E8-5 Auld Company uses an imprest petty cash system. The fund was established on March 1with a balance of $100. During March, the following petty cash receipts were found in the pettycash box:DateForReceipt No.123Mar. 5791114Postage StampsFreight In (assume perpetual inventory system)Miscellaneous ExpenseTravel ExpenseMiscellaneous ExpenseThere was $4 in the cash box when the fund was replenished on March 15. On March 20, the amountin the fund was increased to $150.45Amount$381912InstructionsJournalize the entries in March for the operation of the petty cash fund.E8-6 Part 1: The followin245/98

Petty cash is a small amount of cash kept in the company premises to meet minor expenses in the…

55/98 There was $4 in the cash box when the fund was replenished on March 15. On March 20, the amount in the fund was increased to $150. Instructions Journalize the entries in March for the operation of the petty cash fund. E8-6 Part 1-The follo

55/98 There was $4 in the cash box when the fund was replenished on March 15. On March 20, the amount in the fund was increased to $150. Instructions Journalize the entries in March for the operation of the petty cash fund. E8-6 Part 1-The follo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: BE8-5 On March 20, Pugh's petty cash fund of $100 is replenished when the fund contains $11 in cash…

A: The journal makes sure that all entries are logged, regardless of the size of the entity. The…

Q: On April 2, Granger Sales decides to establish a $290 petty cash fund to relieve the burden on…

A: Petty cash is a small quantity of money kept on hand to handle minor costs including repayments or…

Q: Journalize the entries to record the following: Apr. 1 Established a petty cash fund of $350. 10…

A: Journal: Recording of a business transactions in a chronological order.

Q: PA1. On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash is a fixed amount set aside to meet day to day expense of small values. Petty cash fund…

Q: Required information Exercise 6-10A (Algo) Adjusting the cash account LO 6-3 [The following…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: A petty cash fund was originally established with a check for $270. On August 31, which is the…

A: Petty cash is the fund which is given to cashier to meet up the short term needs of the business. It…

Q: A $114 petty cash fund has cash of $16 and receipts of $91. The journal entry to replenish the…

A: Petty cash fund is a type of fund set aside by a company to meet daily expenses of the company.…

Q: Transactions for petty cash, cash short and over Cedar Springs Company completed the following…

A: Petty Cash: The money that is kept on hand at a business or firm for the purpose of making little…

Q: Quibble Company established a $300 petty cash fund by issuing a check to the custodian on February…

A: Step 1: Debit all the petty cash receipts to recognize them as expenses and so that their amounts…

Q: 9. A petty cash fund was originally established with a check for $200. On August 31, which is the…

A: The journal entries are prepared to record the transactions on a regular basis. The petty cash fund…

Q: On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto…

A: Conceptual base - Petty cash is the small amount of cash kept on hand for small cash payments and…

Q: CP 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 12 Established a…

A: Journal entries consist of all the business financial transactions.They are recorded in…

Q: Journalize the entries to record the following: Required: a. On March 1, check is issued to…

A: Petty cash funds are those funds which are maintained for small petty expenses of the business.…

Q: May 01 Petty cash Cash May 15 Janitorial expenses Miscellaneous expem Postage expenses

A: Journal entries refer to the process of documenting all the transactions of a company in its books.

Q: Loucks Company established a $220 petty cash fund on October 2, 2024. The fund is replenished at the…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance…

A: Solution: Petty cash fund is established to provide business with sufficient to cash to meet minor…

Q: PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The…

A: PLEASE LIKE THE ANSWER 1 date account title debit $ credit $ 01-May petty cash 150…

Q: Continue using the journal and journalize the following transaction: Mar. 31. Paid cash to replenish…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: Palmona Company establishes a $160 petty cash fund on January 1. On January 8, the fund shows $61 in…

A: Given that, On January 1, Petty cash fund = $160 On January 8, Fund shows cash = $61 Expenditures…

Q: Current Attempt in Progress On March 20, Sheridan's petty cash fund of $104 is replenished when the…

A: Petty cash means where a separate cash book is maintained which is usually deals with the small…

Q: Help

A: Petty cash fund: It is a fund established to pay insignificant amounts like postage, office supplies…

Q: Prepare the journal entries to record the petty cash transactions: Mar 1 Established a petty…

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

Q: Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on…

A: Petty cash reimbursement is the reimbursement which is made by the company so that the cash balance…

Q: On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty cash is a cash account available for paying the daily small amount of transactions.

