Cash Cash Equivalents Exercises 1 1 to 1 20 (Valix 2021) PDF

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PROBLEMS 1-1 Entriesa. Accounts Receivable 200, Cash in Bank 200, Presentation of Items excluded EXCLUDED ITEMS CLASSIFICATION Money market placement due on June 30, 2020 Short term investmentsSaving Deposit in closed bank Recoverable amount b. Cash in Bank 250, Accounts Payable 250, c. Cash in Bank...

Description

PROBLEMS 1-1

3. Presentation of Items excluded

1.Adjustng Entries

EXCLUDED ITEMS

CLASSIFICATION

Money market placement due on June 30, 2020

Short term investments

Saving Deposit in closed bank

Recoverable amount

Sinking Fund for bond payable due June 30,2021

Long term investment

a. Accounts Receivable Cash in Bank

200,000

b. Cash in Bank Accounts Payable c. Cash in Bank Accounts Payable d. Accounts Receivable Cash in Bank

250,000

200,000

250,000 100,000 100,000 450,000 450,000

2.Total amount of cash and cash equivalent on December 31, 2019. Cash in Bank

₱ 3,000,000

Stale Customer Check

(200,000)

Undelivered creditor’s check

250,000

Post-dated creditor’s check

100,000

2020 collection recorded in 2019

(450,000)

Total

₱ 2,700,000

Time Deposit- 30 days

1,000,000

Petty Cash Fund Cash and Cash Equivalent

20,000 ₱ 3,720,000

PROBLEMS 1-2 1.Adjustng Entries a. Accounts Receivable Cash in Bank

150,000 150,000

3. Presentation of Items excluded EXCLUDED ITEMS

CLASSIFICATION

BDO current account (overdraft)

Bank overdraft

BSP treasury bill – 120 days

Short term investment

BDO current account (overdraft) ( 200,000) b. Expenses Accounts Receivable Petty Cash Fund

10,000

BSP treasury bill – 120 days 3,000,000 BPI time deposit – 90 days 2,000,000 Bond sinking fund 2,500,000 Bond sinking fund BPI time deposit – 90 days

5,000 15,000

2.Total amount of cash and cash equivalent on December 31, 2019. Cash on Hand

₱ 1,000,000

Postdated Check

(150,000)

Total

₱ 850,000

Short term investment Short term investments

Petty Cash Fund

50,000

Expenses

(10,000)

Postdated check

(5,000)

Total

₱ 35,000

Security Bank current account

2,000,000

PNB current account

1,500,000

Cash and Cash Equivalent

₱ 4,385,000

Problem 1-3 1. Cash on Hand a. Accounts Receivable 100,000 Cash 100,000 b. Accounts Receivable 150,000 Cash 150,000 2. Petty Cash Fund a. Currency and coin 2,000 Employees IOUs (10,000) Currency in envelop marked collection 5,000 for Christmas party Check drawn by Armenia payable to petty cashier 33,000 Total Petty Cash 3. Cash

200,000 Accounts Payable

4. Cash

40,000 200,000

300,000

Accounts Payable

300,00

*Total Cash Balance Cash

7,050,000 (100,000) (150,000) (10,000) 200,000 300,000

Total Cash Balance

7,290,000

Problem 1-4 1. Adjusting Entries

2. Total cash and cash equivalents

* Cash on Hand

Cash on Hand

200,000

Cash

(50,000)

a. Accounts Receivable

35,000

Cash b. Accounts Receivable Cash

35,000 15,000 15,000

*Petty Cash Fund Consists of currency and coins of 5,000 *Cash

25,000 Accounts payable

*Cash

25,000 45,000

Petty Cash Fund

5,000

Philippine Bank current account

5,000,000

Cash

25,000

Cash

45,000

City Bank current account

3,900,000

Asia Bank current account

250,000

Asia Bank deposit, 90 days

2,000,000

Total cash and cash equivalents 11,375,000

Accounts payable

45,000

Problem 1-5

Fluctuating Fund System 1 Petty Cash Fund 10,000 Cash in Bank 2 Postage 1,500 Supplies 5,500 Tansportation 1,200 Miscellaneous Fee 800 Petty Cash Fund 3 Petty Cash Fund 14,000 Cash in Bank

