Problem 1

Balance per General Ledger

Add: DAIF checks returned by bank
Savings account with BDO, earmarked for an
office equipment due for delivery in January 2021
IOUs from employees
Cash in sinking fund
Customer’s checks dated January, 2021
Travel advances
Correct Cash Balance, Dec. 31, 2020
 Problem 2

Journal Entries
₱ 2,205,600.00 Date
₱ 20,000.00 Nov. 20

750,000.00
5,200.00
500,000.00 Nov. 20
25,400.00 to Dec 15
8,000.00 1,308,600.00
₱ 897,000.00 Dec. 16

Dec. 16-31

Dec. 31

Jan. 1

Jan. 1-8

Jan. 9

Jan. 9
rnal Entries
Account Title Debit Credit
Petty Cash Fund ₱ 5,000.00

Cash in Bank ₱ 5,000.00

No entry

Transportation Expense 1,500.00

Representation Expense 1,200.00
Freight-in 1,300.00
Repairs Expense 920.00
Cash in Bank 4,920.00

No entry

Transportation Expense 340.00

Supplies Expense 1,400.00
Petty Cash Fund 1,740.00

Petty Cash Fund 1,740.00

Transportation Expense 340.00
Supplies Expense 1,400.00

No entry

Transportation Expense 460.00

Supplies Expense 2,700.00
Representation Expense 1,800.00
Cash in Bank 4,960.00

Petty Cash Fund 3,000.00

Cash in Bank 3,000.00