B. Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE P9,000 23,500 8,000 9,500 3,000 P53,000 Total The agency incurred the following petty expenses: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE 6,000 14,600 6,000 1,250 1,210 P29,060 Total Required: Prepare the journal entries for the following: 1. Establishment of the PCF. 2. Replenishment of PCF. 3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference. 4. Assuming that at year end, the total amount of replenished PCF is P53,500.

B. Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE P9,000 23,500 8,000 9,500 3,000 P53,000 Total The agency incurred the following petty expenses: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE 6,000 14,600 6,000 1,250 1,210 P29,060 Total Required: Prepare the journal entries for the following: 1. Establishment of the PCF. 2. Replenishment of PCF. 3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference. 4. Assuming that at year end, the total amount of replenished PCF is P53,500.

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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On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. 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…
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Kk.435.
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2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
2., On November 30, XYZ, Inc.'s petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund.
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