Cash Over Or short amount? A delivery service recorded beginning petty cashof $500, received reimbursements of $1,200, andmade payments of $1,400. If the actual cashcount is $250, calculate the cash over or shortamount.

Explanation of Petty Cash: Petty cash is a small amount of money kept on hand by businesses to pay…

Answered: A delivery service recorded beginning…

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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Provide Answer to the Following Problem
If a petty cash fund is established in the amount of $200, and contains $119 in cash and $86 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts Select one: a. Cash, $81 b. Cash, s81; Cash Over and Short, $5 C. Petty Cash, $84. d. Petty Cash, $5.
If a petty cash fund is established in the amount of $250, and contains $151 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts Select one: a. Petty Cash, $99. b. Cash, $99. c. Cash, $95; Cash Over and Short, $4. d. Petty Cash, $95. Mott Company uses the units-of-activity method in computing depreciation. A new plant asset is purchased for $48,000 that will produce an estimated 100,000 units over its useful life. Estimated salvage value at the end of its useful life is $4,000. What is the depreciation cost per unit? Select one: a. $4.40 b. $.48 c. $.44 d. $4.80 A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at Select one: a. $70,000. b.…
If a petty cash fund is established in the amount of $348 and contains $200 in cash and $134 in receipts for disbursements when it is replenished, the journal entry to recorn replenishment should include credits to the following accounts: a.) Cash, $134; Cash Over and Short, $14. b.) Petty Cash, $148. c.) Petty Cash, $100. d.) Cash, $148.
While examining cash receipts information, the accounting department determined the following information: opening cash balance $177, cash on hand $1,328.37, and cash sales per register tape $1,166.57. Prepare the required journal entry based upon the cash count sheet. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 1151.37 Cash Over and Short 15.2 Accounts Receivable 1166.57
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178, cash on hand $1,016.25, and cash sales per register tape $853.27. Prepare the required journal entry based upon the cash count sheet. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Account Titles and Explanation Debit Credit
While examining cash receipts information, the accounting department determined the following information: cash on hand $1,125.74 and cash sales per register tape $988.62. Prepare the required journal entry. (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. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit
A $250 petty cash fund has cash of $15 and receipts of $230. The journal entry to replenish the account would include a credit to
A $150 petty cash fund has cash of $25 and receipts of $119. The journal entry to replenish the account would include a
On March 20, Oriole's petty cash fund of $119 is replenished when the fund contains $12 in cash and receipts for postage $49, freight- out $21, and travel expense $32. Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 20 Debit Credit
The actual cash received from cash sales was $30,378 and the amount indicated by the cash register total was $30,413. Journalize the entry to record the cash receipts and cash sales. For a compound transaction, if an amount box does not require an entry, leave it blank.
Record the following transactions into the general journal. Be sure to include explanations. When finished upload your journal to this problem. Establish a petty cash fund of $150 on September 1 with check #1001. On September 10, the petty cash fund was replenished with check #1015 when there was $16 remaining and there were petty cash receipts for: office supplies, $30; transportation-in on inventory purchased, (company uses perpetual method) $52; and postage, $42. On September 15, the petty cash fund was increased to $175 in total with check #1020.

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A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and made payments of $1,400. If the actual cash count is $250, calculate the cash over or short amount.