The petty cash receipt voucher is for a return of travel expense advance. What is the petty cash shortage?A. P1,000B. P 400C. P 900D. P 500 A count of the petty cash fund having an imprest balance of P10,000 of Reyes Corp. showed its compositionas follows:Currency and coins2,900Paid vouchers:TransportationGasolineOffice suppliesPostage stampsDue from employeesNSF check returned by bankCheck drawn by thecompany to the order ofpetty cash custodianUnused postage stampsPetty cash receipt voucher6004005003001,200 3,0001,0002,800300100

Petty cash shortage = Petty cash fund - Currency and coins - Paid vouchers - Check drawn - Unused…

Answered: A count of the petty cash fund having…

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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19 When the petty cash fund is replenished: Multiple Choice Cash is debited. Petty Cash is credited. Petty Cash is debited. Appropriate expense and/or asset accounts are debited.
A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $72, Office Expense $82, Postage Expense $90, Miscellaneous Expense $6. Cash on hand is $10.C. Increased petty cash by $100. Record these transactions. If an amount box does not require an entry, leave it blank. A. Petty Cash Petty Cash Cash Cash B. Auto Expense Auto Expense Office Expense Office Expense Postage Expense Postage Expense Miscellaneous Expense Miscellaneous Expense Cash Over and Short Cash Over and Short Cash Cash C. Petty Cash Petty Cash Cash Cash
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.
23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.
Q.1.4 Petty cash transactions are defined as any transaction that causes a decrease in the:(a) Cash on hand in the bank account;(b) Cash on hand in the petty cash box;(c) Cash float in the cash register;(d) None of the above.(1) Q.1.5 In“D column is used for: (a) The name of the debtor;(b) The name of the creditor;(c) The name of the contra account where applicable;(d) The name of the owner. Q.1.6 Sold goods on credit to Debtor A Jones for R15 000 (VAT exclusive) less 7.5% trade discount. Which amount will be posted to the sales account?(a) R15 000;(b) R13 875;(c) R12 509;(d) R7 500.Q.1.7 Which one (1)(a) Original credit note;(b) Original credit invoice;(c) Duplicate credit invoice;(d) Duplicate credit note.
I need help with A, B and C please
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.
Which of the following is true of a petty cash voucher? a.It must be issued once in a month by a bank. b.It must explain the purpose of the payment. c.It must only be used to account for payments of more than $5. d.It must be signed only by the person who authorized the payment.
D5.
H6. 31 P XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Choc entry to create the account from the following. O Petty Cash is debited for $100. O Cash is debited for $100. O Petty Cash is credited for $100. O Miscellaneous Expense is debited for $100.
PA1. LO 8.5 On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. 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 S168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S18, Supplies $175, Postage Expense S50, Repairs and Maintenance Expense S269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S251, Supplies $88, Postage Expense S63, Repairs and Maintenance Expense S182, Miscellaneous Expense $203. The cash on hand at this time was S20. D. On September 29, the company determined that the petty cash fund…
A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash Short and Over for $3 debit to Cash Short and Over for $3 credit to Cash for $116 credit to Petty Cash for $126

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