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How to solve it?......... Accounting for PCF 5. An entity established a petty cash fund (PCF) of P30,000 on October 1, 20x1. During the month,

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How to solve it?.........

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Accounting for PCF 5. An entity established a petty cash fund (PCF) of P30,000 on October 1, 20x1. During the month, P24,260 have been disbursed from the PCF, and by the end of the month, the PCF box contains coins and currencies amounting to P5,625. Requirement: Provide the journal entries including the replenishment of the fund at month-end. Use a suspense account to record any discrepancy. 6. Use the information in #5 above but assume the PCF is not replenished and financial statements are prepared at month end. Assume further that all discrepancies in the PCF are chargeable to the petty cash custodian. Requirement: Provide the adjusting entry and determine the amount of PCF that will be reported in the financial statements

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