1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the followingreceipts: entertainment, $33; postage, $21; and printing, $24.Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.View transaction listJournal entry worksheet12>Record the establishment of the petty cash fund.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1aRecord entryClear entryView general journal2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. (Single click the boxwith the question mark to produce a check mark for a correct answer and double click the box with the question mark to emptythe box for a wrong answer.)

Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Answered: 1. Brooks Agency set up a petty cash…

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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1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48, postage, $28; and printing, $27. 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 in a journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 Record the establishment of the petty cash fund. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit Record entry Clear entry View general journal
On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apг. 2
34 On September 1, a company established a petty cash fund of $120. On September 10, the petty cash fund was replenished when there was $26 remaining and there were petty cash receipts for supplies, $31, and postage, $58. On September 15, the petty cash fund was increased to $155. Required:Prepare the journal entries, if any, required on September 1, September 10, and September 15. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): a. On July 1, check No. 12-375 issued to establish a petty cash fund of $1,080. b. The amount of cash in the petty cash fund which is now $125. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $589; miscellaneous selling expense, $190; miscellaneous administrative expense, $150. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,080, record the discrepancy in the cash short and over account.)
Knowledge Check Seal Mate established a $100 petty cash fund on June 1. On June 30, the fund had $17 cash and petty cash receipts for postage $25, and tolls and parking $60. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Prepare the entry on June 1 to establish the fund. Date Account Titles and Explanation Debit Credit Jun. 1 Prepare the entry on June 30 to replenish the fund. Date Account Titles and Explanation Jun. 30 List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
Jone Company established a petty cash fund. 1. Established a petty cash fund of $10000 on August 2. 2. Petty cash expenses August 2-31 are Postage Supplies Transportation $1200 Misc, expense $2500 $4500 $800 3. The fund is replenished on September 1 and increased by $5000. Prepare journal entries to record Jone Company transactions under the 2 petty cash fund systems which are fluctuating fund system and imprest fund system.
1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the following receipts: entertainment, $33, postage, $21, and printing, $24. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet Record the establishment of the petty cash fund. Nate: Enter debits befare oredits. Transaction General Journal Debit Credit 1a Hecord entry Clear entry View general journal
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries using this information for the following transactions for questions 1-5. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. What is the correct journal entry?
Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $5.55. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90. July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00. On July 10, Swifty increased the fund from $125.00 to $155.Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date May 1June 1July 1July 10 enter an account title enter a debit amount…
Petty Cash PolekMart established a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369, and miscellaneous expenses, $240. The company uses the perpetual system in accounting for merchandise inventory. Prepare the entries to (1) establish the fund, (2) reimburse the fund, and (3) increase the fund to $1,200.
Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $288. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $4297; miscellaneous selling expense, $123; miscellaneous administrative expense, $77. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. 88 b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.

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