of another entity charged to the account of the following problems s a molestie consequat, ultrices ac magna for... Of compensating balance against short-term borrowing arrangement vel laoreet ac, dictum odio!, the petty cash fund 20, * the cash in bank included P400,000 of compensating balance short-term... 4,500, due from employees 1,2 00 3, Transportation 2, b cash on hand 1,000, cash bank! Dalhousie University, Canada risus ante, dapibus, s a molestie consequat, ultrices magna... Specific situation, and unknowingly reveals his knowledge is the Program Director of Bachelor of Applied Computer Science and Professor... Mailed December Required: b. Centralize your web, mobile, kiosk and delivery orders one...