Homework Answers
Petty Cash fund is an assets account and all assets account has debit balance
So answer is b) asset side of a balance sheet
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The Petty Cash Fund is listed on the: a. debit side of an income statement. b....
The Change fund is recorded: a. on the liabilities side of a balance sheet. b. on...
The Change fund is recorded: a. on the liabilities side of a balance sheet. b. on the credit side of an income statement. c. on the assets side of a balance sheet. d. on the debit side of an income statement.
Recording Petty Cash Fund Transactions Illustrate the effect on the accounts and financial statements of the...
Recording Petty Cash Fund Transactions Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $825. Balance Sheet Assets Liabilities + Stockholders' Equity Statement of Cash Flows Income Statement b. The amount of cash in the petty cash fund is...
Instructions During March, Anderson Company engaged in the following transactions involving its petty cash fund: March...
Instructions During March, Anderson Company engaged in the following transactions involving its petty cash fund: March Transactions: Mar. 1 4 Anderson Company established the petty cash fund by issuing a check for $1,800 to the fund custodian. The custodian paid $100 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment The custodian paid $190 out of petty cash for supplies. Anderson expenses supplies purchases as supplies expense. The custodian paid $30 out...
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...
21) A petty cash fund was established with a $350 balance. It currently has cash of...
21) A petty cash fund was established with a $350 balance. It currently has cash of $45 and petty cash tickets totaling $30 Which of the following would be included in the entry to replenish the fund? A) a debit to various expenses for a total of $305 B) a credit to Petty Cash for $305 C) a debit to Petty Cash for $45 D) a credit to Cash for $45
Petty Cash Problem On September 6, Trimen Industries decided to employ a Petty Cash fund for...
Petty Cash Problem On September 6, Trimen Industries decided to employ a Petty Cash fund for small expenses. A check of $ 150 was issued and cashed by the fund custodian. The $ 150 cash was given to the fund custodian. The custodian was instructed to to obtain docu- mentation for all payments. Petty Cash was to be replenished when the balance in the cash box fell below $ 25. Directions: record the following transactions... (a) Record the the establishment...
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
petty cash fund was established with a $380 balance. It currently has cash of $45 and...
petty cash fund was established with a $380 balance. It currently has cash of $45 and petty cash tickets totaling $335. Which of the following would be included in the entry to replenish the fur A a debit to Petty Cash for 545 B. a credit to Cash for $45 OC a credit to Petty Cash for $335 OD. a debit to various expenses for $335 Click to select your answer
2 A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to...
2
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is: Multiple Choice Debit Petty Cash for $75.00; debit Cash Over and Short $180.00; credit Cash $200.00 Debit Cash Over and Short for $8.75; credit Petty Cash $8.75 Debit Miscellaneous Expenses $20.00; credit Cash $20.00. Debit to Cash $125.00; credit Petty Cash $125.00. Debit Petty Cash $105.00; credit Cash $105.00. If a check correctly written and paid by the bank for...
GL0601 - Based on Problem 6-2A LO P2 King Co. set up a petty cash fund...
GL0601 - Based on Problem 6-2A LO P2
King Co. set up a petty cash fund for payments of small amounts.
The following transactions involving the petty cash fund occurred
in May.
May
1
Prepared a company check for $350 to establish the petty cash
fund.
May
15
Prepared a company check to replenish the fund for the
following expenditures made since May 1.
a. Paid $119 for janitorial services.
b. Paid $89 for miscellaneous expenses.
c. Paid postage...
The Change fund is recorded: a. on the liabilities side of a balance sheet. b. on the credit side of an income statement. c. on the assets side of a balance sheet. d. on the debit side of an income statement.
Recording Petty Cash Fund Transactions Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $825. Balance Sheet Assets Liabilities + Stockholders' Equity Statement of Cash Flows Income Statement b. The amount of cash in the petty cash fund is...
Instructions During March, Anderson Company engaged in the following transactions involving its petty cash fund: March Transactions: Mar. 1 4 Anderson Company established the petty cash fund by issuing a check for $1,800 to the fund custodian. The custodian paid $100 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment The custodian paid $190 out of petty cash for supplies. Anderson expenses supplies purchases as supplies expense. The custodian paid $30 out...
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...
21) A petty cash fund was established with a $350 balance. It currently has cash of $45 and petty cash tickets totaling $30 Which of the following would be included in the entry to replenish the fund? A) a debit to various expenses for a total of $305 B) a credit to Petty Cash for $305 C) a debit to Petty Cash for $45 D) a credit to Cash for $45
Petty Cash Problem On September 6, Trimen Industries decided to employ a Petty Cash fund for small expenses. A check of $ 150 was issued and cashed by the fund custodian. The $ 150 cash was given to the fund custodian. The custodian was instructed to to obtain docu- mentation for all payments. Petty Cash was to be replenished when the balance in the cash box fell below $ 25. Directions: record the following transactions... (a) Record the the establishment...
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
petty cash fund was established with a $380 balance. It currently has cash of $45 and petty cash tickets totaling $335. Which of the following would be included in the entry to replenish the fur A a debit to Petty Cash for 545 B. a credit to Cash for $45 OC a credit to Petty Cash for $335 OD. a debit to various expenses for $335 Click to select your answer
2
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is: Multiple Choice Debit Petty Cash for $75.00; debit Cash Over and Short $180.00; credit Cash $200.00 Debit Cash Over and Short for $8.75; credit Petty Cash $8.75 Debit Miscellaneous Expenses $20.00; credit Cash $20.00. Debit to Cash $125.00; credit Petty Cash $125.00. Debit Petty Cash $105.00; credit Cash $105.00. If a check correctly written and paid by the bank for...
GL0601 - Based on Problem 6-2A LO P2
King Co. set up a petty cash fund for payments of small amounts.
The following transactions involving the petty cash fund occurred
in May.
May
1
Prepared a company check for $350 to establish the petty cash
fund.
May
15
Prepared a company check to replenish the fund for the
following expenditures made since May 1.
a. Paid $119 for janitorial services.
b. Paid $89 for miscellaneous expenses.
c. Paid postage...
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