A $100 petty cash fund has cash of $15 and receipts of $86. The journal entry to replenish the account would include a Select one: a. credit to Cash Over and Short for $3. b. credit to Cash for $86. C. credit to Petty Cash for $1, d. The answer does not exist e. debit to Cash for $86

A $100 petty cash fund has cash of $15 and receipts of $86. The journal entry to replenish the account would include a Select one: a. credit to Cash Over and Short for $3. b. credit to Cash for $86. C. credit to Petty Cash for $1, d. The answer does not exist e. debit to Cash for $86

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: Question 10 Ahmed Co. decides to establish a petty cash fund with a beginning balance of BD 500. The…

A: Petty cash fund is a fund which is established for small petty expenses in the business.

Q: Mercury Company established a petty cash fund with a $400 balance. Which of the following…

A: Petty cash is a little sum of money that is always on hand to cover small expenses that don't…

Q: A $195 petty cash fund has cash of $20 and receipts of $161. The journal entry to replenish the…

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: A $77 petty cash fund has petty cash on hand of $20 and receipts of $48. The journal entry to…

A: The petty cash fund is established to maintain a separate account for daily expenses so that the…

Q: A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the…

A: Given information: Petty cash fund - $150 Cash balance - $54 Cash receipts - $83

Q: A$130 petty cash fund has cash of $16 and receipts of $111. The journal entry to replenish the…

A: Cash short (over) = Petty cash fund - cash - receipts = 130-16-111 = $3

Q: The entry to establish a petty cash fund includes: O A. O B. A debit to Cash and a credit to Cash…

A: Petty cash is termed as the small cash amount which is kept on the premises of the company in order…

Q: Post the differences between the cash count and the cash register tape to the Cash Short and Over T…

A: A ledger is a log or list of accounts that keeps track of account transfers. This is generally on…

Q: Please record the following transactions: Jan 4 Established a petty cash fund in the amount of $80…

A: Petty Cash - Petty Cash is a fund maintained by the organization to make payments for petty…

Q: A petty cash fund was established with a $525 balance. It currently has cash of $65 and petty cash…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: at the Bank of bank p ne Fitzgerald Company maintains a checking acc anceled checks on the last day…

A: Disparities between the amount indicated in the account holder's records and the cash balance…

Q: A. Started a petty cash fund in the amount of $450. B. Replenished petty cash fund using the…

A: Sno. Account Titles and Explanation Debit Credit A Petty Cash $ 450 Cash $…

Q: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for…

A: Introduction: Bank Reconciliation statement: To reconcile the difference between the cash and pass…

Q: Calculator A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to…

A: Petty cash fund refers to the small amount of money which an organization keeps for paying its minor…

Q: Current Attempt in Progress The following information pertains to Crane Corporation. 1. 2. 3. 4. 5.…

A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…

Q: A $102 petty cash fund contains $90 in petty cash receipts, and $7 in currency and coins. Which of…

Q: $121 petty cash fund has cash of $19 and receipts of $99. The journal entry to replenish the account…

A: Replenish of petty cash fund means reimbursement of petty cash fund.

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: PROBLEM 4: MULTIPLE CHOICE- COMPUTATIONAL 1. Dark Co.'s Dec. 31, 20x1 cash balance is P8,200,000…

A: GIVEN Dark Co.'s Dec. 31, 20x1 cash balance is P8,200,000 before the Dec. 31, 20x1 statement of…

Q: Record the journal entry that would be necessary for each of the following situations. (a) Sales per…

A: Given in the question: Sales based on cash register = $27,662.00 The journal entry is required even…

Q: A. Started a petty cash fund in the amount of $450. B. Replenished petty cash fund using the…

A: Petty cash fund is that fund which is established for the purpose of paying very small or petty…

Q: The actual cash received from cash sales was $12,100 and the amount indicated by the cash register…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: For each receipt in the cash book, postings should be made to the . A. Credit side of the…

A: In accounting, a cash book is a type of ledger that records all cash receipts and payments,…

Q: Use the following cash receipts journal to record the transactions. (If a box is not used in the…

A: Entry 1 Jul 5 Cash Dr. $2700 To sales $2700 (Being cash sales…

Q: A $198 petty cash fund has cash of $20 and receipts of $169. The journal entry to replenish the…

A: Petty cash is a small, readily available cash fund used by businesses to cover minor expenses, like…

Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $14,953 and the amount…

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

Q: When the amount of cash in the cash register exceeds the amount in the cash register tapes, the…

