Marliz 3

Joana Quinto 1
Ralph Bernard 1
Quizzes from Book
Quiz 54 on page 545
A
1F
2T
3T
4F
5F
6F
7F
8T
9F Check Voucher or Disbursement Voucher for each issuance of a check
10 T

B
1C
2B
3A
4C
5D
6B
7B
8A Balance per book 15,000.00
9D Credit Memo 2,500.00
10 B Debit Memo (500.00)
Adjusted Cash Balance 17,000.00

Bills 450.00
Coins 50.00
Vouchers Paid 250.00
750.00

2 Payees BIR
SSS
C
1B
2D
3A
4C

Quiz 55
A
Johnny Company
Bank Reconciliation Statement
December 31, 2022
Amounts in Philippine Peso

Balance per Bank 73,350.00

Deposit in Transit 4,158.00
Outstanding Checks (7,731.00)
Adjusted Balance per Bank 69,777.00

Balance per Book 63,675.00

Proceeds of customer's note collected by the bank
Face Value 6,475.00
Interest 50.00 6,525.00
Bank Service Charge (45.00)
NSF check of customer (378.00)
Adjusted Balance per Book 69,777.00

B.
Nutritious Company
Bank Reconciliation Statement
May 31, 2022
Amounts in Philippine Peso

Balance per Bank 20,380.00

Deposit in Transit 1,570.00
Outstanding Checks (9,977.00)
Error in charging check of Nutriban 7,000.00
Adjusted Bank Balance 18,973.00

Balance per Book 5,990.00

Customer's note collected by the bank
Face Value 15,000.00
Interest 120.00 15,120.00
Bank Service Charge (60.00)
Error in recording check
Should be 345.00
Recorded as 435.00 90.00
Customer's NSF Check (2,167.00)
Adjusted Book Balance 18,973.00
r each issuance of a check Petty Cash Voucher

Balance per bank 12,500 12500

OC ?
DIT ?

PCF on the SFP if no replenishment was made 500

1 payee 1 Voucher 1 Check

Adjusting Journal Entries:
Cash In Bank 6,525.00
Notes Receivable 6,475.00
Interest Income 50.00

Bank Service Charge 45.00

Cash in Bank 45.00

Accounts Receivable 378.00

Cash in Bank 378.00

Adjusting Journal Entries:

Cash in Bank 15,120.00
Notes Receivable 15,000.00
Interest Income 120.00

Bank Service Charge 60.00

Cash In Bank 60.00
Cash in Bank 90.00
Accounts Payable 90.00

Accounts Receivable 2,167.00

Cash In Bank 2,167.00
Cash in Bank
Repairs and Maintenance
Other Sample Problems

on PCF
On December 1, 2021, W Company established an imprest petty cash fund.
1-Dec Established an imprest petty cash fund of P10,000 by writing a check on PNB.

20 Replenished the petty cash fund by writing a check on PNB.

The fund contained:
Currency and coins 1,000
Vouchers for selling expenses 5,000
Vochers for miscellaneous expenses 2,000
Vouchers for equipment 2,000

31 The petty cash fund was not replenished. The fund contained Receivable/Asset = not closed
Currency and coins 6,000
Post-dated employee's check 2,000
Vouchers for selling expenses 1,500
Vouchers for transportation 500

2022
15-Jan Encashed the employee's check. The proceeds were retained in the fund.

31 Replenished the petty cash fund by writing a check on PNB. The

petty cash vouchers for January expenditures were:
Distribution costs 500
Administrative expenses 2,000
Transportation 1,000
Payment for supplier's invoice 1,200

Required:
1. Prepare the journal entries to record the transactions
2. How much is the PCF on January 31 2022 before the replenishment?
PCF, Imprest balance 10,000
Less: Vouchers Paid 6,700
PCF balance before replenishment 3,300

A Company had a PCF which included the following details:

Coins and currrency 2,000 ✓
Paid vouchers
Transportation 600
Gasoline 400
 Office Supplies 500
Postage stamps 300
Due from employees 1,200 3000 X
Employee's check returned by bank marked "NSF" 1,000 X
Check drawn to the order of a pety cash custodian 4,000 ✓

What amount of PCF should be reported?

a 2,000
b 7,000
c 6,000
d 9,000

On December 1, 2021 A Company established a PCF of P50,000.

On December 31, 2021, the PCF was examined and found to comprise the following information.
Coins and currencies 6,000
PCV for expenses 46,000
The petty cash fund was replenished on December 31, 2021.

