Name: Lucille Christy Pao Section: MA11: Problem 1-2 (IAA) 1. Prepare Adjusting Entries On December 31 2019
Name: Lucille Christy Pao Section: MA11: Problem 1-2 (IAA) 1. Prepare Adjusting Entries On December 31 2019
Name: Lucille Christy Pao Section: MA11: Problem 1-2 (IAA) 1. Prepare Adjusting Entries On December 31 2019
b. Expenses 10,000
Receivable from employee 5,000
Petty cash fund 15,000
3. Explain the presentation of the items excluded from cash and cash
equivalents.
• The BSP 120-day treasury bill of ₱ 3,000,000 is separately shown as current asset.
• The overdraft in BDO current account of ₱ 200,000 is shown as current liability
• The BPI Time deposit of of ₱ 2,000,000 is shown as non-current investment because
it is restricted for land acquisition.
Problem 1-4 (PHILCPA Adapted)