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Cash & Cash Equivalents

The document contains adjusting entries made by Parokya Company on December 31, 2020. It records a postdated check of ₱100,000 and postal money order of ₱40,000 as reductions to cash. It also records unpaid petty cash vouchers of ₱2,000 and salary expense of ₱3,000 as reductions to the petty cash fund. Finally, it records the reclassification of a ₱2,000,000 time deposit as land.

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Yoonah Kim
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106 views

Cash & Cash Equivalents

The document contains adjusting entries made by Parokya Company on December 31, 2020. It records a postdated check of ₱100,000 and postal money order of ₱40,000 as reductions to cash. It also records unpaid petty cash vouchers of ₱2,000 and salary expense of ₱3,000 as reductions to the petty cash fund. Finally, it records the reclassification of a ₱2,000,000 time deposit as land.

Uploaded by

Yoonah Kim
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Name: Esguerra, Chandler James Manabat

Course & Section: BSA 1-A

Parokya Company reported the following accounts on December 31, 2020


Cash on Hand ₱500,000.00
Petty Cash Fund ₱20,000.00
Security Bank Current Account ₱1,000,000.00
PNB Current Account no. 1 ₱400,000.00
PNB Current Account no. 2 -₱50,000.00
120-days BSP Treasury Bill ₱3,000,000.00
BPI Time Deposit ₱2,000,000.00

(A) (B)
Parokya Company
Adjusting Entries
December 31, 2020 Adjusted Journal Entries
Account Titles Debit Credit Cash on Hand ₱360,000.00
Postdated Check ₱100,000.00 Petty Cash Fund ₱15,000.00
Postal Money Order ₱40,000.00 Security Bank Current Account ₱1,000,000.00
Cash on Hand ₱140,000.00 PNB Current Account no. 1 ₱400,000.00
PNB Current Account no. 2 -₱50,000.00
Unreplenished Petty Cash Vouchers ₱2,000.00 120-days BSP Treasury Bill ₱3,000,000.00
Salary Expense ₱3,000.00 BPI Time Deposit ₱0.00
Petty Cash Fund ₱5,000.00 Total amount of cash and cash equivalents ₱1,825,000.00

Land ₱2,000,000.00
BPI Time Deposit ₱2,000,000.00
Name: Esguerra, Chandler James Manabat
Course & Section: BSA 1-A

Laborious Company closed the accounts on June 30. The entity provided the following transactions

Laborious Company
Journal Entries
June 30
Date Transaction Debit Credit
May 9 Petty Cash Fund ₱10,000.00
Cash in Bank ₱10,000.00
To record the establishment of an imprest fund

May 29 Petty Cash Fund ₱10,000.00


Cash in Bank ₱10,000.00 s
To record the replenishment of the fund

May 29 Currency and Coin ₱2,000.00


Postage ₱1,000.00
Supplies ₱3,000.00
Transportation ₱2,500.00
Miscellaneous Expense ₱1,500.00
Petty Cash Fund ₱10,000.00
To record the petty cash items

June 30 Currency and Coin ₱6,000.00


Supplies ₱2,000.00
Postage ₱1,000.00
Transportation ₱1,000.00
Petty Cash Fund ₱10,000.00
To record the funds

July 15 Petty Cash Fund ₱15,000.00


Cash in Bank ₱15,000.00
To record the replenished and increased funds

July 15 Currency and Coin ₱3,000.00


Postage ₱3,500.00
Supplies ₱1,500.00
Transportation ₱1,500.00
Miscellaneous Expense ₱500.00
Petty Cash Fund ₱10,000.00
Total ₱65,000.00 ₱65,000.00

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