On March 1, a company established a $75 petty cash fund. On March 12, the petty cash fund contains $3 in cash and the following paid petty cash receipts: delivery expense $14.25; postage, $19.50; and repairs, $36. Give the general journal entry to reimburse the fund and to increase its amount to $150 on March 12.
Q: On July 1 AAA Company established a petty cash fund with $20o. During the first 15 days of July…
A: Solution: (1). Date Particulars Debit Credit July 1 Petty Cash 200 Cash 200
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A: Please find the answers to the above questions below:
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A: The petty cash book is prepared for day to day small cash transactions of the business.
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A: Given: Petty Cash fund:$230 Entertainment Expense:$42 Postage :$29 Printing:$27
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A: Journal entry: Journal is the day book in which daily transactions are recorded in the chronological…
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Q: 1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund…
A: The petty cash fund is used for different small expenses and is replenished every month. it helps to…
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A: Petty Cash Book seems to be an accounting book being used tracking little and low-value costs such…
Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…
A: The journal entry are as follows.
Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…
A: > >Petty Cash fund is created out of cash account to pay off certain small and petty…
Q: Record the establishment of the petty cash fund on August 3. On August 31, record the petty cash…
A: Petty Cash: It is the fund which is kept in hand by business units to cover minor expenses (postage,…
Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
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A: Solution:- Calculation of the cash (shortage)/overage as follows under:- Introduction:- The petty…
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A: Replenish Amount of Petty Cash = Petty Cash - Petty Cash Balance Replenish Amount of Petty Cash = RO…
Q: The petty cahs fund is $800 On September 5, the petty cash fund needed replenishment, and the…
A:
Q: On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of…
A: Petty cash is a fund maintained by th business for the small payments to be made on daily basis.
Q: A petty cash fund was originally established with a cheque for $150. On December 31, you find the…
A: Introduction:- petty cash fund is used to pay for small expenses for everyday. Examples:- postage…
Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…
A: The answer is as fallows
Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash…
A: The asset account is debited when there is an increase and credited with there is a decrease.
Q: VKS Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…
A: Solution: Total petty cash receipts = 741.90 + 880 + 900 + 1421.40 + 837.60 = 4.780.90
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A: Petty cash fund is a fund which is setup for small petty cash expenses of the business
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A: PETTY CASH ARE SMALL AMOUNT OF FUNDS IN THE FORM OF CASH USED FOR MAKING OUT EXPENSITURE WHERE IT IS…
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A: Cash shortage (overage) = Petty cash fund - Bills and coins - Transportation - Supplies - Envelope…
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A: About Petty cash is a little amount of money that is keep on the company premises to pay for…
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A: Petty cash or petty cash fund is the amount that is kept in hand by a company or individual for day…
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Q: On September 29, the company determined that the petty cash fund needed to be increased to $1,000.…
A: The petty cash fund is established to maintain the cash balance for regular activities of the…
Q: Sheffield Company uses an imprest petty cash system. The fund was established on March 1 with a…
A: Petty cash is that fund which is used for payment of short expenses like postage expenses, travel…
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A: On establishment of petty cash fund the cash will go to petty cash fund.
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A: The petty cash fund can be defined as the small cash on hand that is set by the firm to spend on its…
Q: The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins,…
A: It used in expenses like foods, postage stamp ,fare ,food expense etc.
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A: Lets understand the meaning of petty cash. Petty cash is a established to pay small amount of daily…
Q: CPA Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…
A: Solution: Total petty cash receipts = P741.90 + P880 +P900 + P1,421.40 + P837.60 = P4,780.90…
Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…
A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…
Q: Concord Company uses an imprest petty cash system. The fund was established on March 1 with a…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…
A: SOLUTION PETTY CASH IS A SMALL AMOUNT OF CASH THAT IS KEPT ON THE COMPANY PREMISES TO PAY FOR THE…
On March 1, a company established a $75 petty cash fund. On March 12, the petty cash fund contains $3 in cash and the following paid petty cash receipts: delivery expense $14.25; postage, $19.50; and repairs, $36. Give the general
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- On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Havermill Co. establishes a $390 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $87 for Repairs Expense, $165 for merchandise Inventory, and $36 for miscellaneous expenses. The fund has a balance of $102. On October 1, the accountant determines that the fund should be increased by $78. The Journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice О Credit to Cash for $102. Credit to Cash for $390. Debit Petty Cash for $288. О Credit to Merchandise Inventory for $165. О Debit to Repairs Expense for $87.On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of $40, and receipts for supplies of $55 and postage of $25. Prepare the journal entry to record the replenishment of the petty cash fund.
- Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Repairs Expense, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice Debit to Repairs Expense for $73. Credit to Merchandise Inventory for $137. Credit to Cash for $250. Debit Petty Cash for $232 Credit to Cash for $18.Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.Cullumber Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.50. July 1: Cash in fund $3.00. Receipts: delivery expense $26.25, postage expense $36.25, and miscellaneous expense $33.00. Receipts: delivery expense $18.75, entertainment expense $46.25, and miscellaneous expense $32.00. On July 10, Cullumber increased the fund from $100 to $130. Prepare journal entries for Cullumber Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 52.75.)
- The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on October 1. On October 15, the petty cash fund was replenished and increased to $1,500. The contents of the petty cash fund prior to the October 15 replenishment were Prepare the general journal entry to record the reimbursement and increasing of the fund on October 15.Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $5.55. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90. July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00. On July 10, Swifty increased the fund from $125.00 to $155.Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date May 1June 1July 1July 10 enter an account title enter a debit amount…Havermill Co. establishes a $370 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $85 for Office Supplies, $161 for merchandise Inventory, and $34 for miscellaneous expenses. The fund has a balance of $90. On October 1, the accountant determines that the fund should be increased by $74. The journal entry to record the establishment of the fund on September 1 is: Multiple Choice О Debit Petty Cash $370; credit Accounts Payable $370. O Debit Miscellaneous Expense $370; credit Cash $370. O Debit Petty Cash $370; credit Cash $370. Debit Cash $370; credit Petty Cash $370. О Debit Cash $370; credit Accounts Payable $370.