Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the...
Childers Company, which uses a perpetual inventory system, has
an established petty cash fund in the amount of $400. The fund was
last reimbursed on November 30. At the end of December, the fund
contained the following petty cash receipts:
| December 4 | Freight charge for merchandise purchased | $ | 62 |
| December 7 | Delivery charge for shipping to customer | $ | 46 |
| December 12 | Purchase of office supplies | $ | 30 |
| December 18 | Donation to charitable organization | $ | 51 |
If, in addition to these receipts, the petty cash fund contains
$201 of cash, the journal entry to reimburse the fund on December
31 will include:
Multiple Choice
-
A debit to Transportation-In of $62.
-
A credit to Cash of $199.
-
A debit to Petty Cash of $189.
-
A credit to Cash Over and Short of $10.
-
A credit to Office Supplies of $30.
Homework Answers
Correct Journal entry is
Merchandise Inventory..Debit $62
Delivery Expense..Debit $46
Office supplies..Debit $30
Miscellaneous expense..Debit $51
Cash short and over ..Debit $10
To Cash account.... Credit $199
Which is cash to be reimbursed is Minimum cash balance required - cash balance left
= $400 - $201 = $199
A credit to cash of $199 is the correct answer
Option 'B' is correct
Add Answer to:
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Cullumber Company designated Alexa Kidd as petty cash custodian
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charges on inventory purchases. Prepare the entries that are
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established on March 1 with a balance of $120. During March, the
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Date
Receipt No.
For
Amount
3/5
1
Stamp Inventory
$35
7
2
Freight-Out
15
9
3
Miscellaneous Expense
15
11
4
Travel Expense
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14
5
Miscellaneous Expense
8
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to account for merchandise inventory.
Feb.
2
Wrote a $350 check to establish a petty cash fund.
5
Purchased paper for the copier for $14.75 that is immediately
used.
9
Paid $36.50 shipping charges (transportation-in) on merchandise
purchased for resale, terms FOB shipping point. These costs are
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12
Paid $8.25 postage to deliver a contract to a...
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Cullumber Company designated Alexa Kidd as petty cash custodian
and established a petty cash fund of $400. The fund is reimbursed
when the cash in the fund is at $58. Petty cash receipts shows that
funds were disbursed for $160 of supplies and $181 of freight
charges on inventory purchases. Prepare the entries that are
necessary to record following independent transactions.
Assume that Cullumber decides to increase the size of the petty
cash fund to $620 immediately after the reimbursement....
Problem 6-3A) Etablishing, recordursing, and increasing petty cash Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $400 check to establish a petty cash fund. 5 Purchased paper for the copier for $14.15 that is immediately used. 9 Paid $32.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid...
Oriole Company uses an imprest petty cash system. The fund was
established on March 1 with a balance of $120. During March, the
following petty cash receipts were found in the petty cash
box.
Date
Receipt No.
For
Amount
3/5
1
Stamp Inventory
$35
7
2
Freight-Out
15
9
3
Miscellaneous Expense
15
11
4
Travel Expense
38
14
5
Miscellaneous Expense
8
The fund was replenished on March 15 when the fund contained $6 in
cash. On March 20,...
Nakashima Gallery had the following petty cash transactions in
February of the current year. Nakashima uses the perpetual system
to account for merchandise inventory.
Feb.
2
Wrote a $350 check to establish a petty cash fund.
5
Purchased paper for the copier for $14.75 that is immediately
used.
9
Paid $36.50 shipping charges (transportation-in) on merchandise
purchased for resale, terms FOB shipping point. These costs are
added to merchandise inventory.
12
Paid $8.25 postage to deliver a contract to a...
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 wrote a $360 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.75 that is immediately used. 9 Paid $44.50 shipping charges transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $7.55 postage to deliver a contract to a...
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