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Problem 7 - 29

Admirable Company had a petty cash fund containing $2,000 in coins and currency, $3,000 in paid vouchers for transportation, gasoline, office supplies, postage stamps, and amounts due from employees, and $1,000 for an employee check returned NSF. The company also drew a $4,000 check to the petty cash custodian. The amount of petty cash that should be reported is $6,000.

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Jao Flores
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154 views

Problem 7 - 29

Admirable Company had a petty cash fund containing $2,000 in coins and currency, $3,000 in paid vouchers for transportation, gasoline, office supplies, postage stamps, and amounts due from employees, and $1,000 for an employee check returned NSF. The company also drew a $4,000 check to the petty cash custodian. The amount of petty cash that should be reported is $6,000.

Uploaded by

Jao Flores
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Problem 7 – 29:

Admirable Company had a petty cash fund which included the following details:

Coins and currency 2,000


Paid vouchers
Transportation 600
Gasoline 400
Office Supplies 500
Postage Stamps 300
Due from employees 1,200 3,000

Employee’s check returned by bank marked “NSF” 1,000


Check drawn by the entity to the order of petty cash custodian 4,000

What amount of petty cash should be reported?

a) 10,000
b) 7,000
c) 6,000
d) 9,000

Problem 7 – 30:

On April 1, Magnanimous Company established an imprest petty cash fund for P 10,000 by
writing a check drawn against the checking account. On April 30, the entity wrote a check to
replenish the fund. On April 30, the fund contained the following:

Currency and coins 3,000


Receipts for office supplies 4,000
Receipts for postage still unused 2,000
Receipts for transportation 600

What is the amount of replenishment under the imprest fund system?

a) 10,000
b) 6,600
c) 7,000
d) 3,000

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