Chapter 1 Problem 3-4
Adjusting entries on December 31, 2008
a. Cash 100,000
Accounts payable 100,000
b. Cash 50,000
Accounts payable 50,000
c. Accounts receivable 200,000
Cash 200,000
d. Accounts receivable (20,000 + 60,000 + 30,000) 110,000
Money market placement 1,000,000
Cash in closed bank 50,000
Advances to employee 30,000
Pension fund 400,000
Cash 1,590,000
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Cash and cash equivalents:
Demand deposit (see below) 1,450,000
Time deposit – 30 days 500,000
Petty cash fund 10,000
Total 1,960,000
Demand deposit per book 1,500,000
Undelivered check 100,000
Postdated check delivered 50,000
Window dressing of collection ( 200,000)
Adjusted balance 1,450,000
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