Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

q50 What is the correct amount of purchasing fund as of December 31,2019? O P 15,000 P 21,000 O P 6,000 O P35,000The cash account

q50

image text in transcribedimage text in transcribed
What is the correct amount of purchasing fund as of December 31,2019? O P 15,000 P 21,000 O P 6,000 O P35,000The cash account of JKL Company consists of the following on December 31,2019: Cash in bank P 134,500 Petty cash fund (last replenished 11/30/2019) 15,000 Purchasing fund (last replenished 11/30/2019) 35,000 Balance per general ledger P 184,500 It was discovered that: 1. January 7, 2020 replenishment of petty cash fund amounted to P 10,000. The composition of which is as follows: ate supporting documents Nature Amount 2019 Gasoline P 4,500 2019 Miscellaneous 500 2019 Transportation 1,000 2020 Repairs 4,000 2. The January 4,2020 replenishment of the purchasing fund amounting to P 29,000 includes 2019 purchases of indirect materials, P 20,000, to be used in the production process of the company in the year 2020. 3. The following are the bank reconciling items that you noted: - A bank credit memo representing collection by bank from one of JKL's customers, P 58,000. 2019 issued checks cleared by bank in January 2020, P 52,000

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, G. Richard Chesley, Ray Carroll

6th Canadian Edition

0070915164, 9780070915169

More Books

Students also viewed these Accounting questions