1) Blake's Shotgun Manufacturing Company guarantees that their guns will cause the ducks to "quack up". This company set up a petty cash fund on November 1, 2021. Following are the transactions that they had regarding the fund during the month of November, Prepare all the necessary journal entries. November 1-Established a petty cash by writing a check for $100 November 15-Replenished the petty cash by writing a check for $97. On this date, the petty cash fund had $3 of cash. They had the following receipts Postage $39; Electricity to charge the Tesla $28; Office supplies $21; and $10 for Entertainment. November 16-Increased the amount in the Petty Cash fund by $100 November 30-Replenished the Petty Cash Fund by writing a check for $196. On this date, the Petty Cash fund consisted of $4 cash and the following receipts: $102 for postage; $82 for electric for the Tesla; $10 for Entertainment

1) Blake's Shotgun Manufacturing Company guarantees that their guns will cause the ducks to "quack up". This company set up a petty cash fund on November 1, 2021. Following are the transactions that they had regarding the fund during the month of November, Prepare all the necessary journal entries. November 1-Established a petty cash by writing a check for $100 November 15-Replenished the petty cash by writing a check for $97. On this date, the petty cash fund had $3 of cash. They had the following receipts Postage $39; Electricity to charge the Tesla $28; Office supplies $21; and $10 for Entertainment. November 16-Increased the amount in the Petty Cash fund by $100 November 30-Replenished the Petty Cash Fund by writing a check for $196. On this date, the Petty Cash fund consisted of $4 cash and the following receipts: $102 for postage; $82 for electric for the Tesla; $10 for Entertainment

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Take me to the text On May 1, 2019, Street Design set up a petty cash fund for $300. At the end of the first week, the petty c Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges Receipt for the purchase of stamps Receipt for travel to a client meeting $42 Receipt for the payment of newspaper advertising $79 Required Do not enter dollar signs or commas in the input boxes. a) Calculate any cash overage or shortage. Cash is Short ✔ by $13 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit, enter the debit accounts in alphabetical order. Account Title and Explanation Debit Credit Date 2019 May 1 May 7 Petty Cash Cash Set up the petty cash fund Advertising Expense Cash Over and Short ✓ Travel Expense ✔ ✓ ✔ V 300 To replenish the petty cash fund 79 Delivery Expense Office Supplies Expense ✔ 34 Stamps Expense ✔ 14 13 $100 $34 $14 $18 18 42 < 300 200
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 $1,175. B. On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)
The petty cash fund of Hotel Snyder on December 31, 2021 is composed of the following: Bills $4,000.00 Coins $1,000.00 Petty cash vouchers: Gasoline $2,500.00 Supplies $1,500.00 IOUs $3,000.00 A check drawn by Hotel Snyder to the order of the petty cash custodian, representing salary $6,000.00 A sheet of paper with the names of several employees together with a contribution for a wedding gift. Attached to the sheet of paper is a currency of $2,000.00 The petty cash general ledger account has a balance of $20,000. What amount should be reported as petty cash on the ledger on December 31, 2021?
Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of $1,320, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,830. The bank statement shows a balance of $7,760 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.)
A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. The cash float for the cash registers totals $950. 2. The balance in the Petty Cash account is $300. At year end, the fund had $47 cash and receipts totalling $253. 3. The balance in the company's chequing account is $9,900. The company also has a U.S. bank account, which contained the equivalent of $17,300 Canadian at year end. 4. The company has overdraft protection of $12,100 on its chequing account. 5. The company has a separate bank account with a balance of $9,900. This consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $15,700 of postdated cheques from customers for payment of accounts receivable. 6. 7. The company has the following short-term…
Indicate the impact each transaction had on net income.Prepare the journal entries for each of the petty cash transactions.This is a 2 part question. Clark Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $450 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $160 for janitorial services. May 15 b. Paid $120 for miscellaneous expenses. May 15 c. Paid postage expenses of $80. May 15 d. Paid $ 41 to Facebook for advertising expense. May 15 e. Counted $63 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $600. May 31 The petty cashier reports that $ 240 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $205. May…
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 $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 remaining in…
The custodian of a $735 petty cash fund discovers that the fund has $157.50 in coins and currency plus $553.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Cash for $530. A debit to Petty Cash for $553.50. A credit to Cash Over and Short for $578. A credit to Cash for $553.50 A dohit to Cach Over and Short for $24.00 Help I Save & Exit
Superior Cabinets maintains a petty cash fund for minor business expenditures. The petty cashcustodian, Mo Smith, describes the events that occurred during the last two months:a. I established the fund by cashing a Superior Cabinets’ check for $300 made payable to me.b. Liz Clay provided a receipt for $50 for various supplies. I paid $50 cash to her.c. James Flyer provided a $70 taxi receipt, so I paid $70 cash to him.d. Ricky Ricota claimed to do photocopying for Superior Cabinets at The UPS Store for $97 buthad misplaced the receipt. I took him at his word and paid $97 cash to him.e. On the last day of the month, I prepared a summary of expenditures and requested the fund bereplenished. I received and cashed a Superior Cabinets’ check for $217, placing the cash intothe locked cash box.f. James Flyer provided receipts for taxi costs ($75), so I paid $75 cash to him.g. Woo Riun provided a $147 receipt from a local delivery company for an expedited delivery toa customer. I paid her $147…
The following petty cash transactions were made by the Freeman Corporation during the month General Journal of September. Record the transactions in the journal provided in the account order that they appear below. Date Account Debit Credit Sep 1 Established a petty cash fund of $300. 1-Sep Petty Cash 300 Cash 300 Sep 15 Reimbursed the petty cash fund for the following: Stapler, staples, and tape $55 15-Sep 55 Pizza for the office party (meals) $85 85 Maintenance/Janitorial $112 112 The cash in the box before reimbursement was $40.…
Carson's Bakery requires $500 cash to be on hand in the petty cash fund. During the month of October the following receipts were provided to the accountant in charge of petty cash; Gas $50, Supplies $100, Stamps $75. The petty cash fund now has a current balance of $270. How much cash needs to be withdrawn from the bank in order to replenish he petty cash fund? Record your answer as a numeric value without a $ sign. Type your answer..
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