when reimbursing the petty cash fund: a. cash is debited, b. petty cash is credited, c....
when reimbursing the petty cash fund: a. cash is debited, b. petty cash is credited, c. petty cash is debited, d. appropriate expense accounts are debited, e, no expenses are recorded
Homework Answers
Option D is the answer
When reimbusing the petty cash fund, all the necessary expense accounts and cash shortage, if any are debited are petty cash account is credited. So option D is the answer
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when reimbursing the petty cash fund: a. cash is debited, b.
petty cash is credited, c....
Problem 7-21 Establishing, reimbursing, and increasing the petty cash fund LO4 Halifax Fitness Consulting completed the...
Problem 7-21 Establishing, reimbursing, and increasing the petty cash fund LO4 Halifax Fitness Consulting completed the following petty cash transactions during February 2020: 5. Catherine Young records all incoming customer cash receipts for her 2 Prepared a $360 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty the company has not bonding insurance premium by dropping the bone tomer payments to their accounts. Feb. cashier 5 Purchased paper for the copier, $22...
Version A 17. A voucher is an internal document or file A) Prepared for each sales...
Version A 17. A voucher is an internal document or file A) Prepared for each sales transaction. B) Used as a substitute C) That serves as proof of authority to pay cash or for an invoice if the supplier fails to send one. issue an electronic funds transfer for a purchase. D) That takes the place of a check the cash 18. An analysis of the items and amounts creating the difference between ledger is a(n): bank statement and the...
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...
Problem 8-2A Establishing, reimbursing, and adjusting petty cash LO P2 Kiona Co set up a petty...
Problem 8-2A Establishing, reimbursing, and adjusting petty cash LO P2 Kiona Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year) May 1 Prepared a company check for $300 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $93.60 for anitorial services. b....
need cash over and short amount and cash amount. Problem 8-3A Establishing, reimbursing, and increasing petty...
need cash over and short amount and cash amount.
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashimo uses the perpetual system to account for merchandise inventory Feb. 2 wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $14.55 that is immediately used. 9 Paid $34.50 shipping charges (transportation-in) on merchandise purchased for resale, terus FOB...
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty...
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $15.35 that is immediately used. 9 Paid $40.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to...
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty...
Problem 6-3A Establishing, reimbursing, and increasing petty
cash LO P2
Nakashima Gallery had the following petty cash transactions in
February of the current year. Nakashima uses the perpetual system
to account for merchandise inventory.
Feb.
2
Wrote a $340 check to establish a petty cash fund.
5
Purchased paper for the copier for $16.15 that is immediately
used.
9
Paid $40.50 shipping charges (transportation-in) on merchandise
purchased for resale, terms FOB shipping point. These costs are
added to merchandise inventory....
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty...
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $16.15 that is immediately used. 9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory....
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty...
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $16.35 that is immediately used. 9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory....
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following pe...
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $360 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $14.55 that is imune di ately used. 9 Paid $32. 50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the...
Problem 7-21 Establishing, reimbursing, and increasing the petty cash fund LO4 Halifax Fitness Consulting completed the following petty cash transactions during February 2020: 5. Catherine Young records all incoming customer cash receipts for her 2 Prepared a $360 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty the company has not bonding insurance premium by dropping the bone tomer payments to their accounts. Feb. cashier 5 Purchased paper for the copier, $22...
Version A 17. A voucher is an internal document or file A) Prepared for each sales transaction. B) Used as a substitute C) That serves as proof of authority to pay cash or for an invoice if the supplier fails to send one. issue an electronic funds transfer for a purchase. D) That takes the place of a check the cash 18. An analysis of the items and amounts creating the difference between ledger is a(n): bank statement and the...
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...
Problem 8-2A Establishing, reimbursing, and adjusting petty cash LO P2 Kiona Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year) May 1 Prepared a company check for $300 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $93.60 for anitorial services. b....
need cash over and short amount and cash amount.
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashimo uses the perpetual system to account for merchandise inventory Feb. 2 wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $14.55 that is immediately used. 9 Paid $34.50 shipping charges (transportation-in) on merchandise purchased for resale, terus FOB...
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $15.35 that is immediately used. 9 Paid $40.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to...
Problem 6-3A Establishing, reimbursing, and increasing petty
cash LO P2
Nakashima Gallery had the following petty cash transactions in
February of the current year. Nakashima uses the perpetual system
to account for merchandise inventory.
Feb.
2
Wrote a $340 check to establish a petty cash fund.
5
Purchased paper for the copier for $16.15 that is immediately
used.
9
Paid $40.50 shipping charges (transportation-in) on merchandise
purchased for resale, terms FOB shipping point. These costs are
added to merchandise inventory....
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $16.15 that is immediately used. 9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory....
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $16.35 that is immediately used. 9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory....
Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $360 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $14.55 that is imune di ately used. 9 Paid $32. 50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the...
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