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Accounting Audit Adjustments

The document contains cash transactions and notes for ABC Company between December 15, 2019 and January 5, 2020. It includes expenses for office supplies, transportation, freight, and representation. There is also unused office supplies estimated at $1,200, an unsigned pay envelope for $2,000, and a check from X Company for an unrecorded collection turned over to the general cashier on January 5, 2020. The petty cash fund has an imprest balance of $25,000.

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LJ Abanco
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35 views1 page

Accounting Audit Adjustments

The document contains cash transactions and notes for ABC Company between December 15, 2019 and January 5, 2020. It includes expenses for office supplies, transportation, freight, and representation. There is also unused office supplies estimated at $1,200, an unsigned pay envelope for $2,000, and a check from X Company for an unrecorded collection turned over to the general cashier on January 5, 2020. The petty cash fund has an imprest balance of $25,000.

Uploaded by

LJ Abanco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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No.

12/15/2019 88 Office supplies 4,050


12/18/2019 89 Transportation 2,065
12/27/2019 90 Freight on merchandise
sold 2,250
01/03/2020 91 Transportation 450
01/04/2020 92 Representation 670

Unused office supplies, estimated at 1,200

Unsigned pay envelope payable to Dante Sison, an


employee on leave, previously recorded as disbursed.
(opened with no money inside) 2,000

The check from X Company represents an unrecorded collection on account. It was turned
over by Cristina Sanchez, the petty cashier, to the general cashier on January 5, 2020.

The petty cash fund has an imprest balance of P25,000.

Required:
a. Prepare a cash count sheet for ABC Company as of January 4, 2020.
b. Prepare all the necessary audit adjusting entries as a result of the foregoing.

Solutions:
ABC Company
Cash Count Sheet
January 4, 2020

Bills and Coins


Denomination Number of Amount

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