28. On April 2020, Grapes Company established an imprest petty cash fund for P20,000 by writing a check drawn against its general checking account. On April 23, the fund contained the following: Currency and coins- P8,0003; Receipts for office supplies- P6,000; Receipts for postage (still unused)- P4,000; Receipts for transportation- P1,200. On April 24, the company wrote a check to replenish the fund. What is the amount of replenishment under the imprest fund system? A. P20,000 B. P14,000 C. P12,000

28. On April 2020, Grapes Company established an imprest petty cash fund for P20,000 by writing a check drawn against its general checking account. On April 23, the fund contained the following: Currency and coins- P8,0003; Receipts for office supplies- P6,000; Receipts for postage (still unused)- P4,000; Receipts for transportation- P1,200. On April 24, the company wrote a check to replenish the fund. What is the amount of replenishment under the imprest fund system? A. P20,000 B. P14,000 C. P12,000

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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Kk196.
Upon examination of the petty cash fund of Company B on January 3, 2021, the following items were found: Currencies ₱ 2,500.00 Coins 535.00 Certified Check of general manager dated December 15, 2020 1,500.00 Petty cash vouchers: PCV #7152 Gasoline payments for delivery equipment 650.00 PCV #7153 Medical supplies for employees 500.00 PCV #7154 Repairs of office equipment 100.00 PCV #7155 Loans to employees 180.00 PCV #7156 Overtime Meals of Employees 350.00 Company check representing replenishment of PCF 6,150.00 Unused postage stamps 120.00 An envelope containing contributions of employees for the death of a fellow employee (contents intact) 3,000.00 The petty cash fund was established for an amount of ₱13,000.00 What is the correct amount of petty cash fund at December 31, 2020?
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data: Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to replenish the account would include: Select one: O a. None of the answers are correct. O b. debit to Petty Cash for RO 750. O c debit to Cash Over and Short for RO 8. O d. credit to Cash for RO 52. O e.credit to Cash Over and Short for RO 8.
Oo.87. Subject :- Account
Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund had $159.40 in cash along with receipts for these expenditures: transportation-in, $32.45; office supplies, $113.55; and repalrs expense, $87.60. Willard uses the perpetual method to account for merchandise Inventory. The petty cashier could not account for the $7.00 shortage In the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet 1 Record the entry to establish the fund. Note: Enter debits before credits. Date General Journal Debit Credit Sep 09, 2020 Record entry Clear entry View general jourmal
On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. credit to Cash for RO S00. O c redit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.
You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal year, $30 in currency and coin remain in the fund. The expenditures from the fund up to this point were $105 for office supplies and $65 for delivery expense (ignore HST). You do not have the fund replenished until January 6, 20-3. (A-8) Explain why the petty cash fund should have been replenished on December 31, 20–2. Quote the above situation in detail and do the journal entry
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?
The following information were taken from Bach Co.: Bach established a petty cash fund on May 2, 2021, amounting to P5,000. Expenditures from the fund by the custodian as of May 31, 2021, were evidenced by approved petty cash vouchers for the following: Page 6 of 11 Office supplies P1,960 Meals and snacks 600 Shipping charges 1,149 Miscellaneous 763 On May 31, 2021, the petty cash fund was replenished. Currency and coins in the fund at that time totaled P378. The bank statement from Sulfur Bank is shown below: Disbursements Receipts Balance Balance, May 1, 2021 Deposits Note payment direct from customer (interest of P600) Checks cleared during May Bank service charges Balance, May 31, 2021 P175,380 P560,000 18,600 P623,000 540 P130,440 The cash balance as found in Bach's records shows the following information: P177,000 Balance, May 1, 2021 May deposits Checks written in May 615,080 636,700 Deposits in transit are determined to be P60,000, and checks outstanding on May 31 totaled…
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
On July 31, 2022, Carla Vista Co. had a cash balance per books of $6,335.00. The statement from Dakota State Bank on that date showed a balance of $7,885.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19.00. 2. The bank collected $1,715.00 from a customer for Carla Vista Co. through electronic funds transfer. 3. The July 31 receipts of $1,394.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00. 5. Checks outstanding on July 31 totaled $2,046.10. 6. On July 31, the bank statement showed an NSF charge of $770.00 for a check received by the company from W. Krueger, a customer, on account.…