Answers of Cash and Cash Equivalents Assignment
Answers of Cash and Cash Equivalents Assignment
Adjusting Entries:
Accounts Receivable 200,000
Cash in bank 200,000
Explanation:
The money market placement and sinking fund for bond payable both due on June 30,
2021 are not included because they are non-current assets (temporary investments).
The saving deposit is also not included because the bank closed.
Adjusting Entries:
Accounts Payable 150,000
Cash on hand 150,000
Expenses 10,000
Receivable from employee 5,000
Petty cash fund 15,000
Explanation:
The BSP treasury bill and bond sinking fund is not included because they are non-current
assets (temporary investments). The BPI time deposit is not included because all though
it is a current asset, it is set aside for acquisition of land.
Problem 1-3 (IAA)
Armenia Company reported the following information on December 31, 2020:
Cash on hand 1,000,000
Petty cash fund 50,000
Cash in bank 4,000,000
Saving deposit 2,000,000
Adjusting Entries:
Accounts Receivable 100,000
Cash on hand 100,000
Total cash:
P 5,257,000
Adjusting Entries:
Accounts Receivable 35,000
Cash on hand 35,000