What amount should be reported as cash shortage or cash overage?

a 2,000 over
b 2,000 short
c 4,000 short
d 0

What entry should A Company make on December 31, 2021 to record the replenishment of PCF?
a PCF 46,000 x
CIB 44,000
Cash Short or Over 2,000

b Miscellaneous Expenses 46,000

CIB 44,000
Cash Short or Over 2,000

c Miscellaneous Expenses 44,000

Cash Short or Over 2,000
CIB 46,000 x

d Miscellaneous Expenses 46,000

PCF 44,000 x
Cash Short or Over 2,000
The internal control feature specific to petty cash is
a Separation of duties
b Assignment of responsibility
c Proper authorization
d Imprest system

The imprest PCF account is debited

a only when the fund is created x
b when the fund is created and everytime the fund is replenished x
c when the fund is created and when the size of the fund is increased /
d when the fund is created and when the size of the fund is decreased x

A cash short or over account

a is not generally accepted
b is debited when the PCF proves out over
c is debited when the PCF proves out short
d is a contra account to cash

Petty cash fund is

a separately classified as current asset Cash and Cash Equivalents
b money kept on hand for making minor disbursements of coin and currency rather than by writing chec
c set aside for payment of payroll x payroll fund
d restricted cash x available for use in paying small/
 Dec 1 Petty Cash Fund 10,000
Cash in Bank 10,000

20 Selling Expenses 5,000

Miscellaneous Expenses 2,000
Equipment 2,000
Cash in Bank 9,000

Receivable/Asset = not closed 31 Advances to Employees 2,000

Selling Expenses 1,500
Transportation Expense 500
Petty Cash Fund 4,000

2022
Jan 1 Petty Cash Fund 4,000
Advances to Employees 2,000
Selling Expenses 1,500
Transportation Expense 500

15 No Emtry

31 Selling Expenses (1,500 + 500) 2,000

Administrative Expenses 2,000
Transportation Expense (500 +1,000) 1,500
Accounts Payable 1,200
Cash In Bank 6,700
 Expenses
Receivable

nformation.

Coins and currencies 6,000

PCV for expenses 46,000
Total 52,000
Imprest Balance 50,000
Over 2,000

ent of PCF?
Imprest Balance 50,000
Coins and currencies -6000
Credit to Cash in Bank for replenishment 44,000

Cash Short or Over Credited Overage

Debit Shortage
 CIB
PCF

Cash on Hand + Cash in Bank + Petty Cash Fund + etc…

ncy rather than by writing checks

ailable for use in paying small/petty expenses

On Bank Reconciliation

In preparing the bank reconciliation for the month of August, A Company provided the following information:
Balance per bank statement 1,805,000
Deposit in Transit 325,000
Return of customer check for insufficient fund 60,000
Outstanding checks 275,000
Bank service charge for August 10,000
What amount should be reported as adjusted cash in bank?
a 1,855,000 1,855,000
b 1,795,000
c 1,785,000
d 1,755,000

C Company provided the following data for the purpose of reconciling the cash balance per book
with the cash balance per bank statement on December 31:
Balance per book 850,000
Balance per bank statement 2,000,000
OC, including certified check of P100,000 500,000
DIT 200,000
December NSF checks, of which P50,000 had been
redeposited and cleared on December 27 150,000
Erroneous credit to C's account, representing proceeds of 300,000
loan granted to another company
Proceeds of note collected by bank for C, net of service 750,000
charge of P20,000
What amunt should be reported as cash in bank at year-end? Adjusted Balance
a 1,500,000 Per Bank 1,500,000
b 1,400,000
c 1,800,000
d 1,450,000

In preparing the bank reconciliation statement for the month of December, C Company provided the following.
Balance per bank statement 3,800,000
Deposit in transit + Bank 520,000
amount erroneously credited by bank to C's account - Bank 40,000
BSC for December - Book 5,000
NSF Check - Book 50,000
Outstanding checks - Bank 675,000
What amount was reported as unadjusted cash in bank balance per book?
a 3,550,000 3,660,000
b 3,660,000
c 3,610,000
d 3,655,000

A bank reconciliation is
a A financial statement that lists all of the bank account balances of the entity
b A merger of two banks that previously were competitors
c A statement sent by the bank to depositor on a monthly basis
d A schedule that accounts for the difference between cash balance shown on the general ledger and on

Which of the following items must be added to the cash balance per ledger in preparing a bank reconciliation which
a NR collected by bank in favor of the depositor and credited to the account of the depositor
b NSF customer check
c service charge -
d erroneoous bank debit Bank reconciling item

