Homework Answers
| Assets | = | Liabilities | + | Equity | Rev. | - | Expenses | = | Net Inc. | Cash | |
| Cash | Petty Cash | ||||||||||
| -500 | 500 | ||||||||||
| -261 | -261.4 | 261.4 | -261.4 | -261.4 | |||||||
| No. | General Journal | Debit | Credit |
| 1 | Petty Cash | 500 | |
| Cash | 500 | ||
| 2 | Freight expense | 67 | |
| Postage expense | 75 | ||
| Miscellaneous expense | 79.22 | ||
| Entertainment expense | 36 | ||
| Cash short and over | 4.18 | ||
| Cash | 261.4 | ||
| 500-238.6 |
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On October 2, 2017, Bienvenu Manufacturing Company established a petty cash fund by issuing a check for €350 to the custodian of the petty cash fund
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The petty cash fund of the Brooks Agency is established at $290.
QS 8-4 Petty cash accounting LO P2 1. The petty cash fund of the Brooks Agency is established at $290. At the end of the current period, the fund contained $199 and had the following receipts: entertainment, $51; postage, $30; and printing, $10. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. 2. Identify the two events from the following that cause a Petty Cash account to be credited...
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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...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
Chen Company established a $125 petty cash fund on January 1, Year 1. Required a. Is...
Chen Company established a $125 petty cash fund on January 1, Year 1. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Show the establishment of the petty cash fund in a horizontal statements model like the following one: (In the Cash Flow column use the initials OA to designate operating activity, IA for investing activity,...
Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of Augus...
Crane Company 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 $200. 15 Replenished the petty cash fund by writing a check for $197.00. On this date, the fund consisted of $3.00 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $45.00, postage expense $40.00, and miscellaneous expense $19.00. 16 Increased the amount...
The following transactions relate to the petty cash fund of Jarvis Wrecking Company: Apr. 1 19 The petty cash fund is set up with a $350 cash balance. Because the money in the fund is down to $70.20, the fund is replenished. Petty cash vouchers are as follows: Flowers for hospitalized employee (miscellaneous expense) $ 84.38 Postage stamps 135.00 Office supplies 46.71 The cash in the fund is $193.07. The fund is replenished to include petty cash payments in this...
Problem 7-03A a-b Kael Company 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 $200.00. 15 Replenished the petty cash fund by writing a check for $175.00. On this date, the fund consisted of $25 in cash and these petty cash receipts: freight-out $74.40, entertainment expense $36.00, postage expense $33.70, and miscellaneous expense $27.50. 16 Increased the amount of...
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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