Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 3 - Cash D. A count of the petty cash fund on January 3, 2022 revealed the following composition: P 7,300 Bills and coins

image text in transcribed

Chapter 3 - Cash D. A count of the petty cash fund on January 3, 2022 revealed the following composition: P 7,300 Bills and coins Vouchers: December 2021 dates January 2022 dates IOUS (all dated December 2021) Employee's check dated December 27, 2021 Employee's check dated January 14, 2022 Unsigned pay envelope payable to an employee (the envelope has been opened and the money has been removed) 850 200 4,200 2,800 4,250 3.9 5,000 The balance of petty cash fund per books is P 15,000. 19 7. How much is the cash shortage or overage? Indicate whether shortage of overage. 8. What is the correct amount of the petty cash fund to be shown in the statement of financial position as of December 31, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing E Commerce Systems And IT Infrastructure

Authors: Pearson

1st Edition

0536903662, 978-0536903662

More Books

Students also viewed these Accounting questions