Q: A petty cash fund was originally established witha cheque for $150. On December 31, you find the…

A: PETTY CASH ARE SMALL AMOUNT OF FUNDS IN THE FORM OF CASH USED FOR MAKING OUT EXPENSITURE WHERE IT IS…

Q: 1. Prepare the journal entry to establish the petty cash fund.

A: Journal Entries are as follows:

Q: A $115 petty cash fund has cash of $22 and receipts of $83. The journal entry to replenish the…

A: Petty cash is the cash account managed to incur minor expenses related to business operations. The…

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step…

Q: Tamarisk, Inc. uses an imprest petty cash system. The fund was established on March 1 with a balance…

A: The petty cash fund is refilled or reconciled by repaying the custodian for expenditures made,…

Q: Knowledge Check Seal Mate established a $100 petty cash fund on June 1. On June 30, the fund had $17…

A: Petty cash is money kept for small and incidental expenses. Petty cash is current account and…

Q: On March 20 whispering winds petty cash funds of $113 is replenished with the fine contains $10 in…

A: Journal entries are primary reporting of the business transactions in the books of accounts. These…

Q: Jone Company established a petty cash fund. 1. Established a petty cash fund of $10000 on August 2.…

A: JOURNAL ENTRIES AS PER PETTY CASH FUND SYSTEMS WHICH ARE FLUCTUATING FUND SYSTEM AND IMPREST FUND…

Q: E8.8 (LO 2) Horvath Company uses an imprest petty cash system. The fund was established on March 1…

A: Petty Cash Fund A small cash fund's main objective is to give company units enough money to pay for…

Q: A $73 petty cash fund has cash of $17 and receipts of $66. The journal entry to replenish the…

A: Petty Cash Fund : Petty cash fund means small amount kept aside to pay Petty expenses. Such as…

Q: Blue Spruce Company established a petty cash fund on May 1 for $110. The company reimbursed the fund…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: Problem 6-24A (Algo) Part c c. Identify the event depicted in each journal entry recorded in…

A: Companies utilize a petty cash system as a way to manage often occurring little costs. Even though…

Q: Petty Cash PolekMart established a $1,050 petty cash fund on May 2. On May 30, the fund shows $326…

A: Petty cash fund is a small amount of cash that a business keeps aside to pay for minor, everyday…

Q: record entry for petty cash found.

A: Petty cash is the cash allocated to meet the expenses related to running of affairs of the entity on…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

E8-5 Auld Company uses an imprest petty cash system. The fund was established on March 1
with a balance of $100. During March, the following petty cash receipts were found in the petty
cash box:
Date
For
Receipt No.
1
2
3
Mar. 5
7
9
11
14
Postage Stamps
Freight In (assume perpetual inventory system)
Miscellaneous Expense
Travel Expense
Miscellaneous Expense
There was $4 in the cash box when the fund was replenished on March 15. On March 20, the amount
in the fund was increased to $150.
4
5
Amount
$38
19
12
Instructions
Journalize the entries in March for the operation of the petty cash fund.
E8-6 Part 1: The followin
24
5/98

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Kk.435.
A $220 petty cash fund has cash of $10 and receipts of $206. The journal entry to replenish the account would include a credit to a.Cash Short and Over for $4. b.Petty Cash for $216. c.Cash for $210. d.Cash for $10.
GL0601 (Algo) - Based on Problem 6-2A LO P2 Carter 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 $500 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 $177 for janitorial services. May 15 b. Paid $133 for miscellaneous expenses. May 15 c. Paid postage expenses of $89. May 15 d. Paid $44 to Facebook for advertising expense. May 15 e. Counted $65 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $700. May 31 The petty cashier reports that $280 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 $246. May 31 g. Reimbursed the office manager for business mileage, $123. May 31 h. Paid $41 to deliver merchandise to…
Exercise 6-10 (Algo) Petty cash fund accounting LO P2 Palmona Company establishes a $160 petty cash fund on January 1. On January 8, the fund shows $71 in cash along with receipts for the following expenditures: postage, $36; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $25. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $210. Hint. Make two entries.
A $210 petty cash fund has cash of $40 and receipts of $167. The journal entry to replenish the account would include a credit to a.Cash for $170. b.Cash for $40. c.Cash Short and Over for $3. d.Petty Cash for $207.
D5.
answer in text form please (without image), Note: .Every entry should have narration please
Petty cash book transactions in Prime books entries?
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
Submit it in excel form
7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus
6