Required:

1. Prepare the adjusting entries on December 31, 2021.

1. Account Receivable 200,000
Cash in Bank 200,000

2. Cash in Bank 250,000

Accounts Payable 250,000

3. Cash in Bank 100,000

Accounts Payable 100,000

4. Accounts Receivable 450,000

Cash in Bank 450,000

2. Compute the total amount of cash and cash equivalents that should be reported on Decembber 31, 2021.

Cash in Bank 3,000,000

Stale check (200,000)
Undelivered check 250,000
Postdated check 100,000
3,150,000

Time deposit - 90 days 1,000,000

Petty cash fund 20,000
2022 cash receipt collected on December 31, 2021 (450,000)
Total Cash and Cash Equivalents 3,720,000

3. Explain the presentation of the items excluded from cash and cash equivalents.
Money market placement due on June 30, 2022 is a short-term investment.
Saving deposit in closed bank is restricted which made it a noncurrent asset.
Sinking fund for bond payable due June 30, 2023 is a long-term investment.
ber 31, 2021.
Required:
1. Prepare adjusting entries on December 31, 2021.
1. Accounts Receivable 150,000
Cash on hand 150,000

2. Receivable from employee 10,000

Expenses 5,000
Petty cash fund 15,000

2. Compute the total amount of cash and cash equivalents.

Cash on hand 1,000,000

Postdated check (150,000)
850,000

Petty cash fund 50,000

Unreplenished petty cash vouchers (10,000)
Employee check (5,000)
35,000

Security Bank current account 2,000,000

PNB current account 1,500,000
Bond sinking fund 2,500,000
Total Cash and Cash Equivalents 6,885,000

3. Explain the presentation of the items excluded from cash and cash equivalents.
BDO current account (overdraft) is a current liability.
BSP treasury bill - 120 days has exceeded the three month term and is presented separately as current assets.
BPI time deposit - 90 days is investing on a land which is a noncurrent asset.
Required:
1. Prepare adjusting entries on December 31, 2021.
1
a. Accounts Receivable 100,000
Cash on hand 100,000

b. Accounts Receivable 150,000

Cash on hand 150,000

2
Employees' IOUs 10,000
Cash short or over 5,000
Petty cash fund 15,000

3
Accounts Receivable 200,000
Cash in Bank 200,000

Accounts Receivable 300,000

Cash in Bank 300,000

2. Compute the total cash on December 31, 2021.

Cash on hand 1,000,000

NSF check (100,000)
Postdated customer check (150,000)
750,000

Petty cash fund 50,000

Employees' IOUs (10,000)
Currency in envelope marked collections for Christmas Party (5,000)
35,000

Cash in bank 4,000,000

Undelivered check 200,000
Company Postdated check 300,000
4,500,000

Saving deposit 2,000,000

Total Cash 7,285,000
Required:
1. Compute the total amount of cash and cash equivalents.
Cash on hand 200,000
NSF check (35,000)
Postdated check (15,000)
150,000

Petty cash fund 20,000

IOUs from officers (2,000)
Unreplenished petty cash vouchers (12,000)
Cash short or over (1,000)
5,000

Good Bank current account 5,000,000

Undelivered check 25,000
Company Postdated check 45,000
5,070,000

Morning Bank current account no. 1 4,000,000

Morning Bank current account no. 2 (100,000)
3,900,000

Afternoon Bank saving account 250,000

Afternoon Bank saving account, 90 days 2,000,000
Total Cash and Cash Equivalents 11,375,000

2. Prepare adjusting entries on December 31, 2021.

1
a. Accounts Receivable 35,000
Cash in bank 35,000

b. Accounts Receivable 15,000

Cash in bank 15,000

2
IOUs from officers 2,000
Unreplenished petty cash vouchers 12,000
Cash short or over 1,000
Petty cash fund 15,000

3
Accounts Receivable 25,000
Cash in Bank 25,000

Accounts Receivable 45,000

Cash in Bank 45,000
Required:
Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system.

Fluctuating fund system

Jan. 2 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of a petty cash fund.

Feb. 1 Postage 1,500

Supplies 5,500
Transportation 1,200
Miscellaneous expense 800
Petty cash fund 9,000
To record that the fund is replenished.

1 Petty cash fund 14,000

Cash in bank 14,000
To record that the fund is replenished and inreased by 5,000.

Imprest fund system

Jan. 2 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of a petty cash fund.

