B. Prepare the journal entries under both the fluctuating system and the imprest syst
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
