You were able to gather the following from the December 31, 2020balance of PPP COMPANY:trialCash on hand500,000Petty cash fund10,0001,000,0001,080,000(80,000)BPI current accountSecurity Bank current account No. 1Security Bank current account No. 2PNB savings account1,200,000PNB current account500,000Cash on hand includes the following items:Customer's check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021Customer'scheckfor 25,000 dated January2,2021,receivedinDecember 29, 2020Postal money orders received from customers 30,000The petty cash fund consisted of the following items as of December 31, 2020Currency and coinsEmployees' vales2,0001,600Currency in envelope marked "collections for charity1,200Unreplenished petty cash vouchersCheck drawn by PPP payable to petty cash custodian1,3004,00010,100Included among the checks drawn by PPP against the BPI current account andrecorded in December 2020 are the following:Checks written and dated December 29 2020 and delivered to payee onJanuary 2, 2021, 80,000. The accountant neglected to record the check.Checks written on December 27, 2020 , dated January 2, 2021, deliveredto payee on December 29, 2020 , 40,000The credit balance in the Security Bank account No.2 represents checks drawnin excess of the deposit balance.These checks were still outstanding atDecember 31, 2020 .The savings account deposit in PNB has been set asideThis account is expected toby the board for acquisition of new equipment.be disbursed in the next 3 months from the balance sheet date.Based ontheabove information,determine the adjusted balanceofthefollowing:20. Cash on hand21. Petty cash fund22. BPI current account23. Cash and Cash equivalents

Adjusted balance Adjusted balance refers to the balance which is obtained after making all the…

You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash on hand 500,000 Petty cash fund 10,000 BPI current account 1,000,000 1,080,000 Security Bank current account No. 1 Security Bank current account No. 2 PNB savings account (80,000) 1,200,000 PNB current account 500,000 Cash on hand includes the following items: • Customer's check for 45, 000 returned by bank on December 26, 2020 due to insufficiency of funds but subsequently redeposited and cleared by the bank on January 8, 2021 Customer's check for 25,000 dated January 2, 2021, received in December 29, 2020 Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020 2,000 Currency and coins Employees' vales Currency in envelope marked "collections for charity Unreplenished petty cash vouchers Check drawn by PPP payable to petty cash custodian P 1,600 1,200 1,300 4,000 10,100

You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash on hand 500,000 Petty cash fund 10,000 BPI current account 1,000,000 1,080,000 Security Bank current account No. 1 Security Bank current account No. 2 PNB savings account (80,000) 1,200,000 PNB current account 500,000 Cash on hand includes the following items: • Customer's check for 45, 000 returned by bank on December 26, 2020 due to insufficiency of funds but subsequently redeposited and cleared by the bank on January 8, 2021 Customer's check for 25,000 dated January 2, 2021, received in December 29, 2020 Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020 2,000 Currency and coins Employees' vales Currency in envelope marked "collections for charity Unreplenished petty cash vouchers Check drawn by PPP payable to petty cash custodian P 1,600 1,200 1,300 4,000 10,100

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1EB: For each of the following, indicate if the statement reflects an input component, output component,...

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You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY:Cash on hand P 500,000Petty cash fund 10,000BPI current account 1,000,000Security Bank current account No. 1 1,080,000Security Bank current account No. 2 (80,000)PNB savings account 1,200,000PNB current account 500,000 Cash on hand includes the following items: Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021 Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020 Postal money orders received from customers 30,000The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100 Included among the checks drawn by PPP against the BPI current…
Problem Solving. 1. Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit in transit P11,000; outstanding check P10,000; credit memo P2,000; and debit memo P500. How much is the adjusted bank balance?
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You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY: Cash on hand P 500,000 Petty cash fund 10,000 BPI current account 1,000,000 Security Bank current account No. 1 1,080,000 Security Bank current account No. 2 (80,000) PNB savings account 1,200,000 PNB current account 500,000 Cash on hand includes the following items: ∙ Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021 ∙ Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020 ∙ Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100 Included among the checks drawn by PPP against…
The following data pertain to Pauline Corporation on December 31, 2020: Current account at Metrobank Current account at Allied Bank Payroll account Foreign bank account (in equivalent pesos) Savings deposit in a closed bank Postage stamps Employee's postdated check IOU from employees Credit memo from a vendor for a purchase return Traveler's check Money order Petty cash fund (P4,000 in currency and expense receipts for P6,000) Pension fund DAIFcheck of customer Customer's check dated 1/1/21 Time deposit - 30 days Money market placement (due 6/30/21) Treasury bills, due 3/31/21 (purchased 12/31/20) Treasury bills, due 1/31/21 (purchased 2/ 1/20) The cash and cash equivalents as of December 31, 2020 is 1,300,000 (80,000) 450,000 800,000 140,000 1,000 5,000 8,000 20,000 50,000 30,000 10,000 2,000,000 14,000 80,000 200,000 500,000 200,000 300,000
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How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
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