Feb. 1 Postage 1,500

Supplies 5,500
Transportation 1,200
Miscellaneous expense 800
Cash in bank 9,000
To record that the fund is replenished.

Petty cash fund 5,000

Cash in bank 5,000
To record that the fund is replenished and inreased by 5,000.
und system.
Required:
Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system.

Fluctuating fund system

1 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of a petty cash fund.

2 Postage 1,500
Supplies 3,000
Petty cash fund 4,500
To record petty cash disbursements.

3 Transportation 1,000
Accounts Payable 3,500
Petty cash fund 4,500
To record petty cash disbursements.

4 Petty cash fund 20,000

Cash in bank 20,000
To record that the fund is replenished.

Imprest fund system

1 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of a petty cash fund.

4 Petty cash fund 10,000

Postage 1,500
Supplies 3,000
Transportation 1,000
Accounts Payable 3,500
Cash in bank 19,000
To record that the fund is replenished.

Petty cash fund 10,000

Cash in bank 10,000
mprest fund system.
Required:
Prepare journal entries to record the transactions under imprest fund system and fluctuating fund system.

Imprest fund system

May 2 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of a petty cash fund.

June 29 Postage 1,000

Supplies 3,000
Transportation 2,500
Miscellaneous expense 1,500
Cash in bank 8,000
To record the adjusted entries.

30 Postage 1,000
Supplies 2,000
Transportation 1,000
Petty cash fund 4,000
To record the unreplenished petty cash items.

July 1 Petty cash fund 4,000

Postage 1,000
Supplies 2,000
Transportation 1,000
To record the reversing entries.

July 15 Petty cash fund 5,000

Cash in bank 5,000
To record that the fund is replenished and increased by 5,000.

Fluctuating fund system

May 2 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of a petty cash fund.

June 29 Postage 1,000

Supplies 3,000
Transportation 2,500
Miscellaneous expense 1,500
Petty cash fund 8,000
To record the adjusted entries.

June 30 Supplies 2,000

Postage 1,000
Transportation 1,000
Petty cash fund 4,000
 To record the petty cash items that was not replenished.

30 Petty cash fund 8,000

Cash in bank 8,000

July 15 Postage 500

Supplies 1,500
Transporatation 500
Miscellaneous expense 500
Petty cash fund 3,000
To record replenished petty cash fund.

15 Petty cash fund 12,000

Cash in bank 12,000
To record that the fund is replenished and increased by 5,000.
Required:
Prepare journal entries to record the transactions.
2021
Nov. 2 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of imprest petty cash.

Nov. 30 Postage 2,000

Supplies 5,000
Petty cash fund 10,000
Cash in bank 17,000
To record the fund increased by 10,000.

Dec. 31 Postage 3,000

Supplies 4,000
Deposit for 20 cases of softdrinks 2,000
Petty cash fund 9,000
To record the unreplenished petty cash items.

Jan. 1 Petty cash fund 9,000

Postage 3,000
Supplies 4,000
Deposit for 20 cases of softdrinks 2,000
To record the reversing entries.

2022
Jan. 2 No entry

31 Postage 5,000
Supplies 6,000
Payment of account 7,000
Cash short or over 1,000
Cash in bank 19,000
To record replenished petty cash fund.

Petty cash fund 20,000

Cash in bank 20,000
Required:
Prepare journal entries to record the transactions.
2021
Dec. 1 Petty cash fund 10,000
Cash in bank 10,000
To record the establishment of imprest petty cash.

Dec. 20 Vouchers for selling expenses 5,000

Vouchers for miscellaneous expenses 2,000
Vouchers for equipment 2,000
Cash in bank 9,000
To record replenished petty cash fund.

Dec. 31 Postdated employee's check 2,000

Vouchers for selling expenses 1,500
Vouchers for transportation 500
Petty cash fund 4,000
To record the unreplenished petty cash items.

Jan. 1 Petty cash fund 4,000

Postdated employee's check 2,000
Vouchers for selling expenses 1,500
Vouchers for transportation 500
To record the reversing entries.

2022
Jan. 31 Distribution costs 2,000
Administrative expense 2,000
Transportation 1,500
Payment for suppplier's invoice 1,200
Cash in bank 6,700
To record replenished petty cash fund.

How much is the petty cash on January 31, 2022 before the replenishment?

Petty cash fund 10,000

Distribution costs (2,000)
Administrative expense (2,000)
Transportation (1,500)
Payment for suppplier's invoice (1,200)
Total petty cash 3,300