Argentina Company

Adjusting Journal Entries

for the period ended December 31, 2020

Date Account Titles Debit Credit

31 a. Accounts Receivable ₱150,000

Cash on hand ₱150,000

b. Unreplenished petty cash voucher ₱10,000

Petty Cash Fund ₱10,000

Accounts Receivable ₱5,000

Petty cash fund ₱5,000

c. NO ENTRY

d. NO ENTRY

Cash on hand ₱1,000,000

(150,000)____________
Total ₱850,000.00

Petty cash fund ₱50,000

(10,000)
(5,000)______________
Total ₱35,000.00

Security Bank current account 2,000,000

PNB current account 1,500,000
BPI time deposit- 90 days ____________2,000,000
Total Cash and Cash Equivalents ₱6,385,000.00

Items excluded from the presentation of Cash and Cash equivalents

 BDO current account (overdraft)- classified as current liability

 BSP Treasury Bill-120 days- Held as non-current investment
 Bond sinking fund- classified under non-current asset