Answered: Assume that the custodian of a $450…

Assume that the custodian of a $450 petty cash fund has $57.10 in coins and curency plus $387.00 in recipts at the end of the month. The entry to replenish the petty cash fund will include:?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7E

See similar textbooks

Similar questions

CASH SHORT AND OVER ENTRIES Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of 100 is maintained.
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.
AB Ltd.has a petty cash account that is set at $1,200. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $200 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment?
Sheridan Company provided the following information for the month of October: Beginning cash balance=$34700 Cash receipts=459600 Cas disbursements=486000 Sheridan's policy is to keep a minimum end-of-the-month cash balance of $29300. How much will Sheridan need to borrow during October? $21000 $26400 $8300 $0
The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: QI $ 210 Sales 02 $ 270 Beginning receivables Sales Cash collections Ending receivables Q3 $ 330 a. Accounts receivable at the beginning of the year are $480. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 210 Q1 04 $480 210 Q2 Q2 270 b. Accounts receivable at the beginning of the year are $480. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. 270 Q3 Q3 330 330 Drair Q4 Q4 480 480 21.10 H
How much should be the adjusted Cash in Bank balance as of December 31, 2020? The December 31, 2020 trial balance of Hero Company included the following accounts: Cash on hand 500,000 Petty cash fund P 20,000 Security Bank current 1,000,000 account PNB current account 350,000 BSP treasury bill - 60 days 3,000,000 BPI time deposit - 30 days 2,000,000 Details are as follows: 1. The cash on hand included a customer postdated check of P100,000. 2. The petty cash fund included unreplenished petty cash vouchers for P2,000 and an employee check for P3,000 dated January 31, 2021. 3. A check for P200,000 was drawn by the company against its Security Bank account, dated January 15, 2021, delivered to the payee and recorded on December 29, 2020. 4. The BPI time deposit is set aside for acquisition of land to be used as a factory site. What total amount of cash and cash equivalents should be reported in the statement of financial position on December 31, 2020?
c. Accounts receivable at the beginning of the year are $335. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables $ Q1 335 750 Q2 810 I Q3 890 Q4 980
Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: a. Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per month. b. Annual interest of 1.5% paid if balance exceeds $750, $8 monthly fee if account falls between minimum balance, average monthly balance $815, account falls below $750 durng 4 months.
Please answer the question correctly. Thank you
The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is P19,870. How will the column be posted and what is the posting reference will be entered?
The December 31,2020 trial balance of DDD Company includes the followingaccounts: Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000) BSP Treasury bill – 60 days 6,000,000 BPI time deposit – 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 andpostal money order of P80,000. The petty cash fund includes unreplenished petty cash vouchers for P4,000and an employee check for P6,000 dated January 31,2021. ● A check for P400,000 was drawn against Security Bank account, datedJanuary 15,2021, delivered to the payee and recorded December 31,2020. ● The BPI time deposit is set aside for acquisition of land to be used asafactory site. What amount of cash and cash equivalents should be reported in statementof financial position on December 31,2020?
On December 31, 2020, the cash account of Jungkook Company showed a balance of P396,980. Upon examining the cash records and the bank statement, the following information were determined. There was a bank service charge of P 1,500 for the month of December There was a credit memo for a note collected by the bank for Jungkook. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550 December 31, 2020, receipts for P289,000 were deposited only on January 2, 2021 Checks issued which have not yet cleared the bank as at December 31,2020 amounts to P186,610 There is a debit memo for P45,320 for a customer’s checked returned marked “DAIF” A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200. Jungkook’s correct amount of cash presented in its December…