krl_rdrg
Jul 24, 2010, 10:41 PM
B. Prepare the journal entries under both the fluctuating system and the imprest system for the following transactions:
2007
Nov 2 The company established an imprest pretty cash fund of P10,000.
30 An examination of the cash fund disclosed the following:
Currency and coin 3,000
Memoranda showing expenditures for:
Postage 2,000
Supplies 5,000
A check was drawn to replenish the fund and to increase its amount to P20,000.
Dec 31 The composition of the fund was as follows:
Currency and coin 11,000
Memoranda showing expenditures for:
Postage 3,000
Supplies 4,000
Deposit for 20 cases of softdrinks 2,000
The fund was not replenished.
2008
Jan 2 The deposit for the 20 cases of softdrinks is collected.
31 A check was drawn to replenish the fund. The composition was:
Currency and coin
Postage stamps
Memoranda showing expenditures since November 30, 2007 for:
Postage 5,000
Supplies 6,000
Payment of account 7,000
2007
Nov 2 The company established an imprest pretty cash fund of P10,000.
30 An examination of the cash fund disclosed the following:
Currency and coin 3,000
Memoranda showing expenditures for:
Postage 2,000
Supplies 5,000
A check was drawn to replenish the fund and to increase its amount to P20,000.
Dec 31 The composition of the fund was as follows:
Currency and coin 11,000
Memoranda showing expenditures for:
Postage 3,000
Supplies 4,000
Deposit for 20 cases of softdrinks 2,000
The fund was not replenished.
2008
Jan 2 The deposit for the 20 cases of softdrinks is collected.
31 A check was drawn to replenish the fund. The composition was:
Currency and coin
Postage stamps
Memoranda showing expenditures since November 30, 2007 for:
Postage 5,000
Supplies 6,000
Payment of account 7,000