disburse d o
December 31.
(6) Savings account with Allied Bank, P900,000 as: tion fui
P480,000 of which was earmarked for an equipmen livered = in
2022. You were able to verify that this amount was actually disbursed
March 2022.
(7) Petty cash fund, with imprest balance of P20,000. Your count of the fund on
January 4, 2022 revealed the following fund composition: Bills and coins,
P12,000; paid petty cash vouchers, all dated December 2021, P6,800; IOUs
from employees, with no supporting petty cash vouchers, P1,200; and a
check drawn against MetroBank checking account in the amount of P5,300
covering Meralco bill for the period November 29 to December 30, 2021.
(8) Checks from customers in settlement of account, both on sales invoices fo
the month of December 2021, totaling P85,000. The checks were verified to
have been recorded in the December cash receipts journal, although one
check for P25,000 was dated January 8, 2022 All the checks proved to be
good when subsequently deposited.
REQUIRED:
(a) Prepare all the necessary audit adjusting entries as a result of the foregoij
oing.
(b) Determine the amount that will be reported as “Cash ang Cosh Fou
on the December 31, 2021 statement of financia/ position Equivalents
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