1. XYZ Company maintains a petty cash fund for small expenditures. The following transactions occurred over 1- month period. July 1 Established petty cash fund for $200. 5 Opened a bank account and deposited $10,000. 15 Replenished the petty cash fund for $194.00. On this date the fund consisted of $6.00 in cash and the following petty cash receipts: freight-out $94.00, postage expense $42.40, entertainment expense $46.60, and miscellaneous expense $11.20. 18 Received a maturity check for $1,000 and a promissory note for $2,000 as a settlement of an account receivable. 20 Purchased goods for $5,000. Issued a daily check for $1,500, endorsed the maturity check (received above) and he rest is on account. 31 Replenished the petty cash fund for $193.00. At this date, the fund consisted of $7.00 in cash and the following petty cash receipts: freight-out $82.10, postage expense $25.50, charitable contribution expense $45.00, and miscellaneous expense $39.40. 31 Increased the amount of the petty cash fund to $300. Instructions (a) Journalize the transactions. (b) Post to the related account.

1. XYZ Company maintains a petty cash fund for small expenditures. The following transactions occurred over 1- month period. July 1 Established petty cash fund for $200. 5 Opened a bank account and deposited $10,000. 15 Replenished the petty cash fund for $194.00. On this date the fund consisted of $6.00 in cash and the following petty cash receipts: freight-out $94.00, postage expense $42.40, entertainment expense $46.60, and miscellaneous expense $11.20. 18 Received a maturity check for $1,000 and a promissory note for $2,000 as a settlement of an account receivable. 20 Purchased goods for $5,000. Issued a daily check for $1,500, endorsed the maturity check (received above) and he rest is on account. 31 Replenished the petty cash fund for $193.00. At this date, the fund consisted of $7.00 in cash and the following petty cash receipts: freight-out $82.10, postage expense $25.50, charitable contribution expense $45.00, and miscellaneous expense $39.40. 31 Increased the amount of the petty cash fund to $300. Instructions (a) Journalize the transactions. (b) Post to the related account.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...

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On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. 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. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.
yoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,200. 12. The cash sales for the day, according to the cash register records, totaled $8,356. The actual cash received from cash sales was $8,389. 31. Petty cash on hand was $217. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Store supplies, $510. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. July 31. The cash sales for the day, according to the cash register records, totaled $10,289.…
Wyoming Restoration Company completed the following selected transactions during July20Y1:July 1. Established a petty cash fund of $1,100.12 The cash sales for the day, according to the cash register records,totaled $8,192. The actual cash received from cash sales was $8,220.31 Petty cash on hand was $47. Replenished the petty cash fund for thefollowing disbursements, each evidenced by a petty cash receipt:July3. Store supplies, $580.7. Express charges on merchandise sold, $90 (Delivery Expense).9. Office supplies, $30.13. Office supplies, $35.19. Postage stamps, $50 (Office Supplies).21. Repair to office file cabinet lock, $60 (MiscellaneousAdministrative Expense).22. Postage due on special delivery letter, $28 (MiscellaneousAdministrative Expense).24.Express charges on merchandise sold, $135 (Delivery Expense).30.Office supplies, $25.31 The cash sales for the day, according to the cash register records,totaled $10,241.The actual cash received from cash sales was $10,232.31 Decreased…
Man
Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 - Established the petty cash fund by writing a check payable to the petty cash custodian for $205. Aug 15. - Replenished the petty cash fund by writing a check for $201.30. On this date, the fund consisted of $3.70 in cash and these petty cash receipts: freight-out $93.00, entertainment expense $47.10, postage expense $40.80, and miscellaneous expense $18.80. Aug 16- Increased the amount of the petty cash fund to $325 by writing a check for $120.00. Aug 31- Replenished the petty cash fund by writing a check for $308.70. On this date, the fund consisted of $16.30 in cash and these petty cash receipts: postage expense $139.20, entertainment expense $95.20, and freight-out $72.50.
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,100. 12. The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220. 31. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt July 3. Store supplies, $580. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, S35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $80 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, S25. July 31. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash…
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,200. 12. The cash sales for the day, according to the cash register records, totaled $8,356. The actual cash received from cash sales was $8,389. 31. Petty cash on hand was $217. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Store supplies, $510. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. July 31. The cash sales for the day, according to the cash register records, totaled…
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,100. 12. The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220. 31. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Store supplies, $580. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. July 31. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash…