Name (Last Name, First Name):

Course and Year:

Problems
1) On December 31, 2022, Jessie Company provided the following dat:
Cash in Bank 5,000,000
Time deposit - 30 days 1,000,000
Money Market placement due on June 30, 2023 2,500,000
Saving Deposit in closed bank 100,000
Sinking fund for bond payable due June 30, 2024 1,500,000
Petty Cash Fund 50,000
a. The cash in bank included customer check of P200,000 outstanding for 18 months
b. Check of P250,000 in payment of accounts payable was dated and recorded on December 31, 2022 but mailed
to creditors on January 15, 2023
c. Check of P100,000 dated January 31, 2023 in payment of accounts payable was recorded and mailed December
31, 2022
d. The reporting period is the calendar year.
The cash receipts journal was held open until January 15, 2023 during which time an amount of P450,000 was
collected and recorded on December 31, 2022

1.1 Prepare adjusting entries on December 31, 2022

1.2 Compute the total amount of cash and cash equivalents that should be reported on December 31, 2022

2) The cash balance of Alpha Company are the following:

Cash on Hand 40,000
Cash in bank - savings BPI 100,000
Cash in bank - current BIP (10,000)
Cash in Bank - current Metrobank (60,000)
Total 70,000
Additional Information:
a. Cash on hand includes undeposited collections of P2,000
b. Cash in bank - savings maintained at BPI incluedes a P20,000 compensating balance which is restricted.
Compute for the amount of cash to be reported in the financial statements.

3) Charissa Company established a petty cash fund

1. Established a petty cash fund of P10,000 on January 2
2. Petty cash expenses - January 2-31 are:
Postage 1,500
Supplies 5,500
Transportation 1,200
Miscellaneous Expenses 800

a. Prepare journal entries to record the transactions under the fluctuation fund system and imprest fund system

4) Fredy Company had a checkbook balance on December 31, 2022 of P8,000,000 and held the following items in the
safe;
a. Check payable to Fredy dated January 5, 2023 included in December 31 balance. 2,000,000
b. Check payable to Fredy, deposited December 20 and included in December 31 check book
balance, but returned by bank on December 30, stamped NSF. The check was redeposited Jan.
02, 2023 and cleared January 03, 2023 500,000
c. Check drawn on Fredy's account and payable to a vendor, dated and recorded December 31,
but not mailed until January 15, 2023 1,500,000
d. Cash on hand - undeposited collections 400,000
e. Change fund 40,000
f. Time deposit for plant expansion 1,000,000
 g. Treasury Bill 2,500,000
h. Money Market placement 3,000
i. Postage stamps unused 10,000
4.1 What total amount should be reported as cash on December 31, 2022
4.2 What total amount should be reported as cash equivalents on December 31, 2022?

5) Karen Company provided the following data relating to the cash transactions and bank account for the month
of July
Cash balance per ledger ??? Cash balance per Bank Statement ???
Debit Memo for July service Charge 5,000
Deposit of July 31, not recorded by bank until August 1 450,000
Outstanding Checks, including certified check of P50,000 750,000
Proceeds of bank loan not recorded in ledger 500,000
Proceeds from the customer note, face P400,000 collected by bank
collection fee P15,000 435,000
A creditor check had been entered in the book as P20,000 and was erroneously
deducted by the bank at 200,000
A customer check was returned by bank marked DAIF 50,000
Correct cash balance 3,000,000
5.1 What is the cash balance per ledger?
5.2 What is the cash balance per bank statement?

6) Queennie company prepared the following bank reconciliation for the month of November
Balance per bank statement, November 30 3,600,000
Add: Deposit in transit 800,000
4,400,000
Less: Outstanding Checks 1,200,000
Bank credit recorded in error 200,000 1,400,000
Balance per book, November 30

Data per bank statement for the month of December.

a. December Deposits, including note receivable collected of P1,000,000 for Queennie Co. 5,500,000
b. December disbursements, including NSF check P350,000 and service charge P50,000 4,400,000
All items that were outstanding on November 30 cleared through the bank in December, including the bank credit
In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31.

6.1 What is the adjusted cash in bank on Decemer 31?

6.2 What is the balance of cash per ledger on December 31?
6.3 What is the amount of cash receipts per book in December?
6.4 What is the amount of cash disbursements per book in December?

7) Yukare Company provided the following data concerning cash on July 31:
Checks drawn Bank statement
No.101 600,000.00 Balance, July 31 2,700,000
No.102 700,000.00 Charges:
No.103 300,000.00 Checks paid 4,000,000
No.104 400,000.00 service Charge 20,000
No.105 450,000.00 Credits:
No.106 600,000.00 Deposits 3,500,000
No.107 650,000.00 Note Collected 1,500,000
No.108 500,000.00
Balance of cash per book on July 1 P1,270,000. Cash receipts per cash book for the month of July P3,400,000.
Checks paid by bank include all checks issued during the month of July except No. 107 and No.108
On July 31, cash received but not deposited in bank, P400,000

7.1 Prepare bank reconciliation on July 1 and July 31

7.2 Prepare Adjusting entries on July 31