Armenia Company reported the following information on December 31, 20X1 Cash on hand - 1,000,000 Petty cash fund - 50,000 Cash in bank - 4,000,000 Savings deposit - 2,000,000 Total - 7,050,000 Cash on hand included the following: Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2. The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1. Postal money orders received from customers, P200,000. A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000. A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000. Compute the total cash
Armenia Company reported the following information on December 31, 20X1 Cash on hand - 1,000,000 Petty cash fund - 50,000 Cash in bank - 4,000,000 Savings deposit - 2,000,000 Total - 7,050,000 Cash on hand included the following: Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2. The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1. Postal money orders received from customers, P200,000. A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000. A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000. Compute the total cash
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.5.2C
Related questions
Question
Armenia Company reported the following information on December 31, 20X1
Cash on hand - 1,000,000
Petty cash fund - 50,000
Cash in bank - 4,000,000
Savings deposit - 2,000,000
Total - 7,050,000
Cash on hand included the following:
- Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2.
- The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1.
- Postal money orders received from customers, P200,000.
A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000.
A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000.
Compute the total cash
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning