Homework Answers
| WORKING NOTES: | |||
| CALCULATION OF CASH REPLENISHMENT AT SEPTEMBER 30 | |||
| Petty Cash to be maintained | $ 232 | ||
| Less: Cash in hand | $ 86 | ||
| Cash to be replenish at month end | $ 146 | ||
| SOLUTION: | |||
| Journal Entries | |||
| Date | Account Title and explanation | Debit | Credit |
| Sept 30, 2021 | Petty Cash | $ 146 | |
| Cash | $ 146 | ||
| (Record the cash transfer from cash to petty cash) | |||
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The petty cash fund of Ricco's Automotive contained the following items at the end of September...
The petty cash fund of Ricco's Automotive contained the following items at the end of September...
The petty cash fund of Ricco's Automotive contained the following items at the end of September 2018: Currency and coins Receipts for the following expenditures: $ 90 Delivery charges Printer paper Paper clips and rubber bands $32 27 8 67 41 48 $246 An 1.О.U. from an employee Postage Total The petty cash fund was established at the beginning of September with a transfer of $246 from cash to the petty cash account. Required: Prepare the journal entry to replenish...
Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor...
Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $271 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) Lawn maintenance (credit card) Postage (credit card) Fuel for deliveries (credit...
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...
A company establishes a petty cash fund for $500. By the end of the month. employees...
A company establishes a petty cash fund for $500. By the end of the month. employees had made the following expenditures from the fund: supplies, $131; fuel for deliveries, $125: postage, $74: miscellaneous, $33. Record the entry to recognize expenditures from the petty cash fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the entry to recognize expenditures from the petty...
Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the fund shows $137 in cash along with receipts for the following expenditures: transportation-in, $55; postage expenses, $79; and miscellaneous expenses, $150. The petty cashier could not account for a $9 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and...
Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor...
Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $275 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) Lawn maintenance (credit card) Postage (credit card) Fuel for deliveries (credit...
Waupaca Company establishes a $490 petty cash fund on September 9
Exercise 8-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $490 petty cash fund on September 9. On September 30, the fund shows $224 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $52; postage expenses, $65; and miscellaneous expenses, $142. The petty cashier could not account for a $7 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish...
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $77 in cash along with receipts for the following expenditures: transportation-in, $52postage expenses, $58; and miscellaneous expenses, $132. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3)...
1. Brooks Agency set up a petty cash fund for $100. At the end of the...
1. Brooks Agency set up a petty cash fund for $100. At the end of the current period, the fund contained $16 and had the following receipts: entertainment, $53, postage, $20; and printing, $11. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits....
Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor...
Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $312 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) $88 Lawn maintenance (credit card) 118 Postage...
The petty cash fund of Ricco's Automotive contained the following items at the end of September 2018: Currency and coins Receipts for the following expenditures: $ 90 Delivery charges Printer paper Paper clips and rubber bands $32 27 8 67 41 48 $246 An 1.О.U. from an employee Postage Total The petty cash fund was established at the beginning of September with a transfer of $246 from cash to the petty cash account. Required: Prepare the journal entry to replenish...
Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $271 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) Lawn maintenance (credit card) Postage (credit card) Fuel for deliveries (credit...
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...
A company establishes a petty cash fund for $500. By the end of the month. employees had made the following expenditures from the fund: supplies, $131; fuel for deliveries, $125: postage, $74: miscellaneous, $33. Record the entry to recognize expenditures from the petty cash fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the entry to recognize expenditures from the petty...
Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the fund shows $137 in cash along with receipts for the following expenditures: transportation-in, $55; postage expenses, $79; and miscellaneous expenses, $150. The petty cashier could not account for a $9 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and...
Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $275 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) Lawn maintenance (credit card) Postage (credit card) Fuel for deliveries (credit...
Exercise 8-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $490 petty cash fund on September 9. On September 30, the fund shows $224 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $52; postage expenses, $65; and miscellaneous expenses, $142. The petty cashier could not account for a $7 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish...
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $77 in cash along with receipts for the following expenditures: transportation-in, $52postage expenses, $58; and miscellaneous expenses, $132. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3)...
1. Brooks Agency set up a petty cash fund for $100. At the end of the current period, the fund contained $16 and had the following receipts: entertainment, $53, postage, $20; and printing, $11. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits....
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