The following were the transactions involving an entity's petty cash fund during the period. July 1, 20x1 Established $30,000 petty cash fund. July through 20x1 1 Disbursements: 21,- Office supplies expense - Transportation expenses - Repairs and maintenance - Miscellaneous expense Total $4,200 10,500 3,000 9,000 $26,700 July 22, Total coins and currencies in the petty cash box is P1,500. Replenishment 20x1 is made. 19. The petty cash fund is not replenished and financial statements are prepared on July 31, 20x1. The month-end adjustment to the petty cash fund would not include a A. debit to receivable from custodian for $1,800. B. credit to petty cash fund for $28,500. C. total debits to various expense accounts for $26,700. D. credit to cash in bank for $28,500.

The following were the transactions involving an entity's petty cash fund during the period. July 1, 20x1 Established $30,000 petty cash fund. July through 20x1 1 Disbursements: 21,- Office supplies expense - Transportation expenses - Repairs and maintenance - Miscellaneous expense Total $4,200 10,500 3,000 9,000 $26,700 July 22, Total coins and currencies in the petty cash box is P1,500. Replenishment 20x1 is made. 19. The petty cash fund is not replenished and financial statements are prepared on July 31, 20x1. The month-end adjustment to the petty cash fund would not include a A. debit to receivable from custodian for $1,800. B. credit to petty cash fund for $28,500. C. total debits to various expense accounts for $26,700. D. credit to cash in bank for $28,500.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
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.
On September 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 September 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 September 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 $210. C. On September 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 September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
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