Problem 3-4

Undeposited collections
Cash in bank - PCIB
Cash in bank - PCIB (for payroll)
Cash in bank - PCIB (savings deposit)

60,000
500,000
150,000
100,000

Money market instrument -90 days

2,000,000

Total cash & cash equivalents

2,810,000

Problem 3-5
1. Adjusting entries:
Accounts Receivable
Cash
Cash

80,000
80,000
100,000

Accounts payable
Cash

100,000
50,000

Accounts payable
Accounts Receivable
Cash

50,000
230,000
230,000

2. Cash & cash equivalents:

Cash in bank (1,500,000 - 80,000 + 100,000 + 50,000 - 230,000)
Time deposit
Petty cash fund
Total

1,340,000
500,000
10,000
1,850,000

Problem 3-6
1. Adjusting entries:
Accounts receivable
Cash on hand
Expenses
Receivable from employee
Petty cash fund

100,000
100,000
2,000
3,000
5,000

2. Total Cash and cash equivalents:

Cash on hand (500,000 - 100,000)
Petty cash fund (20,000 - 5,000)
Security Bank current account
PNB Current account No. 1
PNB Current account No. 2

400,000
15,000
1,000,000
400,000
(50,000)

BSP Treasury Bill - 60 days

3,000,000
4,765,000

VALIX 3-7
adjustment:
1.)
cash on hand adjustment:
a.)
accounts receivable
40,000
cash on hand
b.)

40,000

accounts receivable
cash on hand

60,000

c.)

postal money -------

50,000 (no effect because it is already included in the cash on

2.)

Advances
Cash short/over
petty cash fund

3.)

4.)

60,000

3,000
2,000
5,000

cash in bank
100,000
accounts payable

100,000

cash in bank
150,000
accounts payable

150,000

TOTAL CASH:
Adjusted Cash on Hand (500,000 - 40,000 - 60,000)
Adjusted Petty Cash (20,000 - 5,000)
Adjusted Cash in Bank (2,000,000 +100,000 + 150,000)
TOTAL CASH

400,000
15,000
2,250,000
2,665,000

dy included in the cash on hand)

VALIX 3-8
CALLOUS COMPANY
December 31, 2013
1.Cash on Hand
Cash on Hand
NSF

200,000
(35,000)

PDC

(15,000)
150,000

5. Journal Entries

Accounts Receivable
Cash on Hand

2. Petty Cash Fund

Bills and coins

5,000

3. Philippine Bank Current Account

Cash in Bank
Undelivered check
PDC

5,000,000
25,000
45,000

Receivables from Officers

Expenses
Cash Short/Over
Petty Cash Fund
Philippine Bank Current Account
Accounts Payable

5,070,000
City Bank Current Account
Bank Overdraft

4. Total Cash
Cash on Hand
Petty Cash Fund
Philippine Bank Current Account
Manila Bank Current Account

150,000
5,000
5,070,000
4,000,000

Asian Bank Time Deposit

2,000,000

Cash and Cash Equivalent

11,225,000

Debit

Credit

50,000
50,000

2,000
12,000
1,000
15,000
70,000
70,000
100,000
100,000

Problem 3-9
1.

2.

3.

Fluctuating Fund System

Petty Cash Fund
10,000
Cash in bank
Postage
Supplies
Transportation
Miscellaneous expense
Petty Cash Fund
Petty Cash Fund
Cash in bank

1.

Imprest Fund System

Petty Cash Fund
Cash in bank

2.

No entry

3.

Petty Cash Fund

Postage
Supplies
Transportation
Miscellaneous expense
Cash in bank

10,000

1,500
5,500
1,200
800
9,000
14,000
14,000

Imprest Fund System

10,000
n bank

s expense
n bank

10,000

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

Problem 3-10
1.

2.

3.

4.

5.

6.

7.

