4. Robinson Legal Services, Inc. established a $220 petty cash fund. During the month, the fundwas used to pay for the following expenditures:Petty CashTicket No.12345ItemAccount DebitedDelivery of programs to customers Delivery ExpenseMail packagePostage ExpensePrinting ExpenseMiscellaneous ExpenseOffice SuppliesDATENewsletterKey to closetCopier paper(a) Record the journal entry to create the petty cash fund.(b) At month-end, the bookkeeper counted the cash in the petty cash box. There was $40.Record the journal entry (entries) needed at the end of the month to replenish the fund.(c) If the bookkeeper wanted to decrease the petty cash fund to $120, what journal entry wouldhe record?DATEACCOUNTACCOUNTDEBITAmount$ 2010254070DEBITCREDITCREDIT

4. Robinson Legal Services, Inc. established a $220 petty cash fund. During the month, the fund was used to pay for the following expenditures: Petty Cash Ticket No. 1 2 3 4 Item Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies DATE Newsletter Key to closet Copier paper ACCOUNT ACCOUNT (a) Record the journal entry to create the petty cash fund. (b) At month-end, the bookkeeper counted the cash in the petty cash box. There was $40. Record the journal entry (entries) needed at the end of the month to replenish the fund. (c) If the bookkeeper wanted to decrease the petty cash fund to $120, what journal entry would he record? DATE DEBIT Amount $ 20 10 DEBIT 25 40 70 CREDIT CREDIT

4. Robinson Legal Services, Inc. established a $220 petty cash fund. During the month, the fund was used to pay for the following expenditures: Petty Cash Ticket No. 1 2 3 4 Item Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies DATE Newsletter Key to closet Copier paper ACCOUNT ACCOUNT (a) Record the journal entry to create the petty cash fund. (b) At month-end, the bookkeeper counted the cash in the petty cash box. There was $40. Record the journal entry (entries) needed at the end of the month to replenish the fund. (c) If the bookkeeper wanted to decrease the petty cash fund to $120, what journal entry would he record? DATE DEBIT Amount $ 20 10 DEBIT 25 40 70 CREDIT CREDIT

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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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…
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?
Fiona's Florals, a retail business, started a $250 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE June 1 June 5 June 8 June 15 June 22 June 25 June 29 June 30 Required: TRANSACTIONS Issued Check 550 for $250 to establish a petty cash fund. Paid $32 from the petty cash fund for office supplies, Petty Cash Voucher 1. Paid $33 from the petty cash fund for postage stamps, Petty Cash Voucher 2. Paid $20 from the petty cash fund for delivery service, Petty Cash Voucher 3. Paid $42 from the petty cash fund to the owner, Fiona Chu, for her personal use, Petty Cash Voucher 4. Paid $32 from the petty cash fund to have the store windows washed, Petty Cash Voucher 5. Paid $49 from the petty cash fund for delivery service, Petty Cash Voucher 6. Issued Check 590 for $208 to replenish the petty cash fund. 1. Record the transaction to establish the petty cash…
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…
Instructions Journalize the necessary entries for each of the following: Required: a. On March 1, issued a check to establish a petty cash fund of $1,410.* b. On April 1, the amount of cash in the petty cash fund is $440. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $850, and miscellaneous selling expense, $80. Record any missing funds in the cash short and over account.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal a. On March 1, issued a check to establish a petty cash fund of $1,410. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used…
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) $ 435 44 59 630 Required: Record the establishment of the petty cash fund on April 3, all expenditures made during the month, and the replenishment of the petty cash fund on April 30. The credit card balance is paid in full on April 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. 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…
On April 2, Granger Sales decides to establish a $350 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. April 2 b. On April 10, the petty cash fund has receipts for mail and postage of $65, contributions and donations of $39, and meals and entertainment of $97. Petty cash on hand is $147. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. April 10 c. On April 11, Granger Sales decides to increase petty cash to $460. Journalize this event. If an amount box does not require an entry, leave it blank. April 11
On April 2, Granger Sales decides to establish a $380 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $55, contributions and donations of $33, and meals and entertainment of $112, and $176 in cash. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash to $450. Journalize this event. If an amount box does not require an entry, leave it blank. Apr. 11
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.)
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…
Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash fund of $730. 12. The cash sales for the day, according to the cash register records, totaled $12,146. The actual cash received from cash sales was $12,171. 31. Petty cash on hand was $133. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $392. 7. Express charges on merchandise sold, $31 (Delivery Expense). 9. Office supplies, $19. 13. Office supplies, $20. 19. Postage stamps, $14 (Office Supplies). 21. Repair to office file cabinet lock, $13 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $51 (Delivery Expense). 30. Office supplies, $7. Jan. 31. The cash sales for the day, according to the cash register records, totaled…