Problem 5 Present journal entries to record the following transactions in the books of Marites Corporation, which uses a calendar year as accounting period Assume that the cccnpany is using the imprest method in accounting for petty cash fund A petty cash fund was set up on November 1, 2006 in the amount of P2,400 On November 29, 2006, a check was issued to replenish the fund, the composition of which was as follows Currency bills and coins Vouchers showing expenditures for 166 Office supplies 270 Charges from purchased of supplies 124 Repairs and maintenance 350 Wages paid to casual employees 950 Charges from purchased of goods to be sold 400 On December 18, 2006, the fund was replenished and correspondingly increased to P3,OOO its composition included the following Currency bills and coins Vouchers showing expenditures for 158 Store supplies 304 Accounts payable 914 Charges from purchased of goods to be sold 242 Miscellaneous expenses 782 An examination on December 31, 2006, disclosed the following composition of the fund, although it was not replenished on this date Currency bills and coins Check of office manager, dated January 5, 2007 Vouchers showing expenditures for 958 Office supplies 126 Miscellaneous expenses 90 Accounts payable 800 On January 5, 2007, the check of office manager was cashed and the proceeds were added to the petty cash fund On January 6, 2007, replenished disbursement from December 18 2006 to January 5, 2007 Questions The entry to record the November 29 replenishment of petty cash fund is a Operating expenses 1,694 Freight in 400 Cash short over 140 Cash 2,234 b Operating expenses 2,234 Petty cash fund 2,234 c Operating expenses 1,694 Freight in 400 Cash short (over) 140 Petty cash fund 2,234 d No entry snce the company is using an impress fund system The adjusted Petty Cash Fund balance of MARITES CORPORATION at December 31, 2006 is a P 3,000 b P 1,958 c, P 984 d P 958 The entry to record the December 31, 2006 adjustment of petty cash fund is a Operating expenses 216 Accounts payable 800 Cash short over 26 Petty cash fund 1,042 b Operating expenses 216 Accounts payable 800 Cash short over 26 Cash 1,042 c Operating expenses 216 Accounts payable 800 Advances employees 1,000 Cash short (over) 26 Petty cash fund 2,042 No entry since there is no replenishment yet The entry to record the January 6, 2004 replenishment of petty cash fund is a Operating expenses 216 Accounts payable 800 Cash short over 26 Petty cash fund 1,042 b Operating expenses 216 Accounts payable 800 Cash short over 26 Cash 1,042 c Operating expenses 216 Accounts payable 800 Advances employees 1,000 Cash short (over) 26 Cash 2,042

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Problem 5 Present journal entries to record the following transactions in the books of Marites Corporation, which uses a calendar year as accounting period. Assume

Problem 5

Present journal entries to record the following transactions in the books of Marites Corporation, which uses a calendar year as accounting period. Assume that the cccnpany is using the imprest method in accounting for petty cash fund:

A petty cash fund was set up on November 1, 2006 in the amount of P2,400.
On November 29, 2006, a check was issued to replenish the fund, the composition of which was as follows:

Currency - bills and coins Vouchers showing expenditures for:	166
Office supplies	270
Charges from purchased of supplies	124
Repairs and maintenance	350
Wages paid to casual employees	950

Charges from purchased of goods to be sold 400

On December 18, 2006, the fund was replenished and correspondingly increased to

P3,OOO; its composition included the following:
Currency - bills and coins Vouchers showing expenditures for:	158
Store supplies	304
Accounts payable	914
Charges from purchased of goods to be sold	242
Miscellaneous expenses	782

An examination on December 31, 2006, disclosed the following composition of the fund, although it was not replenished on this date:

Currency - bills and coins Check of office manager, dated January 5, 2007 Vouchers showing expenditures for:	958
Office supplies	126
Miscellaneous expenses	90
Accounts payable	800

On January 5, 2007, the check of office manager was cashed and the proceeds were added to the petty cash fund.
On January 6, 2007, replenished disbursement from December 18/ 2006 to January 5, 2007.

Questions

The entry to record the November 29 replenishment of petty cash fund is:

a.	Operating expenses	1,694
	Freight-in	400
	Cash short/over	140
	Cash		2,234
b.	Operating expenses	2,234
	Petty cash fund		2,234
c.	Operating expenses	1,694
	Freight-in	400
	Cash short/(over)	140
	Petty cash fund		2,234

d. No entry snce the company is using an impress fund system.

The adjusted Petty Cash Fund balance of MARITES CORPORATION at December 31, 2006 is:

a. P 3,000 b. P 1,958 c, P 984 d. P 958

The entry to record the December 31, 2006 adjustment of petty cash fund is:

a.	Operating expenses	216
	Accounts payable	800
	Cash short/over	26
	Petty cash fund		1,042
b.	Operating expenses	216
	Accounts payable	800
	Cash short/over	26
	Cash		1,042
c.	Operating expenses	216
	Accounts payable	800
	Advances - employees	1,000
	Cash short/(over)	26
	Petty cash fund		2,042

No entry since there is no replenishment yet.

The entry to record the January 6, 2004 replenishment of petty cash fund is:

a.	Operating expenses	216
	Accounts payable	800
	Cash short/over	26
	Petty cash fund		1,042
b.	Operating expenses	216
	Accounts payable	800
	Cash short/over	26
	Cash		1,042
c.	Operating expenses	216
	Accounts payable	800
	Advances - employees	1,000
	Cash short/(over)	26
	Cash		2,042