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Assignment 1 Practice Solving - Robles and Empleo

The document contains multiple sections showing adjusting entries for cash accounts, calculating adjusted cash balances by adding or subtracting various cash receipts and payments. Sections include unadjusted cash balances, descriptions of adjustments like checks payable or receivable, and adjusted final cash balances.

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Leah La Madrid
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© © All Rights Reserved
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Download as XLSX, PDF, TXT or read online on Scribd
13 views

Assignment 1 Practice Solving - Robles and Empleo

The document contains multiple sections showing adjusting entries for cash accounts, calculating adjusted cash balances by adding or subtracting various cash receipts and payments. Sections include unadjusted cash balances, descriptions of adjustments like checks payable or receivable, and adjusted final cash balances.

Uploaded by

Leah La Madrid
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1-2.

Unadjusted bal. of cash (December 31, 2022) ₱330,820.00


Add (less): Disbursement from petty cash fund -₱250.00
Sinking cash fund -₱35,000.00
Short Term Treasury Bills -₱52,000.00
Undelivered Check ₱62,000.00
Adjusted bal. of cash (December 31, 2022) ₱305,570.00

1-3. (a)
Unadjusted bal. of cash (December 31, 2022) ₱180,000.00
Add (less): Check Payable -₱65,000.00
DAIF -₱20,000.00
Undelivered Check ₱15,000.00
Adjusted bal. of cash (December 31, 2022) ₱110,000.00

(B. Adjusting Entries)


Account Receivable 65,000
Cash 65,000

Account Receivable 20,000


Cash 20,000

Cash 15,000
Accounts Payable 15,000

1-4. (A.)
Unadjusted bal. of cash (December 31, 2022) ₱ 2,205,600.00
Add (less): DAIF Checks -₱ 20,000.00
Earmarked Savings Account -₱ 750,000.00
IOU from employee -₱ 5,200.00
Cash in sinking fund -₱ 500,000.00
Customer's postdated check -₱ 25,400.00
Travel Advances -₱ 8,000.00
Adjusted bal. of cash (December 31, 2022) ₱ 897,000.00

(B. Adjusting Entries)


Dec. 31 Account Receivable 20,000
Cash 20,000

Office Acquisition Fund 750,000


Cash 750,000

Account Receivable 5,200


Cash 5,200
Sinking Fund 500,000
Cash 500,000

Account Receivable 25,400


Cash 25,400

Prepaid Expense 8,000


Cash 8,000

1-5.
Unadjusted bal. of cash (December 31, 2022) ₱ 1,980,000.00
Add (less): IOU from Employee -₱ 1,250.00
Postdated checks -₱ 17,500.00
Bank overdraft (netted from another bank acct.) ₱ 12,500.00
Unreleased checks ₱ 10,000.00
Restricted Cash -₱ 500,000.00
Adjusted bal. of cash (December 31, 2022) ₱ 1,483,750.00

1-6.
December 31, 2022
a. Savings Account ₱ 900,000.00
i. Less: Postdated check -₱ 320,000.00
b. Commercial Checking Account ₱ 1,400,000.00
j. Add: Postdated Check ₱ 300,000.00
d. Petty Cash Fund
e. Bills and Coins
f. Money market fund
g. Certificate of Deposit (90 days)
h. Payroll Fund ₱ 6,000,000.00
Less: Uninssued Check ₱ 50,000.00
Cash Balance
Balance of Cash and Cash equivalents (December 31, 2022)

(b.)
Latte Company
Statement of Comprehensive Income
As of December 31, 2022
Expense
Expense Receipt 5,000
Cash Shortage 150
Total Expense 5,150

Latte Company
Statement of Financial Position
As of December 31, 2022

Assets
Current Assets
Certificates of Deposit ₱ 2,000,000.00
Account Receivable ₱ 320,000.00
Total of Current Assets ₱ 2,320,000.00

Non-Current Assets
Sinking Fund 1,500,000
Total non-current assets 1,500,000
Total Assets ₱ 3,820,000.00

Liabilities
Account Payable 300,000
Salaries Payable 50,000
TOTAL LIABILITIES 350,000
₱ 580,000.00

₱ 1,700,000.00

₱ 9,850.00
₱ 2,000,000.00
₱ 1,000,000.00

₱ 6,050,000.00
₱ 5,000,000.00
₱ 16,339,850.00

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