6:20 18 expert.chegg.com/qna/autChegg Home Expert Q&AStudent questionMy solutionsTime Left: 01:56:48Vo #5GLTE158%Guide Me8NotificationsTag the question Step-by-step Final solutionWaupaca Company establishes a $320 petty cash fundon September 9. On September 30, the fund shows $44 in cash along with receipts for the followingexpenditures: transportation-in, $51; postage expenses,$68; and miscellaneous expenses, $146. The pettycashier could not account for a $11 shortage in thefund. The company uses the perpetual system inaccounting for merchandise inventory.Prepare(1) the September 9 entry to establish the fund,(2) the September 30 entry to reimburse the fund, and(3) an October 1 entry to increase the fund to $395.SubjectAccountingSub-subjectSearch And Select

On September 9, Waupaca Company established a petty cash fund with an initial amount of $320. This…

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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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C Record the following transactions. Mar 5 Established a Petty Cash Fund amounting to P4,000 Mar 6-25 Paid for the following Mar Food for the visitors Flowers for Gen Manager Parking Fees and Toll gate fees IOU of employee Office supplies 26 Replenished Petty Cash P Cash on hand totalled P150.00 27 Increased PCF by P2,250 Mar Mar 28-31 Paid for the following Maynilad Office supplies 1,199.00 750.00 201.50 1,000.00 723.00 850.00 425.00 April 1-22 Paid for the following Office supplies Repair of equipment IOU of employee April 2,122.00 1,250.00 1,500.00 23 Replenished petty cash fund Cash on hand totalled P100.00
Petty Cash Record and Journal Entries On May 1, a petty cash fund was established for $200.00. The following vouchers were issued during May: Date Voucher No. Purpose Amount May 1 Postage due 2$ 2.90 Office supplies 11.00 5 Auto repair (miscellaneous) 43.00 4. Drawing (Joy Adams) 22.00 11 Donation (Red Cross) 11.00 15 6. Travel expenses 26.00 22 Postage stamps 3.40 26 8. Phone call 3.00 30 9. Donation (Boy Scouts) 21.00 Required: 1. Prepare the journal entry to establish the petty cash fund. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 38 1 20-- May 1 21 Establish petty cash fund 4.
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← Lorena's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: (Click the icon to view the petty cash tickets.) Data table Petty Cash Ticket No. Ticket No. 1 Ticket No. 2 Ticket No. 3 Ticket No. 4 Ticket No. 5 Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies Item Newsletter Key to closet Copier paper Amount $ 30 15 35 50 75 Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $50. Include an explanation. 3. Assume that Lorena's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease.
Petty Cash Fund Chart of Accounts: Cash 11 Petty Cash Fund Accounts Payable Sue Bird, Capital Sue Bird, Drawing Ashley Robinson, Capital Ashley Robinson, Drawing Income from Services 112 Exercise 1 221 311 312 313 314 On May 1 of this year, Start With Urself Clinic established a Petty Cash Fund. The following petty cash transactions took place during the month: 411 Office Supplies Expense Delivery Expense Miscellaneous Expense 511 512 513 Directions: 1. Record the disbursements of petty cash in the petty cash payments record, starting with page 6. Cashed check no. 8784 for $150.00 to establish petty cash fund and put the $150.00 in a locked drawer in the office. 20XX 1 May Bought postage stamps $13.60, voucher #5 (Miscellaneous Expense) 4 Issued voucher for taxi fare $25.50, voucher #6 Issued voucher 7 for delivery of props to WNBA Delivery Service, $13.50. 9. S. Bird withdrew $30.00 for personal use, voucher #8. 11 Bought balloons for show $15.75, voucher #9 (Office Supplies) 14…
On March 20 whispering winds petty cash funds of $113 is replenished with the fine contains $10 in cash and receipts for postage $50 supplies $14 in travel Smith $39 prepare the injury to record the replenishment of the petty cash fund
urrent Attempt in Progress Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The following petty cash transactions were noted by the petty cash custodian during the month of April 2024: Apr. 1 10 15 Received cash of $205 to establish the petty cash fund. The petty cash fund was replenished when there was $80 on hand and the following receipts: a) $32 for supplies b) $52 for freight in charges c) $27 for postage The petty cash fund was increased to $246
Required information Problem 6-24A (Algo) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.) Austin Company established a petty cash fund by issuing a check for $286 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $50 24 65 45 81 There was $20 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment.
View Policies Current Attempt in Progress Blue Spruce Company established a $110 petty cash fund on August 1. On August 31, the fund had $9 cash remaining and petty cash receipts for postage $41, office supplies $24, and miscellaneous expense $34. Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation e Textbook and Media Debit Credit
Exercise 8-10 (Algo) Petty cash fund accounting LO P2 Palmona Company establishes a $140 petty cash fund on January 1. On January 8, the fund shows $37 in cash along with receipts for the following expenditures: postage, $45; transportation-in, $11; delivery expenses, $13; and miscellaneous expenses, $34. 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 $190. Hint. Make two entries. View transaction list Journal entry worksheet
Problem 9.1A (Static) Journalizing cash receipts, cash short or over, and posting to the general ledger. LO 9-1 Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20X1, are below. DATE TRANSACTIONS June 25 Cash sales per the cash register tape, $1,238. Cash count, $1,529. 26 Cash sales per the cash register tape, $1,346. Cash count, $1,640. 27 Cash sales per the cash register tape, $1,359. Cash count, $1,661. 28 Cash sales per the cash register tape, $1,288. Cash count, $1,582. 29 Cash sales per the cash register tape, $1,135. Cash count, $1,439. 30 Cash sales per the cash register tape, $1,374. Cash count, $1,668. Required: Record the cash receipts from June 25 to June 30, 20X1, in a general journal. Post the amounts for Cash Short or Over in the journal entries to the general ledger.…

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