Homework Answers
The following entries has to be passed.
1. To book various expenses to the petty cash account
Various Expenses Account Debit $305
To Petty cash Credit. $305
2. To replenish the petty cash account to $350
Petty cash Account. Debit. $305
To Cash/ Bank. $305
So option A and B is to be included in the entry
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21) A petty cash fund was established with a $350 balance. It currently has cash of...
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
A petty cash fund was established with a $575 balance. It currently has cash of $45...
A petty cash fund was established with a $575 balance. It currently has cash of $45 and petty cash tickets as shown below: Travel expense $120 Office supplies expense 250 Equipment rental expense 120 Which of the following would be included in the journal entry to replenish the Petty Cash fund? O A. debit to Petty Cash for 540 OB. credit to Cash Short & Over for 540 OC. credit to Petty Cash for $40 OD. debit to Cash Short...
A petty cash fund was established for $250 dollars on November 1st. On November 30th, the...
A petty cash fund was established for $250 dollars on November 1st. On November 30th, the petty cash box had $8.75 remaining and had the following receipts: • Postage $98 • Office Supplies used during the month $110 • Pizza for employees working overtime $35 What journal entry would the company make to record the establishment of the $250 petty cash fund on November 1st? Debit Various Expenses $250 and Credit Petty Cash $250 Debit Petty Cash $250 and Credit...
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...
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...
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...
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 2021: Currency and coins Receipts for the following expenditures: Delivery charges Printer paper Paperclips and rubber banda Lent money to an employee Postage Total The petty cash fund was established at the beginning of September with a transfer of $232 from cash to the petty cash account. Required: Prepare the journal entry to replenish the fund at the end of September. (If no entry...
Sadie Equestrian Services established a petty cash fund in the amount of $500 on June 1. 2013. On lune 30, a rev...
Sadie Equestrian Services established a petty cash fund in the amount of $500 on June 1. 2013. On lune 30, a review of the petty cash vouchers showed disbursements for the following: Stamps $50 Cab Fare for Ms. Sadie to attend meeting downtown $26 Dinner for employees working overtime $172 Messenger Costs for delivering legal documents $49 Advance to salesperson for attending networking event $40 Purchase of emergency office supplies $53. The Petty cash fund had a remaining cash balance...
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...
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
A petty cash fund was established with a $575 balance. It currently has cash of $45 and petty cash tickets as shown below: Travel expense $120 Office supplies expense 250 Equipment rental expense 120 Which of the following would be included in the journal entry to replenish the Petty Cash fund? O A. debit to Petty Cash for 540 OB. credit to Cash Short & Over for 540 OC. credit to Petty Cash for $40 OD. debit to Cash Short...
A petty cash fund was established for $250 dollars on November 1st. On November 30th, the petty cash box had $8.75 remaining and had the following receipts: • Postage $98 • Office Supplies used during the month $110 • Pizza for employees working overtime $35 What journal entry would the company make to record the establishment of the $250 petty cash fund on November 1st? Debit Various Expenses $250 and Credit Petty Cash $250 Debit Petty Cash $250 and Credit...
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...
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...
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 of Ricco's Automotive contained the following items at the end of September 2021: Currency and coins Receipts for the following expenditures: Delivery charges Printer paper Paperclips and rubber banda Lent money to an employee Postage Total The petty cash fund was established at the beginning of September with a transfer of $232 from cash to the petty cash account. Required: Prepare the journal entry to replenish the fund at the end of September. (If no entry...
Sadie Equestrian Services established a petty cash fund in the amount of $500 on June 1. 2013. On lune 30, a review of the petty cash vouchers showed disbursements for the following: Stamps $50 Cab Fare for Ms. Sadie to attend meeting downtown $26 Dinner for employees working overtime $172 Messenger Costs for delivering legal documents $49 Advance to salesperson for attending networking event $40 Purchase of emergency office supplies $53. The Petty cash fund had a remaining cash balance...
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