Problem 7 -4

1) Adjusting Jounal Entries

(a) Account Receivable 80,000.00
Cash in Bank 80,000.00

(b) Cash in Bank 100,000.00

Accounts Payable 100,000.00

(c) Cash in Bank 50,000.00

Accounts Payable 50,000.00

(d) Account Receivable 230,000.00

Cash in Bank 230,000.00

2) Cash and Cash Euiqvalent as of December 31, 2015

Cash & CE
Cash in Bank 1,500,000.00 1,500,000.00
Time Deposit 30 days 500,000.00 500,000.00
Money Market due on June 16, 2016 1,000,000.00
Savings in Closed bank 50,000.00
Sinking fund for Bond Payable due june 16, 2016 400,000.00
Petty Cash 10,000.00 10,000.00
2,010,000.00
Less: Net Adjsutment IN Cash in Bank (160,000.00)
Cash and Cash Euivalent as of December 31, 2015 1,850,000.00

Problem 7 -5
1) Adjusting Jounal Entries
(a) Account Receivable 100,000.00
Cash in Bank 100,000.00

(b) Expenses 2,000.00

Advances to Employees 3,000.00
Petty Cash Fund 5,000.00
2) Cash and Cash Euivalent as of December 31, 2015
Cash & CE
Cash on Hand 500,000.00 500,000.00
Petty Cash Fund 20,000.00 20,000.00
Security Bank - Current Account 1,000,000.00 1,000,000.00
PNB - Current Account No. 1 400,000.00 400,000.00
PNB - Current Account No. 2 (50,000.00)
BSP Teasury Bill 3,000,000.00
BPI Time Deposit - 90 Days 2,000,000.00
6,870,000.00 1,920,000.00
Less : Adjustments
Cash in Bank (100,000.00)
P)etty Cash Fund (5,000.00)
Cash and Cash Euivalent as of December 31, 2015 1,815,000.00

Problem 7 -6
1) Adjusting Jounal Entries
On Cash on Hand
Account Receivable 40,000.00
Cash in Bank 40,000.00

Account Receivable 60,000.00

Cash in Bank 60,000.00

Postal Money order considered the same as cash

Advances to Employees 3,000.00
Due from Petty Cash Custodian 2,000.00
Petty Cash Fund 5,000.00

Cash in Bank 100,000.00

Accounts Payable 100,000.00

Transactiions are not Recorded

2) Cash and Cash Euivalent as of December 31, 2015

Cash on Hand 500,000.00
Petty Cash Fund 20,000.00
Cash in Bank 2,000,000.00
Time Deposit 30 days 1,000,000.00
3,520,000.00
Less Net Adjustments (5,000.00)
Cash and Cash Euivalent as of December 31, 2015 3,515,000.00
Problem 7 -7
1) Adjusting Jounal Entries
Account Receivable 35,000.00
Cash in Bank 35,000.00

Transactiions are not Recorded

Advances to Employees 2,000.00

Expenses 12,000.00
Petty Cash Fund 14,000.00

Cash in Bank 25,000.00

Accounts Payable 25,000.00

Transactiions are not Recorded

2) Cash and Cash Euivalent as of December 31, 2015

Cash & CE
Cash on Hand 200,000.00 200,000.00
Petty Cash Fund 20,000.00 20,000.00
PNB - Current Account 5,000,000.00 5,000,000.00
Manila Bank - Current Account 4,000,000.00 4,000,000.00
City Bank-CA Over draft (100,000.00)
Asia Bank Saving 250,000.00 250,000.00
Asia Bank Time Deposit 90 Days 2,000,000.00 2,000,000.00
11,370,000.00
(35,000.00)
(14,000.00)
25,000.00
Cash and Cash Euivalent as of December 31, 2015 11,446,000.00