A company establishes a petty cash fund for $480. By the end of the month, employees had made the following expenditures from the fund: supplies, $132; fuel for deliveries, $121; postage, $72; miscellaneous, $40. Required: Record the entry to recognize employee expenditures from the petty cash fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A Record the entry to recognize expenditures from the petty cash fund. Note: Enter debits before credits. Transaction General Journal Debit Credit >

A company establishes a petty cash fund for $480. By the end of the month, employees had made the following expenditures from the fund: supplies, $132; fuel for deliveries, $121; postage, $72; miscellaneous, $40. Required: Record the entry to recognize employee expenditures from the petty cash fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A Record the entry to recognize expenditures from the petty cash fund. Note: Enter debits before credits. Transaction General Journal Debit 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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Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.
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
On September 29, the company determined that the petty cash fund needed to be increased to $1,000. What is the correct journal entry?
owe subject-Accounting
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…
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Journalize the entries to record the following: Mar. 1 Established a petty cash fund of $582. Mar. 31 The amount of cash in the petty cash fund is now $402. The fund is replenished based on the following receipts: office supplies, $52 selling expenses, $130.
Assume that the employees are paid from the company's regular bank account check numbers 981 and 982 prepare the entry to record and pay the payroll in general journal from September 30th if required round amounts to the nearest cent if an amount does not require an entry leave it blank. College accounting 13th edition
A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25. April 1 Prepared a company check for $300.00 to establish the petty cash fund. April 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. Paid $84.50 for cleaning services. Paid $84.00 for postage expense. Paid $103.15 for office supplies. Counted $23.35 remaining in the petty cash box. April 25 The company decides to increase the fund by $100.
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $250 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list Journal entry worksheet 1 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date Jan 01 Record entry 4 General Journal Clear entry Debit Credit View general journal >
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