10,000

Imprest Fund System 1 Petty Cash Fund 10,000 Cash in Bank 2 No Entry

10,000

9,000 14,000

3 Postage Supplies Transportation Miscellaneous Fee Petty Cash Fund Cash in Bank

1,500 5,500 1,200 800 5,000 14,000

Problem 1-6 (ACP)

Fluctuating Fund System Dr 1

2

3

4

Petty Cash Fund Cash in Bank

10,000

1,500 3,000

Transportation Accounts Payable Petty Cash Fund

1,000

Dr Petty Cash Fund

10,000

Postage Supplies Petty Cash Fund

Petty Cash Fund Cash in Bank

Imprest Fund System Cr

10,000

Cash in Bank

10,000

No Entry

4,500 No Entry

3,500 4,500

19,000 19,000

Cr

Postage

1,500

Supplies

3,000

Cash in Bank

19,000

Problem 1-7 (IAA)

Imprest Fund Sytem 2-May

Petty Cash Fund

Fluctuating Fund System 10,000

Cash in Bank

29-May

10,000

10,000

Cash in Bank

10,000

Postage

1,000

29May Postage

1,000

Supplies

3,000

Supplies

3,000

Transportation

2,500

Transportation

2,500

Miscellaneous Expense

1,500

Miscellaneous Expense

1,500

Cash in Bank

30-Jun

Petty Cash Fund

8,000

Petty Cash Fund

8,000

30Jun Petty Cash Fund

8,000

Supplies

2,000.00

Supplies

2,000

Postage

1,000.00

Postage

1,000

Transportation

1,000.00

Transportation

1,000

Petty Cash Fund

1-Jul

15-Jul

Petty Cash Fund

4,000.00

4,000.00

1Jul

Supplies

2,000.00

Postage

1,000.00

Transportation

1,000.00

No Entry

5,000

15Jul Supplies

3,500

Supplies

3,500

Postage

1,500

Postage

1,500

Transportation

1,500

Transportation

1,500

Miscellaneous Expense

500

Petty Cash Fund

Cash in Bank

12,000

Problem 1-8 (IAA) Journal Entries - Imprest Fund System Date

Account Titles Petty Cash Fund

Dr

Postage

Cr

10,000 10,00 0

Cash in Bank 30-Nov2019

4,000

Petty Cash Fund

Miscellaneous Expense

2-Nov-2019

Petty Cash Fund

2,000

500 3,000

Supplies Petty Cash Fund

5,000 10,000 17,00 0

Cash in Bank 31-Dec2019

Postage

3,000

Supplies

4,000

Speacial Deposit (Softdrinks)

2,000

Petty Cash Fund 1-Jan-2020

Petty Cash Fund

9,000 9,000

Postage

3,000

Supplies

4,000

Speacial Deposit (Softdrinks)

2,000

2-Jan-2020

No Entry

31-Jan2020

Postage Stamps

500

Postage

5,000

Supplies

6,000

Payment of Account (Accounts Payable)

7,000

Cash Short or Over Cash in Bank

500 19,00 0

Date 1-Dec-2019

20-Dec-2019

31-Dec-2019

1-Jan-2020

Problem 1-9 (IAA) Journal Entries - Imprest Fund System Account Titles Petty Cash Fund Cash in Bank

Dr Cr 10,000 10,000

Selling Expenses Miscellaneous Expenses Equipment Cash in Bank

5,000 2,000 2,000

Postdated employee's check Selling Expenses Transportation Expenses Petty Cash Fund

2,000 1,500 500

Petty Cash Fund Postdated employee's check Selling Expenses Transportation Expenses

4,000

15-Jan-2020

No Entry

31-Jan-2020

Selling Expenses Distribution Cost Administrative Expenses Transportation Expenses (1000+500) Payment for Supplier's invoice Cash in Bank

