Armenia Company reported the following information on December 31, 20X1 Cash on hand - 1,000,000Petty cash fund - 50,000Cash in bank - 4,000,000Savings deposit - 2,000,000Total - 7,050,000 Cash on hand included the following:Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2.The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1.Postal money orders received from customers, P200,000. A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000.A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000. Compute the total cash

Given, Armenia Company Cash on hand - 1,000,000. Petty cash fund - 50,000. Cash in bank - 4,000,000.…

Answered: Armenia Company reported the following…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.5.2C

See similar textbooks

Related questions

Concept explainers

Question

Armenia Company reported the following information on December 31, 20X1

Cash on hand - 1,000,000

Petty cash fund - 50,000

Cash in bank - 4,000,000

Savings deposit - 2,000,000

Total - 7,050,000

Cash on hand included the following:

Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2.
The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1.
Postal money orders received from customers, P200,000.

A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000.

A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000.

Compute the total cash

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions