Homework Answers
Answer: Option (c ) is correct
Explanation:
Petty cash fund refers to a certain sum of money set aside to meet petty / small amount of expenses.
The entry for the creation of petty fund is -
Petty Cash A/c Dr. xxx
To Cash A/c Cr. xxx
(Being petty cash fund is created)
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3. The entry that is necessary to establish a petty cash fund should include which of...
MC Qu. 9-33 The entry to create a petty cash fund includ... The entry to create...
MC Qu. 9-33 The entry to create a petty cash fund includ... The entry to create a petty cash fund includes: Multiple Choice a debit to Cash and a credit to Petty Cash Fund. a debit to petty cash and a credit to Cash. a debit to Cash and a credit to Miscellaneous Expense. a debit to Petty Cash Fund and a credit to Cash Over and Short.
A petty cash fund of $100 is replenished when the fund contains $3 in cash and receipts for $93
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.
Prepare a general journal entry to establish, replenish, and raise the petty cash level from the...
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...
Sheffield, Inc. decided to establish a petty cash fund to help ensure internal control over its...
Sheffield, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $248. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $72 Supplies purchased and used Postage expense I.O.U. from...
2 A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to...
2
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is: Multiple Choice Debit Petty Cash for $75.00; debit Cash Over and Short $180.00; credit Cash $200.00 Debit Cash Over and Short for $8.75; credit Petty Cash $8.75 Debit Miscellaneous Expenses $20.00; credit Cash $20.00. Debit to Cash $125.00; credit Petty Cash $125.00. Debit Petty Cash $105.00; credit Cash $105.00. If a check correctly written and paid by the bank for...
Assume that the custodian of a $810 petty cash fund has $182.50 in coins and currency...
Assume that the custodian of a $810 petty cash fund has $182.50 in coins and currency plus $598.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A credit to Cash Over and Short for $628. A debit to Petty Cash for $598.50. A debit to Cash Over and Short for $29.00. A credit to Cash for $598.50. A debit to Cash for $570.
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...
Journalize the entries to record the following: a. Check is issued to establish a petty cash...
Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $700. b. The amount of cash in the petty cash fund is now $231. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $272; miscellaneous selling expense, $113; miscellaneous administrative expense, $70. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $700, record...
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...
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 $500. 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 $ 48 December 7 Delivery charge for shipping to customer $ 72 December 12 Purchase of office supplies $ 37 December 18 Donation to charitable organization $ 56 If, in addition to these...
MC Qu. 9-33 The entry to create a petty cash fund includ... The entry to create a petty cash fund includes: Multiple Choice a debit to Cash and a credit to Petty Cash Fund. a debit to petty cash and a credit to Cash. a debit to Cash and a credit to Miscellaneous Expense. a debit to Petty Cash Fund and a credit to Cash Over and Short.
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...
Sheffield, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $248. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $72 Supplies purchased and used Postage expense I.O.U. from...
2
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is: Multiple Choice Debit Petty Cash for $75.00; debit Cash Over and Short $180.00; credit Cash $200.00 Debit Cash Over and Short for $8.75; credit Petty Cash $8.75 Debit Miscellaneous Expenses $20.00; credit Cash $20.00. Debit to Cash $125.00; credit Petty Cash $125.00. Debit Petty Cash $105.00; credit Cash $105.00. If a check correctly written and paid by the bank for...
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...
Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $700. b. The amount of cash in the petty cash fund is now $231. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $272; miscellaneous selling expense, $113; miscellaneous administrative expense, $70. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $700, record...
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