The document contains two problems regarding adjusting entries and calculating total cash and cash equivalents. Problem 1 involves adjusting entries for accounts receivable, accounts payable, and cash. It also requires calculating total cash based on various cash accounts and items. Problem 2 similarly involves adjusting entries and calculating a total from various cash accounts, funds, and bank accounts.
The document contains two problems regarding adjusting entries and calculating total cash and cash equivalents. Problem 1 involves adjusting entries for accounts receivable, accounts payable, and cash. It also requires calculating total cash based on various cash accounts and items. Problem 2 similarly involves adjusting entries and calculating a total from various cash accounts, funds, and bank accounts.
The document contains two problems regarding adjusting entries and calculating total cash and cash equivalents. Problem 1 involves adjusting entries for accounts receivable, accounts payable, and cash. It also requires calculating total cash based on various cash accounts and items. Problem 2 similarly involves adjusting entries and calculating a total from various cash accounts, funds, and bank accounts.
The document contains two problems regarding adjusting entries and calculating total cash and cash equivalents. Problem 1 involves adjusting entries for accounts receivable, accounts payable, and cash. It also requires calculating total cash based on various cash accounts and items. Problem 2 similarly involves adjusting entries and calculating a total from various cash accounts, funds, and bank accounts.
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Assignment #1
Intermediate Accounting 1 Problem 1-1. Requirement 1. Adjusting Entries Accounts Receivable 200,000 Cash in Bank 200,000
Cash in Bank 250,000
Accounts Payable 250,000
Cash in Bank 100,000
Accounts Payable 100,000
Accounts Receivable 450,000
Cash in Bank 450,000
Requirement 2. Total Amount of Cash and Cash Equivalents
Cash in Bank 3,000,000 Customer Check (200,000) Undelivered Check 250,000 Postdated Check Delivered 100,000 Collection on December 31, 2021 (450,000) Adjusted Cash in Bank 2,700,000 Time Deposit- 30 days 1,000,000 Petty Cash Fund 20,000 Total Cash and Cash Equivalents 3,720,000 Requirement 3. Explanation The Money market placement due on June 30, 2022 is classified as current asset. The saving deposit in closed bank is classified as receivable. The sinking fund for bond payable due on June 30, 2023 is classified as noncurrent asset. Problem 1-2. Requirement 1. Adjusting Entries Accounts Receivable 150,000 Cash on Hand 150,000
Expenses 10,000 Receivable from employee 5,000 Petty Cash Fund 15,000
Requirement 2. Total Amount of Cash and Cash Equivalents
Cash on Hand 1,000,000 Postdated Check (150,000) Adjusted Cash on Hand 850,000
Petty Cash Fund 35,000 Security Bank current account 2,000,000 PNB current account 1,500,000 Bond Sinking Fund 2,500,000 Total Cash and Cash Equivalents 6,885,000 Requirement 3. Explanation The overdraft in BDO current account is classified as current liability. The BSP treasury bill is classified as current asset. The BPI time deposit set aside for acquisition of land is classified as noncurrent asset.
