Homework Answers
The Answer is D. debit to cash short & over for $40.
Calculation of Cash Short & Over :-
| Particulars | Amount($) |
| Petty Cash Fund | 575 |
| Less : Travel Expenses | (120) |
| Less : Office Supplies Expenses | (250) |
| Less : Equipment Rental Expenses | (120) |
| Less : Currently Cash in Hand | (45) |
| Cash Short & Over | 40 |
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A petty cash fund was established with a $575 balance. It currently has cash of $45...
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
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
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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 replenishment of the petty cash fund on November 30th? Date Account Title Debit Credit Nov. 30 Postage Expense 98.00 Office Supplies Expense 110.00 Meals Expense 35.00...
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...
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A petty cash fund of $100 is replenished when the fund contains $3 in cash and receipts for $93. The entry to replenish the fund would debit Cash Over and Short for $4. credit Miscellaneous Revenue for $4. credit Cash Over and Short for $4. debit Miscellaneous Expense for $4.
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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...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Required: Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund on June 30. Or CHART OF ACCOUNTS rer bnth Snow Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Journalize the entries to record the following: Established a petty cash fund of $350. The amount...
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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...
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
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
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 replenishment of the petty cash fund on November 30th? Date Account Title Debit Credit Nov. 30 Postage Expense 98.00 Office Supplies Expense 110.00 Meals Expense 35.00...
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...
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...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Required: Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund on June 30. Or CHART OF ACCOUNTS rer bnth Snow Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
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...
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