How much is the correct Petty Cash Fund balance

Assignment Help Accounting Basics

Reference no: EM132850044

Question - Use the following information:

12/1/20 Petty Cash Fund was set up, P15,000.

12/2/20 Made the following payments:

Gasoline 2,000.00

Meals 1,000.00

Phone and Internet Bill 3,000.00

12/10/20 Made the following payments:

Gasoline 1,500.00

Postage 2,000.00

12/15/20 An employee cashed a personal check with the PCF custodian, P2,000.00.

The check is dated 12/15/20.

12/20/20 Petty Cash Fund was replenished.

12/22/20 Fund was increased by P5,000.

12/25/20 Made the following payments:

Gasoline 3,000.00

Postage 5,000.00

IOUs by employees 7,000.00

12/29/20 Cashed an employee check, P1,000. Check date was 1/18/21.

Upon examination of the contents of the Petty Cash Box, the following were identified:

Petty Cash Vouchers amounting to P15,000

Employee check dated 1/1/21

Coins and currencies, P3,000.

Envelope containing P1,000 with a list of people who contributed to a "Party Contribution".

Required - Compute for the correct Cash and Cash Equivalent balance Email the photo/s to me. Then, answer the following:

1. How much is the correct Petty Cash Fund balance?

2. How much is the correct Change Fund?

3. How much is the correct Cash in Bank?

4. How much is the correct Cash in Bank for Payroll?

5. How much is the correct Cash Equivalents?

6. How much is the correct Cash and Cash Equivalents?

Reference no: EM132850044

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