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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Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
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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.
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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.
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