Fluctuating Fund System

Petty Cash Fund
10,000
Cash in bank
Postage
Supplies
Petty Cash Fund

1,500
2,000

Transportation
Miscellaneous expense
Petty Cash Fund

1,000
500

Supplies
Accounts payable
Petty Cash Fund

1,000
3,000

Petty Cash Fund

Cash in bank

9,000

Postage
Supplies
Transportation
Petty Cash Fund

2,000
3,000
4,000

Petty Cash Fund

Cash in bank

1.

Imprest Fund System

Petty Cash Fund
Cash in bank

2.

No entry

3.

No entry

4.

No entry

5.

Postage
Supplies
Transportation
Miscellaneous expense
Accounts payable
Cash in bank

6.

No entry

7.

Petty Cash Fund

Postage
Supplies
Transportation
Cash in bank

10,000

3,500

1,500

4,000

9,000

9,000
19,000
19,000

Imprest Fund System

10,000
n bank

s expense

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

n bank

n bank

10,000

9,000

10,000
2,000
3,000
4,000
19,000

Problem 3-11
May 2

Fluctuating Fund System

Petty Cash Fund
10,000
Cash in bank

29 Postage
Supplies
Transportation
Miscellaneous expense
Petty Cash Fund

Imprest Fund System

Petty Cash Fund
Cash in bank

May 2
10,000

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

29 Postage
Supplies
Transportation
Miscellaneous expense
Petty Cash Fund

8,000

Petty Cash Fund

Cash in bank
June 30

Supplies
Accounts payable
Transportation
Petty Cash Fund

2,000
1,000
1,000

June 30

Supplies
Accounts payable
Transportation
Petty Cash Fund

July 15

Supplies
Postage
Transportation
Miscellaneous expense
Petty Cash Fund

4,000

July 1

Petty Cash Fund

4,000
Supplies
2,000
Postage
1,000
Transportation
1,000
to reverse the adjustment made on June 30.

July 15

Petty Cash Fund

Supplies
Postage
Transportation
Miscellaneous expense
Cash in bank

5,000
3,500
1,500
1,500
500
12,000

Petty Cash Fund

Cash in bank

st Fund System
10,000
bank

s expense
ash Fund

10,000
1,000
3,000
2,500
1,500
8,000
8,000

bank

8,000
2,000
1,000
1,000

ash Fund

s expense
ash Fund

4,000

1,500
500
500
500
3,000
12,000

bank

12,000

problem 3-12
2013
Particulars
Nov
2 Petty cash fund
Cash in Bank
30 Petty cash fund
Postage
Supplies
Cash in Bank
Dec

31 Postage
Supplies
Special deposit
Petty cash fund

2014
Jan
1 Petty cash fund
Postage
Supplies
Special deposit

Dr
Cr
10,000
10,000
10,000
2,000
5,000
17,000
3,000
4,000
2,000
9,000

9,000
3,000
4,000
2,000

2 No entry
31 Postage
Supplies
Accounts payable
Cash short or over
Cash in Bank

5,000
6,000
7,000
1,000
19,000

Problem 3-13
2013
Particulars
Dec
1 Petty cash fund
Cash in Bank

Dec

Dr

Cr
10,000
10,000

20 Distribution costs
Miscellaneous expenses
Equipment
Cash in Bank

5,000
2,000
2,000

31 Receivable from employee

Distribution costs
Transportation
Petty cash fund

2,000
500
500

2014
Jan
1

Petty cash fund

Receivable from employee
Distribution costs
Transportation

9,000

3,000

3,000
2,000
500
500

15 No entry
Jan

31 Distribution costs
Administrative expenses
Transportation
Purchases
Cash in Bank

500
2,000
1,000
1,200
4,700

How much is the petty cash on January 31, 2014 before the replenishment?
Petty cash
10,000
Less: Petty cash expenses from Dec. 21, 2013 to Jan. 31, 2014:
Distribution costs (500 + 500)
2,000
Administrative expenses
2,000
Transportation (500 + 1,000)
1,500
Purchases
1,200
6,700
Petty cash before replenishment
3,300