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Valix 1 Chapter 1 Problem 1 3

Armenia Company reported total cash and cash equivalents of 7,050,000 on December 31, 2020, which included cash on hand, petty cash, cash in bank, and savings deposits. Adjustments were made resulting in an adjusted total of 7,285,000, with specific adjustments listed for accounts receivable, cash on hand, and cash in bank. The document outlines the necessary adjusting entries to reconcile the cash balances.

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323 views1 page

Valix 1 Chapter 1 Problem 1 3

Armenia Company reported total cash and cash equivalents of 7,050,000 on December 31, 2020, which included cash on hand, petty cash, cash in bank, and savings deposits. Adjustments were made resulting in an adjusted total of 7,285,000, with specific adjustments listed for accounts receivable, cash on hand, and cash in bank. The document outlines the necessary adjusting entries to reconcile the cash balances.

Uploaded by

Novilyn Tendido
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Valix 1 Chapter 1

Problem 1-3

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
7,050,000

Account Unadjusted Balance Adjustments Adjusted Balance


Cash on hand 1,000,000 (100,000)-150,000 750,000
Petty cash fund 50,000 (10,000)-5,000 35,000
Cash in bank 4,000,000 200,000+300,000 4,500,000
Saving deposit 2,000,000 2,000,000
TOTAL 7,050,000 7,285,000

1. Adjusting entries:

Accounts receivable 250,000


Cash on hand 250,000

Receivable from employees 10,000


Cash short or over 5,000
Petty cash fund 15,000

Cash in bank 500,000


Accounts payable 500,000

2. P7,285,000

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