Which of the following would be added to the balance per bank statement to arrive at the correct cash balance?
a outstanding check - Bank
b bank service charge Book reconciling item-
c deposit in transit + Bank
d customer's NSF check Book reconciling item-

Final Exam
30% Midterm Topics 40% Theory
70% Finals Topics 60% Problem Solving NR Discounting
Special Journals
Completion of the Accounting (A
Cash Controls

Manufacturing Business

EA05/EA06
Friday
4 to 7 pm 180 minutes

first 80 mins EA05 Cash Controls EA05 Part I

next 20 mins Health Break
last 80 mins EA06 Manufacturing Business EA05 Part II
e following information:
Balance per book x
+
Book
-
Book

e per book

Certified check is one where the bank has stamped on its face the word "accepted" or "
indicating sufficiency of funds.
400,000 - Bank Certified check should be deducted from the total outstanding checks (if inlcuded there
+ Bank they are no longer outstanding for bank reconciliation purposes.

100,000 - Book
- Bank

+ Book

Per Book 1,500,000

ny provided the following. Bank Reconciliation

1. Adjusted Bank and Book Balance /
+ 2. Bank Balance to Book Balance
- 3. Book Balance to Bank Balance
+
+
-
Balance per book 3,660,000 Balance per Bank
BSC for December -5000 Deposit in transit
NSF Check -50000 amount erroneously credite
 Adjusted Book Balance 3,605,000 Outstanding checks
Adjusted Bank Balance

x
x
x Bank Statement
n on the general ledger and on the bank statement

ng a bank reconciliation which ends with adjusted cash balance?

nt of the depositor + Book
-Book
-Book
Bank +

t the correct cash balance?

Discounting
ecial Journals
mpletion of the Accounting (AJE to RE)
sh Controls
PCF
Bank Recon
Voucher System
anufacturing Business
ace the word "accepted" or "certified"

ding checks (if inlcuded therein) because

3,800,000
520,000
-40000
 -675000
3,605,000
The net sales of G Manufacturing Co. in 2022 is P580,000.
The cost of goods manufactured is P480,000.
The beginning inventories of Goods in Process and Finished Goods are P82,000 and P65,000, respectively.
The ending inventories are: Goods in Process - P75,000; Finished Goods - P55,000.
The Selling Expenses and General and Administrative Expenses are 5% and 2.5% of Cost of Goods Sold, respectively
How much would be the net profit before tax in the year 2022?
a 45,725
b 53,250
c 83,000
d 90,000

Net Sales 580,000

Less: Cost of Goods Sold 490,000
Gross Profit 90,000
Less: Expenses
Selling Expenses (5% of COGS) 24500
General and Administrative Expense (2.5% of COGS) 12250 36750
Net Profit Before Tax 53,250

The following information were taken from the accounting records of G Company for the year ended December 31,
Decrease in Finished Goods Inventory 700,000
Increase in Raw Materials Inventory 300,000
Freight Out 900,000
Factory Overhead 6,000,000
Direct Labor 4,000,000
Raw Materials Purchased 8,600,000
There was no work in process inventory at the beginning or at the end of the year. The cost of goods sold is
a 17,600,000
b 18,200,000
c 18,400,000
d 19,000,000

DM used 8,300,000.00
DL 4,000,000
FOH 6,000,000
Total Manufacturing Cost 18,300,000.00
Add: WIP, Beg 0
Total Cost of Goods Placed into Process 18,300,000.00
Less: WIP, End 0
 Cost of Goods Manufactured 18,300,000.00
Add: FG, Beg 700,000
Total Cost of Goods Available for Sale 19,000,000.00
Less: FG, End 0
Cost of Goods Sold 19,000,000.00

Cost of Goods Manufactured 18,300,000.00 100% done, all sold since FG inventory d
Add: Decrease in FG Inventory 700,000 sold
Cost of Goods Sold 19,000,000.00

These costs are incurred to transform raw materials into its finished products.
a manufacturing costs
b prime costs
c conversion costs
d direct labor

If you add the ending balance of WIP inventory and cost of goods manufactured and from the sum, you deduct the s
WIP inventory End and factory overhead, the end result would be
a total manufacturing costs
b conversion costs
c prime cost
d direct materials

if the sum of the direct materials, direct labor and factory overhead is equal to the total manufacturing costs;
the sum of the total manufacturing cost and WIP beginning is
a cost of goods manufactured
b total manufacturing cost
c total cost placed into process
d none of the above

