Homework Answers
(1) The entry to reduce the fund is :-
Debit to Cash $125, Credit petty cash $125
(2) Error treated in BRS :-
Subtract $60 from Book Balance
*($422 - $362) = $60
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2
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to...
Exam 20 A company wants to decrease its $200.00 petty cash fund to $50.00 The entry...
Exam 20 A company wants to decrease its $200.00 petty cash fund to $50.00 The entry to reduce the fund is 32 Help Sub Oscaneous Express 500, 52400 Dub Cash Over and short for 59.73. Peny Cash 5075 O De PyCash 600.000 о Det 5000 520000 0 Debit Car 15000.000
If a check correctly written and paid by the bank for $413 is incorrectly recorded in...
If a check correctly written and paid by the bank for $413 is incorrectly recorded in the company's books for $431, how should this error be treated on the bank reconciliation? Multiple Choice Subtract $18 from the bank's balance. Add $18 to the book balance. Add $18 to the bank's balance. Subtract $18 from the bank's balance and add $45 to the book's balance. Subtract $18 from the book balance. During the month of July, Clanton Industries issued a check...
MC Qu. 9-33 The entry to create a petty cash fund includ... The entry to create...
MC Qu. 9-33 The entry to create a petty cash fund includ... The entry to create a petty cash fund includes: Multiple Choice a debit to Cash and a credit to Petty Cash Fund. a debit to petty cash and a credit to Cash. a debit to Cash and a credit to Miscellaneous Expense. a debit to Petty Cash Fund and a credit to Cash Over and Short.
Assume that the custodian of a $780 petty cash fund has $172.50 in coins and currency...
Assume that the custodian of a $780 petty cash fund has $172.50 in coins and currency plus $580.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice C ) A debit to Cash Over and Short for $27.00 O A credit to Cash Over and Short for $608. 0 A credit to Cash for $580.50 In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles...
Assume that the custodian of a $810 petty cash fund has $182.50 in coins and currency...
Assume that the custodian of a $810 petty cash fund has $182.50 in coins and currency plus $598.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A credit to Cash Over and Short for $628. A debit to Petty Cash for $598.50. A debit to Cash Over and Short for $29.00. A credit to Cash for $598.50. A debit to Cash for $570.
3. The entry that is necessary to establish a petty cash fund should include which of...
3. The entry that is necessary to establish a petty cash fund should include which of the following: A. A debit to Cash and a credit to Petty Cash B. A debit to Cash and a credit to Cash Over and Short C. A debit to Petty Cash and a credit to Cash D. A debit to Petty Cash and a credit to Accounts Receivable E. A debit to Cash and a credit to Petty Cash Over and Short I
Assume a company holds a $200 Petty Cash fund. It expends $135 as follows: $60 for...
Assume a company holds a $200 Petty Cash fund. It expends $135 as follows: $60 for delivery expenses, $40 for postage, $35 for office supplies. There is $30 of cash remaining in the fund. The accountant wishes to reduce the petty cash fund to $175. The journal entry to replenish the petty cash fund and reduce the balance of the fund includes A credit to Office supplies expense for $35 A debit to Cash over/short for $15 A credit to...
nation Cash To increase the petty cash fund, Debit Credit Petty Cash - Had the Petty...
nation Cash To increase the petty cash fund, Debit Credit Petty Cash - Had the Petty Cash fund been decreased, the debit would've been to Cash and the credit to the Petty cash account. Remember that the only time the Petty cash account is used in the journal entry is when the account is established, increased, or decreased Try it! 8. The following petty cash transactions of Green Golf Equipment occurred in a May 1 Established a petty cash fund...
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...
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 $500. 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 $ 48 December 7 Delivery charge for shipping to customer $ 72 December 12 Purchase of office supplies $ 37 December 18 Donation to charitable organization $ 56 If, in addition to these...
Exam 20 A company wants to decrease its $200.00 petty cash fund to $50.00 The entry to reduce the fund is 32 Help Sub Oscaneous Express 500, 52400 Dub Cash Over and short for 59.73. Peny Cash 5075 O De PyCash 600.000 о Det 5000 520000 0 Debit Car 15000.000
If a check correctly written and paid by the bank for $413 is incorrectly recorded in the company's books for $431, how should this error be treated on the bank reconciliation? Multiple Choice Subtract $18 from the bank's balance. Add $18 to the book balance. Add $18 to the bank's balance. Subtract $18 from the bank's balance and add $45 to the book's balance. Subtract $18 from the book balance. During the month of July, Clanton Industries issued a check...
MC Qu. 9-33 The entry to create a petty cash fund includ... The entry to create a petty cash fund includes: Multiple Choice a debit to Cash and a credit to Petty Cash Fund. a debit to petty cash and a credit to Cash. a debit to Cash and a credit to Miscellaneous Expense. a debit to Petty Cash Fund and a credit to Cash Over and Short.
Assume that the custodian of a $780 petty cash fund has $172.50 in coins and currency plus $580.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice C ) A debit to Cash Over and Short for $27.00 O A credit to Cash Over and Short for $608. 0 A credit to Cash for $580.50 In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles...
3. The entry that is necessary to establish a petty cash fund should include which of the following: A. A debit to Cash and a credit to Petty Cash B. A debit to Cash and a credit to Cash Over and Short C. A debit to Petty Cash and a credit to Cash D. A debit to Petty Cash and a credit to Accounts Receivable E. A debit to Cash and a credit to Petty Cash Over and Short I
nation Cash To increase the petty cash fund, Debit Credit Petty Cash - Had the Petty Cash fund been decreased, the debit would've been to Cash and the credit to the Petty cash account. Remember that the only time the Petty cash account is used in the journal entry is when the account is established, increased, or decreased Try it! 8. The following petty cash transactions of Green Golf Equipment occurred in a May 1 Established a petty cash fund...
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