True false. the petty cash fund is at a variable amount
Homework Answers
The given statement is True.
Supporting calculations:
Petty cash fund account always varies when petty cash fund increases due to transferring the amount from cash account to petty cash fund account, spending cash from petty cash fund account for operating and regular expenses. When cash is used and cash is deposited, the petty cash fund balance is always varies.
Therefore, the given statement is true.
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...
B. Petty Cash Kamil Inc. maintains a petty cash fund for small expenditures. These transactions occurred...
B. Petty Cash Kamil Inc. maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $250. 15 Replenished the petty cash fund by writing a check for $199.60. On this date, the fund consisted of $50.40 in cash and these petty cash receipts: freight-out $85.10, entertainment expense $42, postage expense $38.00, and miscellaneous expense $32.50. 16...
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...
*E7.22 (LO 6) (Petty Cash) Carolyn Keene, Inc. decided to establish a petty cash fund to...
*E7.22 (LO 6) (Petty Cash) Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $200. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $60.00 Supplies purchased...
*E7.22B (L0 6)(Petty Cash) Velez, Inc. decided to establish a petty cash fund to help ensure...
*E7.22B (L0 6)(Petty Cash) Velez, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April: 1 On April 1, it established a petty cash fund in the amount of $1,000. 2 A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $300.00 Supplies purchased and used...
Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if...
Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued a check to establish a petty cash fund of $450. b. The amount of cash in the petty cash fund is $140. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $182 and miscellaneous selling expense, $115. Record any missing funds in...
The petty cash fund should be replenished for the a. total amount for which the account...
The petty cash fund should be replenished for the a. total amount for which the account was originally set up. b. amount of receipts plus cash on hand. c. amount needed to bring the petty cash fund back to its established amount. d. amount of expenses estimated for the next period. Cash equivalents by definition a. are a comparison of cash and liabilities. b. are expected to be converted to cash within three months. c. are long-term investments. d. will...
Cullumber Company designated Alexa Kidd as petty cash custodian and established a petty cash fund of...
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....
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...
Prepare the necessary entries for petty cash: a. Company establishes a petty cash fund of $500....
Prepare the necessary entries for petty cash: a. Company establishes a petty cash fund of $500. b. Company replenishes the petty cash fund, identifying receipts in the following amounts: Supplies Expense: Meals Expense: Delivery Expense: 50 25 10 The company put $105 back into the petty cash drawer to replenish the fund back to $500 c. The company increases the petty fund account to $550.
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...
B. Petty Cash Kamil Inc. maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $250. 15 Replenished the petty cash fund by writing a check for $199.60. On this date, the fund consisted of $50.40 in cash and these petty cash receipts: freight-out $85.10, entertainment expense $42, postage expense $38.00, and miscellaneous expense $32.50. 16...
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...
The petty cash fund should be replenished for the a. total amount for which the account was originally set up. b. amount of receipts plus cash on hand. c. amount needed to bring the petty cash fund back to its established amount. d. amount of expenses estimated for the next period. Cash equivalents by definition a. are a comparison of cash and liabilities. b. are expected to be converted to cash within three months. c. are long-term investments. d. will...
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....
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...
Prepare the necessary entries for petty cash: a. Company establishes a petty cash fund of $500. b. Company replenishes the petty cash fund, identifying receipts in the following amounts: Supplies Expense: Meals Expense: Delivery Expense: 50 25 10 The company put $105 back into the petty cash drawer to replenish the fund back to $500 c. The company increases the petty fund account to $550.
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