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    Assignment 1.2 Cash Count

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    Mary Rose Arguelles
    The petty cash fund examination on December 31, 2019 showed a total of $13,666 consisting of currency, checks for expenses and collections, and approved vouchers. The adjusted balance of the petty cash fund should be $2,720 based on removing collections of $6,000 and unpaid payroll of $2,600. Based on this, there is a cash shortage of $84 being the difference between the adjusted total and the $5,000 imprest balance.

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    Assignment 1.2 Cash Count

    Uploaded by

    Mary Rose Arguelles
    360 views3 pages
    The petty cash fund examination on December 31, 2019 showed a total of $13,666 consisting of currency, checks for expenses and collections, and approved vouchers. The adjusted balance of the petty cash fund should be $2,720 based on removing collections of $6,000 and unpaid payroll of $2,600. Based on this, there is a cash shortage of $84 being the difference between the adjusted total and the $5,000 imprest balance.

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    The petty cash fund examination on December 31, 2019 showed a total of $13,666 consisting of currency, checks for expenses and collections, and approved vouchers. The adjusted balance of the petty cash fund should be $2,720 based on removing collections of $6,000 and unpaid payroll of $2,600. Based on this, there is a cash shortage of $84 being the difference between the adjusted total and the $5,000 imprest balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    360 views3 pages

    Assignment 1.2 Cash Count

    Uploaded by

    Mary Rose Arguelles
    The petty cash fund examination on December 31, 2019 showed a total of $13,666 consisting of currency, checks for expenses and collections, and approved vouchers. The adjusted balance of the petty cash fund should be $2,720 based on removing collections of $6,000 and unpaid payroll of $2,600. Based on this, there is a cash shortage of $84 being the difference between the adjusted total and the $5,000 imprest balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    PROBLEM:

    You examined the petty cash fund of the General Company immediately after the close of business,
    December 31, 2019, the end of the fiscal year. The following compositions was arrived at:

    Currency 3,020.00
    Checks:
    Dec 29,2018 Judith Cruz, Employee 1,200.00
    Dec 29,2018 Viva Company, Customer 2,500.00
    Dec 30,2018 Alvin Taipan, Employee 1,100.00
    Jan 15,2019 Judith Cruz, Employee, cashed Dec 30,2018 1,380.00
    Dec 31, 2018 Manila Company, Customer 3,500.00

    Vouchers: (All dated on or before Dec. 31, 2018)


    Office Supplies 390.00
    Transportation Expense 206.00
    Freight on Purchases 220.00

    Estimated unused office supplies 150.00


    Unsigned pay envelope payable to Dante Santos, a resigned employee
    (the envelope has been opened and the money has been removed) 2,600.00
    The checks from Viva and Manila Company represent collections on account
    The petty cash fund kept on an imprest system has a balance of 5,000.00

    What is the adjusted balance of the petty cash fund as of December 31, 2018?
    Based on the previous question, what is the amount of cash shortage or overage?

    “I affirm that I have not given or received any unauthorized help on this assignment, and that this work is my own.”
    SOLUTIONS:

    Currency
    Checks dated December
    Collections from customers
    Unreleased payroll
    Adjusted balance of petty cash fund as Of December 31, 2018

    Currency and Coins


    Checks:
    Checks representing collections(dated and postdated) 6,000.00
    Checks for disbursement(entrusted to the custodian) 3,680.00
    Properly approved petty cash vouchers evidencing payments
    Estimated unused office supplies
    Total per count

    Imprest balance of cash fund


    Undeposited collections
    Unsigned pay envelope payable to resigned employee
    Estimated unused office supplies
    Cashier's Accountability

    Total per count


    Cashier's Accountability
    Cash Shortage

    ork is my own.”
    3,020.00
    8,300.00
    - 6,000.00
    - 2,600.00
    2,720.00

    3,020.00

    9,680.00
    816.00
    150.00
    13,666.00

    5,000.00
    6,000.00
    2,600.00
    150.00
    13,750.00

    13,666.00
    13,750.00
    84.00

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