A Petty Cash fund is being set up for $1,300. The journal entry would be: O A. Cash 1,300 Petty Cash 1,300 B. Petty Cash 1,300 Accounts payable 1,300 O C. Accounts payable Petty Cash 1,300 1,300 D. Petty Cash 1,300 Cash 1,300

A Petty Cash fund is being set up for $1,300. The journal entry would be: O A. Cash 1,300 Petty Cash 1,300 B. Petty Cash 1,300 Accounts payable 1,300 O C. Accounts payable Petty Cash 1,300 1,300 D. Petty Cash 1,300 Cash 1,300

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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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 Petty Cash fund is being set up for $1,300. The journal entry would be:
O A. Cash
1,300
Petty Cash
1,300
B. Petty Cash
1,300
Accounts payable
1,300
O C. Accounts payable
Petty Cash
1,300
1,300
O D. Petty Cash
1,300
Cash
1,300

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Accounting for Cash and cash equivalents

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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 $15, Postage Expense $86, Miscellaneous Expense $74. Cash on hand is $35.C. Increased petty cash by $150. Record these transactions. If an amount box does not require an entry, leave it blank.
A $84 petty cash fund has cash of $17 and receipts of $72. The journal entry to replenish the account would include a Oa. credit to Cash Short and Over for $5 Ob. debit to Cash for $17 Oc. credit to Cash for $84 Od. credit to Petty Cash for $72
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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.
Record the following transactions: Started a petty cash fund in the amount of $300. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $124. Increased petty cash by $50.
24
A $187 petty cash fund has petty cash on hand of $20 and receipts of $162. The journal entry to replenish the fund would include a O a. debit to Cash for $20. O b. debit to Cash Short and Over for $5. O e credit to Petty Cash for $162. O d. credit to Cash for $187.
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.
D5.
A petty cash fund was established with a $500 balance. It currently has cash of $35 and petty cash tickets as shown below: Travel expense $105 Office supplies expense 315 Equipment rental expense 45 Which of the following would be the journal entry to replenish the Petty Cash account? A. debit Cash $35; credit various expenses $35 B. debit various expenses $465; credit Petty Cash $465 C. debit various expenses $465; credit Cash $465 D. credit Petty Cash $465; debit Cash $465
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7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus