Awy Company has a petty cash fund for small expenses. The following transactions occurred over a period of 2 months. May 1 Established a petty cash fund by issuing a Landmark Bank check for $100 May 14 Replenish the petty cash fund by issuing a check for $200. As of this date the fund consists of $20 in cash and some petty cash receipts: shipping costs $46; postage expenses $50; entertainment expenses $36, and other expenses $8. post May 31 Replenish the petty cash fund by issuing a check for $197. As of this date the fund consists of $22 in cash and some petty cash receipts: shipping costs $43; charitable donation expense $24; postage expenses $53; and other expenses $51. June 14 Replenished the petty cash fund by issuing a check for $190. At this date the fund consists of $30 in cash and several petty cash receipts: shipping costs $46; entertainment expenses 48; load of postal objects 40; and other expenses $30. June 17 Increase the petty cash fund amount to $270 by issuing a check for $67. June 30 Filled the petty cash fund by issuing a check for $256. As of this date the fund consists of $29 in cash and some receipts. Required: Prepare a journal

Awy Company has a petty cash fund for small expenses. The following transactions occurred over a period of 2 months. May 1 Established a petty cash fund by issuing a Landmark Bank check for $100 May 14 Replenish the petty cash fund by issuing a check for $200. As of this date the fund consists of $20 in cash and some petty cash receipts: shipping costs $46; postage expenses $50; entertainment expenses $36, and other expenses $8. post May 31 Replenish the petty cash fund by issuing a check for $197. As of this date the fund consists of $22 in cash and some petty cash receipts: shipping costs $43; charitable donation expense $24; postage expenses $53; and other expenses $51. June 14 Replenished the petty cash fund by issuing a check for $190. At this date the fund consists of $30 in cash and several petty cash receipts: shipping costs $46; entertainment expenses 48; load of postal objects 40; and other expenses $30. June 17 Increase the petty cash fund amount to $270 by issuing a check for $67. June 30 Filled the petty cash fund by issuing a check for $256. As of this date the fund consists of $29 in cash and some receipts. Required: Prepare a journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...

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On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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 $168, 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 $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, 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 $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.