ZuoTi.Pro
Question

A company established a petty cash fund of $100 on September 1

Problems 

1.) A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $27; courier, $32; and postage, $22. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Journal entries
Date Accounts and explanation Debit Credit
Sept 1 Petty cash $100
Cash $100
(Petty cash fund of $100 was established by the company)
Sept 10 Office supplies $27
Courier $32
Postage $22
Cash short or over $3
Cash $84

(To replenish a petty cash fund. The amounts do not agree and the fund is short for $3 goes in Cash short or over account . Petty cash fund $100 - $16 petty cash remaining = $84)
Sept 15 Petty cash $25
Cash $25
( To increase the size of petty cash fund by $25)
0 0
Add a comment
Know the answer?
Add Answer to:
A company established a petty cash fund of $100 on September 1
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 4. (15 Points). Feathers Co. established a petty cash fund of $150 on October 1. On...

    4. (15 Points). Feathers Co. established a petty cash fund of $150 on October 1. On October 10 the petty cash fund was replenished when there was $49 remaining and there were petty cash receipts for: office supplies, $47; transportation-in on inventory purchased, $32; and postage, 522. On October 15, the petty cash fund was decreased to $125 in total. Record the above transactions in general journal form. Date Debit Credit

  • CROBLEM II: RECORDING PETTY CASH TRANSACTIONS (10 POINTS Brown Company established a petty cash fund for...

    CROBLEM II: RECORDING PETTY CASH TRANSACTIONS (10 POINTS Brown Company established a petty cash fund for $300 on September 1, 20xx. On September 30. the petty can rund was replenished when there was $20 of currency remaining in the cashbox along with receipts for: meals of $78; postage of $62; and repairs of $140. On October 24, the petty cash fund was increased to $500 in total Record the above transactions in the general ioural. Include the date, account names...

  • The following transactions relate to the petty cash fund of Jarvis Wrecking Company: Apr. 1 19 The petty cash fund i...

    The following transactions relate to the petty cash fund of Jarvis Wrecking Company: Apr. 1 19 The petty cash fund is set up with a $350 cash balance. Because the money in the fund is down to $70.20, the fund is replenished. Petty cash vouchers are as follows: Flowers for hospitalized employee (miscellaneous expense) $ 84.38 Postage stamps 135.00 Office supplies 46.71 The cash in the fund is $193.07. The fund is replenished to include petty cash payments in this...

  • Willard Company established a $370 petty cash fund on September 9, 2020. On September 30, the...

    Willard Company established a $370 petty cash fund on September 9, 2020. On September 30, the fund had $147.50 in cash along with receipts for these expenditures: transportation-in, $30.00, office supplies, $105.00, and repairs expense, $82.50. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $5.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet Record the entry to establish...

  • Deep Diving World established a $500 petty cash fund on July 1. During the month of...

    Deep Diving World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts: July ​2​Supplies​​$ 65 July 7​​Courier​ 10 July 10​​Postage ​​52 July 17​​Advertising​​125 July 18 Postage ​​20 July 25​​Advertising ​​47 July 28​​Courier​​70 On July 31, the cash is counted and the balance remaining is found to be $136. A cheque is issued to replenish the fund and increase the fund to $ 600 all at...

  • Havermill Co. establishes a $290 petty cash fund on September 1. On September 30, the fund...

    Havermill Co. establishes a $290 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $77 for Office Supplies, $145 for merchandise inventory, and $26 for miscellaneous expenses. The fund has a balance of $42. On October 1, the accountant determines that the fund should be increased by $58. The journal entry to record the reimbursement of the fund on September 30 includes a:

  • Havermill Co. establishes a $360 petty cash fund on September 1. On September 30, the fund...

    Havermill Co. establishes a $360 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $84 for Office Supplies, $159 for merchandise inventory, and $33 for miscellaneous expenses. The fund has a balance of $84. On October 1, the accountant determines that the fund should be increased by $72. The journal entry to record the reimbursement of the fund on September 30 includes a:

  • Journalize the entries to record the following: Established a petty cash fund of $350. The amount...

    Journalize the entries to record the following: Established a petty cash fund of $350. The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, $116; postage, $100. Sept. 1 Record any discrepancy in the cash short and over account If an amount box does not require an entry, leave it blank or enter "o". Sept. 1 Cash Short and Over Sept. 30 Office Supplies Expense Petty Cash...

  • Y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September...

    y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September 30. a A customer's check for NSF was charged the company's account a $25 processing fee. $100 marked NSF was returned to Brown Company by the bank. In addition, the bank b. The September 30 cash reccipts, 51,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c....

  • 26. Journalize the entries to record the following: Sept. 1 Established a petty cash fund of...

    26. Journalize the entries to record the following: Sept. 1 Established a petty cash fund of $350. 30 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, S116; postage, $100.Record any missing funds in the cash short and over account. Journal Date Description Post. Ref. Debit Credit Copyright Cengage Learning. Powered by Cognero 25. Using the following information, prepare a bank reconciliation for Miller Co. for...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT