Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question: The Cash account (excluding PCF) of JULIET COMPANY is understated at December 31, 2006 by: Problem 6 Your audit of the petty cash (P10,000)
Question: The Cash account (excluding PCF) of JULIET COMPANY is understated at December 31, 2006 by:
Problem 6 Your audit of the petty cash (P10,000) of Juliet Company as of December 31, 2006 revealed the following: (cash count date is January 3, 2007 at 5:00 pm) Bills: 10 - P500 bill 15 - P100 bill 18 - P50 15 - P20 5 - P10 Coins: P180 in P5 pieces; P42 in P1.00 pieces; P23 in PO.25 pieces. IOU's submitted were: Dec. 18 Nap R. - P 750 Dec. 28 Ruel R. 125 her 2n Sonnys 500 Cashed checks: Dec. 28, 2006 check drawn by the manager P 1,125 Dec. 28, 2006 check drawn by an employee 500 Dec. 30, 2006 check drawn by a customer 350 Jan 1, 2007 check drawn by an employee 1,250 The cashier informed you that owing to the lack of cash it was necessary for him to open certain payroll envelopes unclaimed by employees and use the cash found herein. They were as follows: Dec. 15, 2006 - Ed A. P 1,250 Dec. 30, 2006 - Andoy 1,750 Dec. 30, 2006 - Macky 650 Dec. 30, 2006 - Paz 1,000 The cashier also informed you that all cash sales receipts were passed through his fund and that cash sales tickets Nos. 2059 to 2061 under dates of Dec. 30, Jan. 3 and Jan. 4 for P350, 500 and P545, respectively, had not yet been turned over to the general cashier. The petty cash vouchers found in the petty cash box were as follows: Dec. 30, 2006 Transportation P515 Dec. 30, 2006 Token gifts to visitors 650 Dec. 30, 2006 Freight for office supplies purchase 215 Jan. 1, 2007 Freight for mdse. purchased 125 Jan. 2, 2007 Freight for mdse. sold 575 Problem 6 Your audit of the petty cash (P10,000) of Juliet Company as of December 31, 2006 revealed the following: (cash count date is January 3, 2007 at 5:00 pm) Bills: 10 - P500 bill 15 - P100 bill 18 - P50 15 - P20 5 - P10 Coins: P180 in P5 pieces; P42 in P1.00 pieces; P23 in PO.25 pieces. IOU's submitted were: Dec. 18 Nap R. - P 750 Dec. 28 Ruel R. 125 her 2n Sonnys 500 Cashed checks: Dec. 28, 2006 check drawn by the manager P 1,125 Dec. 28, 2006 check drawn by an employee 500 Dec. 30, 2006 check drawn by a customer 350 Jan 1, 2007 check drawn by an employee 1,250 The cashier informed you that owing to the lack of cash it was necessary for him to open certain payroll envelopes unclaimed by employees and use the cash found herein. They were as follows: Dec. 15, 2006 - Ed A. P 1,250 Dec. 30, 2006 - Andoy 1,750 Dec. 30, 2006 - Macky 650 Dec. 30, 2006 - Paz 1,000 The cashier also informed you that all cash sales receipts were passed through his fund and that cash sales tickets Nos. 2059 to 2061 under dates of Dec. 30, Jan. 3 and Jan. 4 for P350, 500 and P545, respectively, had not yet been turned over to the general cashier. The petty cash vouchers found in the petty cash box were as follows: Dec. 30, 2006 Transportation P515 Dec. 30, 2006 Token gifts to visitors 650 Dec. 30, 2006 Freight for office supplies purchase 215 Jan. 1, 2007 Freight for mdse. purchased 125 Jan. 2, 2007 Freight for mdse. sold 575Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started