| On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. | |||
| October petty cash transactions were as follows: | |||
| Date | PCV # | Transaction | Amount |
| 02-Oct | 1 | Freight paid to MamaMove on merchandise purchase | P400.00 |
| 05-Oct | 2 | Cash advance of a co-employee | 500.00 |
| 07-Oct | 3 | One week cellphone load of the liaison personnel | 100.00 |
| 08-Oct | 4 | Purchase of office supplies | 550.00 |
| 10-Oct | 5 | Reimbursement of transportation expenses of the liaison personnel | 300.00 |
| 12-Oct | Petty cash replenishment, Check # 002357 | ||
| 12-Oct | Increase in petty cash fund to P3,000.00, Check # 002358 | ||
| 14-Oct | 6 | One week cellphone load of the liaison personnel | 100.00 |
| 14-Oct | 7 | Reimbursement of transportation expenses | 300.00 |
| 15-Oct | 8 | Snack treat to the office staff in celebration of Joy Youz birthday, 70% chargeable to office (Meals & Other Representation Exp), 30% shouldered by Joy | 1,000.00 |
| 17-Oct | 9 | Gift to a valued client for their golden wedding anniversary (Meals & Other Representation Expenses) | 1,000.00 |
| 20-Oct | 10 | Courier service for delivery of merchandise | 200.00 |
| 21-Oct | 11 | An employee reimbursed cost of meals from his recent out of town trip | 350.00 |
| 22-Oct | Cash count prior to replenishment was P50.00, while total PCVs amount to P2,650.00. The fund was replenished with Check# 002393 | ||
| The business uses the following account titles for its expenses: | |||
| Freight in | for freight on merchandise | ||
| Transportation expenses | for transportation expenses of official business errands | ||
| Telecommunication expenses | for telephone expenses, cellphone loads, internet subscription | ||
| Meals & Other Representation expenses | occasional treats and meals for employees & clients, meals for official out of town trips, gifts to clients | ||
| Advances to employees | salary cash advances by employees | ||
| Office Supplies | purchase of supplies |
Requirement:
-Petty Cash Book
| On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. | |||
| October petty cash transactions were as follows: | |||
| Date | PCV # | Transaction | Amount |
| 02-Oct | 1 | Freight paid to MamaMove on merchandise purchase | P400.00 |
| 05-Oct | 2 | Cash advance of a co-employee | 500.00 |
| 07-Oct | 3 | One week cellphone load of the liaison personnel | 100.00 |
| 08-Oct | 4 | Purchase of office supplies | 550.00 |
| 10-Oct | 5 | Reimbursement of transportation expenses of the liaison personnel | 300.00 |
| 12-Oct | Petty cash replenishment, Check # 002357 | ||
| 12-Oct | Increase in petty cash fund to P3,000.00, Check # 002358 | ||
| 14-Oct | 6 | One week cellphone load of the liaison personnel | 100.00 |
| 14-Oct | 7 | Reimbursement of transportation expenses | 300.00 |
| 15-Oct | 8 | Snack treat to the office staff in celebration of Joy Youz birthday, 70% chargeable to office (Meals & Other Representation Exp), 30% shouldered by Joy | 1,000.00 |
| 17-Oct | 9 | Gift to a valued client for their golden wedding anniversary (Meals & Other Representation Expenses) | 1,000.00 |
| 20-Oct | 10 | Courier service for delivery of merchandise | 200.00 |
| 21-Oct | 11 | An employee reimbursed cost of meals from his recent out of town trip | 350.00 |
| 22-Oct | Cash count prior to replenishment was P50.00, while total PCVs amount to P2,650.00. The fund was replenished with Check# 002393 | ||
| The business uses the following account titles for its expenses: | |||
| Freight in | for freight on merchandise | ||
| Transportation expenses | for transportation expenses of official business errands | ||
| Telecommunication expenses | for telephone expenses, cellphone loads, internet subscription | ||
| Meals & Other Representation expenses | occasional treats and meals for employees & clients, meals for official out of town trips, gifts to clients | ||
| Advances to employees | salary cash advances by employees | ||
| Office Supplies | purchase of supplies |
Requirements:
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