Professional Documents
Culture Documents
Intermediate Accounting Vol 1 1
Intermediate Accounting Vol 1 1
2. Travel advances of P360,000 for executive travel for the first quarter of the next
year (employee to reimburse through salary deduction).
3. A separate cash fund in the amount of P3,000,000 is restricted for the retirement
of a long term debt.
6. A bank overdraft of P250,000 has occurred at one of the banks the company
uses to deposit its cash receipts. At the present time, the company has no deposits
at this bank.
7. The company has two certificates of deposit, each total P1,000,000. These
certificates of deposit have maturity of 120 days.
A. P3,025,000 C. P2,575,000
B. P2,825,000 D. P5,025,000