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PROBLEM 1 FIGHTER Company establish a petty cash fund. 1. Established a petty cash fund of P13,100 on October 1. 2. Petty cash expenses -
PROBLEM 1 FIGHTER Company establish a petty cash fund. 1. Established a petty cash fund of P13,100 on October 1. 2. Petty cash expenses - October 1-31 are: Postage 2,800 Supplies 6,300 Transportation 2,200 Miscellaneous 1,200 3. The fund is replenished on November 1 and increased by P4,000. Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system. PROBLEM 2 BELIEVER Company reported the following accounts on December 31, 2020: Petty cash fund 90,000 Cash on hand 1,070,000 Security Bank current account 1,920,000 PNB current account (overdraft) (260,000) BSP treasury bill - 120 days 2,140,000 BPI time deposit - 90 days 1,800,000 Bond sinking fund 2,110,000 The petty cash fund included unreplenished petty cash vouchers for P18,000 and an employee check for P7,000 dated January 31, 2021. The cash on hand included a customer postdated check of P190,000 and postal money order of P50,000. The bond sinking fund is set aside for payment of bond payable due December 31, 2021. a. Prepare adjusting entries on December 31, 2020. b. Compute the total amount of cash and cash equivalents
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