Spending Money In The Philippines

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Introduction “Every day is a bank account, and time is our currency. No one is rich, no one is poor, people have got 24 hours each.” (Christopher Rice, n.d.). Spending money is already a daily routine; one spends cash to buy necessary things such as food and clothing. Day by day, people will need more and more things and there will be no time that they will be satisfied with those needs, as well as to personal wants and desires. As it goes with our endless human needs, account balances change every day every time we give and receive cash. But there is this instance where one is able to do the same thing – purchasing goods and services, with or without the physical cash we have on pockets and wallets. It is with the use of a not too long discovered technology called electronic cash or simply e-cash. This was…show more content…
Whenever there is a cash transaction, the Cash account will be credited and the corresponding expense will be debited. On the other hand, if the transaction was made on account, Accounts Receivable is the account to be credited. Those are the basic journal entries used by the accountants. In a cashless society, cash is not the medium of exchange anymore. What will happen in the journal entries if the Cash account will not be used anymore? What account will be used in place of it? The purpose of this study is to know the possible negative effects of the implementation of cashless policy in the bookkeeping procedures in the Philippines as perceived by the accountants. This study aims to: (1) Define what is Cashless Policy, (2) Know the basis to be considered by the accountants in coming up with such perceptions on the possible negative effects of cashless policy in bookkeeping procedures, and (3) Identify the changes that might happen in the bookkeeping entries as soon as the cashless policy become fully implemented in the

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