b.The following selected transactions relate to 2 days' cash collections for a firm that maintains a $100 change fund at all times:a. Actual cash in cash register, $5,633; cash receipts per cash register tally, $5,724.b. Actual cash in cash register, $5,866; cash receipts per cash register tally, $5,782.Journalize the sales and cash receipts for each of the 2 days. If an amount box does not require an entry, leave it blank.a.000Previous

a) Journal Entries for Day 1:Record the Cash Receipts:Debit Cash: The actual cash in the cash…

Answered: b. The following selected transactions…

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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Required: a. On March 1, check is issued to establish a petty cash fund of $1,050.* b. On April 1, The amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, record the discrepancy in the cash short and over account.* https://v2.cengagenow.com/ilrn/createAssignment/printAssignment.do?assignmentld=2942339&answerkey=false 6/8 11/9/21, 1:54 PM CengageNOWv2 | Online teaching and learning resource from Cengage Learning *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.…
Choose the letter of the correct answer: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000. Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000. Compute for the deposit in transit on July 31: a.1,100,000b.1,800,000c.2,800,000d.1,600,000
Prepare a journal entry to record these cash sales.
Wyoming Restoration Company completed the following selected transactions during July20Y1:July 1. Established a petty cash fund of $1,100.12 The cash sales for the day, according to the cash register records,totaled $8,192. The actual cash received from cash sales was $8,220.31 Petty cash on hand was $47. Replenished the petty cash fund for thefollowing disbursements, each evidenced by a petty cash receipt:July3. Store supplies, $580.7. Express charges on merchandise sold, $90 (Delivery Expense).9. Office supplies, $30.13. Office supplies, $35.19. Postage stamps, $50 (Office Supplies).21. Repair to office file cabinet lock, $60 (MiscellaneousAdministrative Expense).22. Postage due on special delivery letter, $28 (MiscellaneousAdministrative Expense).24.Express charges on merchandise sold, $135 (Delivery Expense).30.Office supplies, $25.31 The cash sales for the day, according to the cash register records,totaled $10,241.The actual cash received from cash sales was $10,232.31 Decreased…
A customer in a bank has made a balance withdrawal transaction in the last 30 days. In the last 28 days, the customer routinely made cash withdrawals of $100000. In the last two days, this customer made a withdrawal amounting to$7500000 and $5000000. Based on the transaction data, which value is the most appropriate to describe the central tendency of the distribution of customer cash withdrawal data? a) $510000 b) $100000 c) $275000 d) $426000
PROOF OF CASH PROBLEM Pacho Enterprises has the following information about cash account Bank balance, beginning ( 11,500.00) Bank receipts ( 125,000.00) Bank wihdrawal ( 50,000.00) Book balance, beginning ( 9,000.00) Deposit in transits last month ( 2,000.00) Deposit in transits this month ( 4,500.00) Total collections during the month ( 32,500.00) Total disbursements during the month ( 49,900.00) Uncleared checks last month ( 5,000.00) Uncleared checks this month ( 7,500.00) Additional information 1 Macho check was debited to our bank account ( 6,600.00) 2 The bank debited our account as service charge for the month ( 1,000.00) 3 Last month bank services charged were not adjusted ( 500.00) 4 Bank credited the loan proceeds net of P5000 as interest ( 95,000.00) 5 The company owned check was returned due to last of signature ( 5,000.00) Required:P A. Proof of cash statement B. Adjusting journal entries
4. Robinson Legal Services, Inc. established a $220 petty cash fund. During the month, the fund was used to pay for the following expenditures: Petty Cash Ticket No. 1 2 3 4 5 Item Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies DATE Newsletter Key to closet Copier paper (a) Record the journal entry to create the petty cash fund. (b) At month-end, the bookkeeper counted the cash in the petty cash box. There was $40. Record the journal entry (entries) needed at the end of the month to replenish the fund. (c) If the bookkeeper wanted to decrease the petty cash fund to $120, what journal entry would he record? DATE ACCOUNT ACCOUNT DEBIT Amount $ 20 10 25 40 70 DEBIT CREDIT CREDIT
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:Utilities (credit card) $435Entertainment (petty cash) 44Stamps (petty cash) 59Plumbing repair services (credit card) 630Required:1. Record the establishment of the petty cash fund on April 3.2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30.3. Record petty cash expenditures during the month.
Cedar Springs Company completed the following selected transactions during June:June 1. Established a petty cash fund of $1,000.12. The cash sales for the day, according to the cash register records, totaled $9,440. The actual cash received from cash sales was $9,506.30. Petty cash on hand was $46. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:June 2. Store supplies, $375.10. Express charges on merchandise purchased, $105 (MerchandiseInventory).14. Office supplies, $85.15. Office supplies, $90.18. Postage stamps, $33 (Office Supplies).20. Repair to fax, $100 (Miscellaneous Administrative Expense).21. Repair to office door lock, $25 (Miscellaneous Administrative Expense).22. Postage due on special delivery letter, $9 (MiscellaneousAdministrative Expense).28. Express charges on merchandise purchased, $110 (MerchandiseInventory).30. The cash sales for the day, according to the cash register records, totaled $13,390. The actual cash…
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,100. 12. The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220. 31. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Store supplies, $580. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. July 31. The cash sales for the day, according to the cash register records,…

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