The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash drawer of the custodian had the following items on hand: Currencies and coins - P8,200 Employee's advance receipts - P1,800 Currency in an envelope marked collection for "abuloy" to an employee's family, with employees' names attached - P2,000 Unreplenished petty cash vouchers - P2,240 Replenishment check drawn by Jackie Company payable to the petty cashier - P2,320 How much is the correct amount of the petty cash fund for financial reporting purposes?

The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash drawer of the custodian had the following items on hand: Currencies and coins - P8,200 Employee's advance receipts - P1,800 Currency in an envelope marked collection for "abuloy" to an employee's family, with employees' names attached - P2,000 Unreplenished petty cash vouchers - P2,240 Replenishment check drawn by Jackie Company payable to the petty cashier - P2,320 How much is the correct amount of the petty cash fund for financial reporting purposes?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7E

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