Indirect labor, indirect materials, depreciation of factory equipment, and the lke are manufacturing costs known as
a direct materials
b prime costs
c factory overhead
d supplies

What is the effect if the WIP beginning is more than WIP inventory end? Decrease
Cost of Goods Manufactured Total Assets
a No effect Increase
b Decrease Increase
c Increase Decrease
d Increase No effect
The total finished goods inclusive of goods manufactured for the current period
is P575,000. The unsold finished goods at the end of the period is P125,000.
The cost of goods sold is 360% of ending inventory. How much is the finished
goods ending inventory if sale is P562,000.
a 450,000 FG Beg + COG Manufactured =
b 325,000
c 162,000
d 125,000
respectively.

oods Sold, respectively.

DM
DL
FOH
Total Manufacturing Cost
Add: WIP, Beg 82,000
Total Cost of Goods Placed into Process
Less: WIP, End 75,000
Cost of Goods Manufactured 480,000
Add: FG, Beg 65,000
Total Cost of Goods Available for Sale 545,000
Less: FG, End 55,000
Cost of Goods Sold 490,000

r ended December 31, 2022:

of goods sold is

Decreased: Beg = Amount of Decrease; End = zero

Increased: Beg 0 End = amount of the increase
DM Used:
DM Beg -
Add: Net Purchases 8,600,000.00 increase your materials inventory
Total Materials Available for Use 8,600,000.00
Less: DM End 300,000.00
DM Used. 8,300,000.00
 Net Purchases 8,600,000.00 Net Purchases
Increase in DM Inventory 300,000 Decrease in DM Inventory
DM Used 8,300,000.00 DM used

old since FG inventory decreased

e sum, you deduct the sum of the beginning balance of

ufacturing costs;

turing costs known as

Decrease WIP Increase WIP

Total Manufacturing Cost 200,000 200,000
Add: WIP, Beg 10,000 0
Total Cost of Goods Placed into Process 210,000 200,000
Less: WIP, End 0 10,000
Cost of Goods Manufactured 210,000 190,000
Cost of Goods Available for Sale 575,000
FG Inventory, End 125,000
COGS 450,000
Divided by FG, Inventory End 125,000
360%
8,600,000
100,000
8,700,000
Quiz 39 QUIZ 45
Page 499 PAGE 519
1E 1A
2C 2A
3B 3C
4 4D
5B 5A #6
6D 6B Annual Depreciation
7A 7B
8B 8B Accumulated Depreciation
9C 9B Divided by Annual Dep
10 B dr NR, cr AR 10 D Years the asset is depreciated
11 D 11 B
12 D 12 A #8
13 B Dr Eqpt, cr AP 13 B Sales
14 A 14 D Less: SRA
15 D 15 E Net Sales
16 E x % of estimated
17 D Bad Debts Expense

# 9Cash collected for Rent

Rent Income in the IS
Unearned Rent Income in the SFP
Total Rent Collected
Accrued Rent in the SFP
Total Rent Collected

#10
Supplies purchased:
used ---> supplies expense in
unused ----> supplies in the SF

#11
Utilities Expense (Should be paid)
Utilities Payable (unpaid)
Paid

#14 Ending Inventory is understat

EI ---> CA

MI, Beg
Add: Net Purchases
 Total Cost of Goods Available
Less: MI, End
Cost of Goods Sold

Sales
Less: COGS
Gross Profit (Net Income)

#15
Utilties Expense
Utilities Payable
 4500

13,500 as of December 31, 2012 3rd year

4500 31-Dec-11 2nd year
s depreciated 3 31-Dec-10 1st year The asset is acquired: January 1, 2010

115,000
5,000
110000
5%
5,500

55,000
ncome in the SFP 5,000
60,000
4,000 what if accrued rent increases rent income but cash is not yet collected
56,000

ed ---> supplies expense in the IS 1,700

used ----> supplies in the SFP 500
2,200

(Should be paid) 24,000

4,000
20,000

ding Inventory is understated by P1,000

understated
/ x
5,000 5,000
d: Net Purchases 100,000 100,000
tal Cost of Goods Available for Sale 105,000 105,000
1,000 0
st of Goods Sold 104,000 105,000 overstated

500,000 500,000
104,000 105,000
oss Profit (Net Income) 396,000 395,000 understated

Expense Under Under

Liab Under No Effect
Net Income Over Under
Equity Over
Asset NE
ired: January 1, 2010

is not yet collected