Homework Answers
a)
| Date | Account title and explanation | Debit | Credit |
| June 1 | Petty cash | $500 | |
| Cash | $500 | ||
| [To open the petty cash fund] |
b)
| Date | Account title and explanation | Debit | Credit |
| June 30 | Stamps | $50 | |
| Cab Fare | $26 | ||
| Dinner | $172 | ||
| Messenger costs | $49 | ||
| Advance | $40 | ||
| Office supplies | $53 | ||
| Cash short&Over | $8 | ||
| Cash | $390 | ||
| [To replenish the petty cash fund] |
c)
| Date | Account title and explanation | Debit | Credit |
| June 30 | Petty cash [$700-$500] | $200 | |
| Cash | $200 | ||
| [To increase the petty cash fund] |
Calculations:
| Fund balance A | $500 | |
| Cash on hand | $102 | |
| Petty cash tickets (50+26+172+49+40+53) | $390 | |
| Total account for B | $492 | |
| Amount of cash missing A-B | $8 |
Add Answer to:
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Florence's Florals, a retail business, started a $300 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE TRANSACTIONS June 1 Issued Check 550 for $300 to establish a petty cash fund. 5 Paid $38 from the petty cash fund for office supplies, Petty Cash Voucher 1. 8 Paid $39 from the petty cash fund for postage...
enn During lune Ruth Manann the fund custodian, signs the following petty cash petty cash tickets.)...
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From January 2 through 10, payments were made from the fund, as
listed below. On January 12, the fund had only $16 remaining; a
cheque was written to replenish the fund.
January 2—Paid cash for deliveries to customers—$29
January 7—Paid cash for taxi fare incurred by office
manager—$62
January 10—Paid cash for pens and other office
supplies—$23
Required:
Prepare the journal entries, if any, required for January.
(If no...
blank sheet. journalize the entries to record the following Petty cash fund entries Instructions Chart of...
blank sheet. journalize the entries to record the
following
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Florence's Florals, a retail business, started a $300 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE TRANSACTIONS June 1 Issued Check 550 for $300 to establish a petty cash fund. 5 Paid $38 from the petty cash fund for office supplies, Petty Cash Voucher 1. 8 Paid $39 from the petty cash fund for postage...
enn During lune Ruth Manann the fund custodian, signs the following petty cash petty cash tickets.) ment, the fund contains these Terchandise Inventory i Data Table Х ffice Supplies, Travel Expense, Deli aracteristics and the internal Petty Cash Ticket Number 101 Item Amount balance at all times, which pport payments from the fund. The tit the ar Office supplies Cab fare for executive Delivery of package across town Business dinner w much cash should the pe y cash fund should...
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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...
Sunshine Health established a $130 petty cash fund on January 1.
From January 2 through 10, payments were made from the fund, as
listed below. On January 12, the fund had only $16 remaining; a
cheque was written to replenish the fund.
January 2—Paid cash for deliveries to customers—$29
January 7—Paid cash for taxi fare incurred by office
manager—$62
January 10—Paid cash for pens and other office
supplies—$23
Required:
Prepare the journal entries, if any, required for January.
(If no...
blank sheet. journalize the entries to record the
following
Petty cash fund entries Instructions Chart of Accounts Journal Instructions Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,100. B. On April 1, the amount of cash in the petty cash fund is now $107. Check is issued to replenish the fund, based on the...
On June 1, Farm Grown Salad Dressings creates a petty cash fund with an imprest balance of $600. During June, Sunny Lewis, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $295. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory Read the requirements Requirement 1. Explain...
Prepare a general journal entry to establish, replenish, and raise the petty cash level from the following: i (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Prepare a general journal entry to establish the petty cash fund at $200. Journal Entry Account Titles Date PR Debit Credit Transactions Nov Prepare a journal entry to replenish the petty cash fund. On November 1, 2017, a $200 Petty Cash Fund was established. At...
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