9,000

4,000

2,000 1,500 500

1,500 500 2,000 1,500 1,200 6,700

Petty Cash Fund Less: Petty Cash Expenses Distribution Cost Administrative Expenses Transportation Expenses Payment for Supplier's Invoice Petty Cash on Jan 31, 2020 before Replenishment

10,000 2,000 2,000 1,500 1,200 (6,700) 3,300

Problem 1-10 (AICPA Adapted) Cash in checking account Cash in money market account Treasury bill, purchased Nov. 1 2019 maturing Jan 31, 2020 Total Cash and Cash Equivalents as of Dec 31, 2019

Problem 1-13 (AICPA Adapted) 350,000 750,000 3,500,00 0 4,600,00 0

Petty Cash Fund Less: Petty Cash Expense Vouchers Employees' IOU

Answer: c. 4,600,000 Problem 1-11 (IAA) 5,000,00 0 400,000 50,000 100,000 1,000,00 0 6,550,00 0

Cash in bank - demand deposit Cash on hand Money order Manager check Traveler check Total Cash at Year-End Answer: c. 6,550,000 Problem 1-12 (AICPA Adapted)

40,000 500,000 (100,000) 400,000 4,000,000 1,000,000

Time Deposit Total Cash and Cash Equivalents

2,000,000 7,440,000

Adjusting Entries Expenses Employees' IOU Petty Cash Fund Accounts Receivable

4,000,00 0

(5,000)

Total Petty Cash Fund Cash on Hand Less: Post-dated Check Total Cash on Hand Cash in Bank - current account Cash in Bank - payroll account

Cash on Hand Checkbook balance

50,000 (5,000)

5,000 5,000 10,000 100,000 100,00 0

Undelivered check drawn on Thor's acccount Cash under Current Assest on Dec 31, 2019

500,000 4,500,00 0

Answer: d. 7,440,000

Answer: a. 4,500,000

Problem 1-14 (AICPA Adapted) Cash in Bank - current account Less: Compensating Balance (Legally Restricted) Total Cash in Bank Petty Cash Fund Time Deposit Saving Deposit Total Cash and Cash Equivalents

6,000,000 (400,000) 5,600,000 50,000 2,500,000 1,000,000 9,150,000

Answer: b. 9,150,000 Problem 1-15 (AICPA Adapted) Cash in bank Cash on hand Total Cash

2,250,000 125,000 2,375,000

Problem 1-16 (AICPA Adapted) #1 Checkbook balaance Less: Postdated check NSF Check Received Total Checkbook balance Add: Undelivered Check Cash on Hand - undeposited collections Change fund Total Cash 1. Answer: b. 7,440,000 #2 Treasury bill Money market placement Total Cash Equivalents

8,000,000 (2,000,000) (500,000) 5,500,000 1,500,000 400,000 40,000 7,440,000

2,500,000 3,000,000 5,500,000

Answer: c. 2,375,000 Problem 1-17 (IAA) #1 Cash Total Cash

Problem 1-18 (PHILCPA Adapted) 3,400,000 3,400,000

Coins and currency

22,000

Answer: a. 3,400,000 #2 Government Treasury Bills Commercial Papers/Money Market Placements Total Cash Equivalents

Petty Cash Fund Answer: c. 37,000

37,000

2,000,000 1,500,000 3,500,000

Answer: a. 3,500,000 Problem 1-19

Coins and currency Check drawn to the order of petty cash custodian Petty Cash Fund

Problem 1-20 (ACP) 2,00 0 4,00 0 6,00 0

#1 Checkbook balance

4,000,000

Less: Post-dated customer check

(200,000)

Undelivered check payable to supplier Answer: c. 6,000

Adjusted Cash in Bank

400,000 4,200,000

Answer: b. 4,200,000

#2 Cash in Bank Cash on Hand (Undeposited collections) Petty Cash Fund

4,200,000 400,000 45,000

Total Cash

Answer: a. 4,645,000

4,645,000...