What is the adjusted balance of the petty cash fund?What is the correct amount of cash and cash equivalents? You are able to gather the following from the December 31, 2021 trial balance ofDaayata CompanyCash on handP 372,000Petty cash fund10,000BPI current account950,000Security bank current account 101Security bank current account 102PNB savings accountPNB time deposit1,280,000(40,000)500,000300,000In addition, you are able to gather the following additional information regarding eachAccount:A. Cash on hand includes the following items:Customer's check for P60,000 returned by bank on December 26, 2021 due toinsufficient funds but subsequently redeposited and cleared by the bank onJanuary 8, 2021.Customer's check for P30,000 dated January 2, 2022, received on December 29,2021.• Postal money orders received from customers P36,000. B. The petty cash fund consisted of the following items as of December 31, 2021.Currency and coins P 2,100Employee's vales 1,600Currency in an envelope marked "collections forcharity" with names attached 1,200Unreplenished petty cash vouchers 800Check drawn by Aloysius Company, payable tocustodian 4,600C. Included among the checks drawn by Daayata Company against the BPI currentaccount and recorded in December 2021 are the following:Check written and dated December 29, 2021 and delivered to payee on January2, 2022 P50,000.Check written on December 27, 2021, dated January 2, 2022, delivered to payeeon December 29, 2021, P86,000.D. The savings account deposit in PNB has been set aside by the board of directors forthe acquisition of new equipment. This account is expected to be disbursed in the next 3months from the balance sheet date.

Petty cash fund is maintained for small petty expenses in the business. Cash and cash equivalent are…

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What is the adjusted balance of the petty cash fund? What is the correct amount of cash and cash equivalents?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

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