Argentina Company
Adjusting Journal Entries
for the period ended December 31, 2020
Date
31
Account Titles
Debit
a. Accounts Receivable
Cash on hand
₱150,000
₱150,000
b. Unreplenished petty cash voucher
Petty Cash Fund
Accounts Receivable
Petty cash fund
Credit
₱10,000
₱10,000
₱5,000
₱5,000
c. NO ENTRY
d. NO ENTRY
Cash on hand
Total
Petty cash fund
₱1,000,000
(150,000)____________
₱850,000.00
Total
₱50,000
(10,000)
(5,000)______________
₱35,000.00
Security Bank current account
PNB current account
BPI time deposit- 90 days
Total Cash and Cash Equivalents
2,000,000
1,500,000
____________2,000,000
₱6,385,000.00
Items excluded from the presentation of Cash and Cash equivalents



BDO current account (overdraft)- classified as current liability
BSP Treasury Bill-120 days- Held as non-current investment
Bond sinking fund- classified under non-current asset