A: Cash Over and Short account is used to record the discrepancy between firms' reported sales figures…

Q: Saifi halwa shop sold RO 200 worth of halwa to customers for cash. Which of the following statement…

A: A journal entry is the first step in recording financial transactions in the books of business…

Q: Need help with this Question

A: The adjusted bank statement amount is determined by factoring in the outstanding checks and deposits…

Q: On March 20, Vaughn's petty cash fund of $108 is replenished when the fund contains $15 in cash and…

A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…

Q: On October 1, 2024, Splish Brothers Company establishes a petty cash fund by issuing a cheque for…

A: Petty cash fund is a small amount of cash that a business reserves for minor, everyday expenses.…

Q: To record the journal entry to establish a Petty Cash fund for $350, you would Check All That Apply…

A: Petty cash is the amount of cash kept with the cashier for the purpose of small daily expenses. It…

Q: Calculator A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to…

A: Option b is the answer

Q: Which of the following items on a cash reconcilliation would require a journal entry by the company?…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: To be considered a Cash and cash equivalent, the account must hold: Group of answer choices…

A: Cash and cash equivalents are assets that are readily convertible to cash and are considered to be…

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Entry for cash sales; cash short The actual cash received from cash sales was $35,440, and the…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: On March 20. Sheffield's petty cash fund of $114 is replenished when the fund contains $7 in cash…

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

Q: Record the following transactions: A Started a petty cash fund in the amount of $575 & Replenished…

A: Petty cash fund-A petty cash fund is maintained to meet the petty business expenses.It is cash…

Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $14,806 and the amount…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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: Coasters Co. issued a note receivable to a customer. The customer made payment, principal and…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Entry for Cash Sales; Cash Short The actual cash received from cash sales was $31,072 and the amount…

A: Journal entry of cash receipt and cash sale Date Particulars Post. Ref Amount ( Dr.) Amount( Cr)…

Q: A check register shows a balance of $484.95. The bank statement shows a cash balance of $506.27. The…

A: Check register is also know as a cash disbursements journal which implies to a document containing…

Q: f a petty cash account is $2 over, would the cash short/over account be debited $2 or credited $2?

A: Petty cash book: Petty cash book is a separate cash book maintained for recording frequent payments…

Q: $162 petty cash fund has cash of $37 and receipts of $124. The journal entry to replenish the…

A: The petty cash account is used for payouts small incidental expenses such as utility expenses,…

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

A $100 petty cash fund has cash of $15 and receipts of $86. The journal entry to replenish the
account would include a
Select one:
a. credit to Cash Over and Short for $3.
b. credit to Cash for $86.
C.
credit to Petty Cash for $1.
d. The answer does not exist
e. debit to Cash for $86.
Next page

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer & Explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

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

A cash book is used to record ____________ Select one: a. all cash and credit sales b. all receipts and payments of cash c. all cash receipts only d. all cash payments only
A. Started a petty cash fund in the amount of $250. B. Replenished petty cash fund using the following expenses: Auto Expense $17, Office Expense $25, Postage Expense $88, Miscellaneous Expense $72. Cash on hand is $15. C. Increased petty cash by $100. Record these transactions. If an amount box does not require an entry, leave it blank. А. В.
A tear-off part of a check that has a simple explanation of the reasons for the payment is called: 1) Remittance advice 2) Disbursement journal 3) Transaction description 4) Cash register
10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14
A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $17, Office Expense $17, Postage Expense $90, Miscellaneous Expense $68. Cash on hand is $30.C. Increased petty cash by $150. 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
Question-based on "petty cash"... Simple. I have tried it but kinda confused.
Prepare the entry to record Indigo's cash sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
A. Started a petty cash fund in the amount of $300.B. Replenished petty cash fund using the following expenses: Auto Expense $75, Office Expense $80, Postage Expense $90, Miscellaneous Expense $55. Cash on hand is $8.C. Increased petty cash by $50. Record these transactions. If an amount box does not require an entry, leave it blank.
None
A $142 petty cash fund has cash of $22 and receipts of $126. The journal entry to replenish the account would include a a. credit to Cash Short and Over for $6 b. debit to Cash for $22 c. credit to Petty Cash for $126 d. credit to Cash for $142
dont give answer in inage format
The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in the headings. CASH RECEIPTS JOURNAL Page 12 Fees Earned Other Accounts Accts. Rec. Account Post. Cash Date Credited Ref. Cr. Cr. Cr. Dr.