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Problem 1-3 and Problem 1-4 Carino

The document contains requirements and information for two problems regarding adjusting entries and calculating total cash. Requirement 1 of Problem 1 has three adjusting entries: 1) debiting accounts receivable and crediting cash for $250,000, 2) debiting advances to employees and crediting petty cash fund for $15,000, and 3) debiting cash in bank and crediting accounts payable for $500,000. Requirement 2 calculates total cash of $7,285,000 by adjusting cash accounts for various checks and deposits. Problem 2 similarly provides cash account balances and adjustments to calculate total cash and cash equivalents of $11,375,000 and includes two adjusting entries.

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1K views2 pages

Problem 1-3 and Problem 1-4 Carino

The document contains requirements and information for two problems regarding adjusting entries and calculating total cash. Requirement 1 of Problem 1 has three adjusting entries: 1) debiting accounts receivable and crediting cash for $250,000, 2) debiting advances to employees and crediting petty cash fund for $15,000, and 3) debiting cash in bank and crediting accounts payable for $500,000. Requirement 2 calculates total cash of $7,285,000 by adjusting cash accounts for various checks and deposits. Problem 2 similarly provides cash account balances and adjustments to calculate total cash and cash equivalents of $11,375,000 and includes two adjusting entries.

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PROBLEM 1-3 (IAA)

REQUIREMENT

1. PREPARE ADJUSTING ENTRIES ON DECEMBER 31,2021


2. COMPUTE THE TOTAL CASH ON DECEMBER 21,2021

REQUIREMENT 1

A. ACCOUNTS RECEIVABLE (100,000+150,000) 250,000


CASH ON HAND 250,000

B. ADVANCES TO EMPLOYEES 10,000


CASH SHORT OR OVER 5,000
PETTY CASH FUND 15,000

C. CASH IN BANK (200,000+300,000) 500,000


ACCOUNTS PAYABLE 500,000

REQUIREMENT 2

CASH ON HAND 1,000,000


NSF CUSTOMER CHECK (100,000)
POSTDATED CUSTOMER CHECK (150,000)
ADJUSTED ON HAND 750,000

CURRENCY AND COINS 2,000


CHECK DRAWN PAYABLE TO PETTY CASHIER 33,000
ADJUSTED PETTY CASH 35,000

CASH IN BANK 4,000,000


UNDELIVERED COMPANY CHECK 200,000
POSTDATED COMPANY CHECK DELIVERED 300,000
ADJUSTED CASH IN BANKS 4,500,000

CASH ON HAND 750,000


PETTY CASH FUND 35,000
CASH IN BANK 4,500,000
SAVING DEPOSIT 2,000,000
TOTAL CASH 7,285,000
PROBLEM 1-4 (PHILCPA ADAPTED)

CALLOUS COMPANY

REQUIRED

[Link] THE TOTAL CASH AND CASH EQUIVALENTS

2. PREPARE ADJUSTING ENTRIES ON DECEMBER 31,2021

REQUIREMENT 1

CASH ON HAND 200,000


NSF CUSTOMER CHECK (35,000)
POSTDATED CUSTOMER CHECK (15,000)
ADJUSTED CASH ON HAND 150,000
PETTY CASH FUND
CURRENCY AND COINS 5,000

REQUIREMENT 2

CASH ON HAND 150,000


PETTY CASH FUND 5,000
PHILIPPINE BAK CURRENT ACCOUNT 5,070,000
CITY BANK CURRENT NO.1 4,000,000
CITY BANK CURRENT NO.2 (OVERDRAFT) (100,000)
ASIA BANK SAVINGS ACCOUNT 250,000
ASIA BANK TIME DEPOSIT 90 DAYS 2,000,000
TOTAL CASH AND CASH EQUIVALENTS 11,375,000

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