Basque Ltd. maintains a petty cash fund with a balance of $800. On December 31, Basque's petty cash account has a balance of $60. Basque replenishes the petty cash account, as it does at the end of every month, but also decides to increase the fund balance to $1,000. Basque classifies all petty cash transactions as miscellaneous expense. Required: What journal entry is made to record this activity? For those boxes in which no entry is required

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: the petty cash fund of the wee ones agency was established on may1, 2023, at $75. at the end of the…

A: Journal Entries to Record the Establishment of the Fund  - Date May 1, 2023  1.   Petty Cash A/c…

Q: 7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200.…

A: The company maintains availability of small amount to pay daily expenses in the form of petty cash.

Q: On June 1, Meadow Salad Dressings creates a petty cash fund with an imprest balance of $500. During…

A: The imprest fund system helps streamline small cash transactions and reduces the need for frequent…

Q: Cullumber Company established a petty cash fund on May 1 for $100. The company reimbursed the fund…

A: Petty cash fund will be used for petty expenses. First, we take some amount from the bank account…

Q: Concord Company maintains a petty cash fund for small expenditures. These transactions occurred…

A: Petty cash fund is a small amount of cash that a business keeps aside to pay for minor, everyday…

Q: Petty Cash Fund Prepare journal entries for each of the following: a. Issued a check to establish a…

A: A petty cash fund account is maintained by an organization and different departments of the…

Q: Cheyenne Company established a petty cash fund on May 1, cashing a check for $115. The company…

A: Petty cash account is debited if the established a petty cash fund or increases the a petty cash…

Q: Seal Mate established a $100 petty cash fund on June 1. On June 30, the fund had $10 cash and petty…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: list entry worksheet entry to recognize expenditures from the petty cash fund. bits before credits.…

A: Ans. Journal entry to record expenses made from petty cash funds can be passed either by making a…

Q: Journalize the entries to record the following: Required: a. On March 1, check is issued to…

A: Petty cash funds are those funds which are maintained for small petty expenses of the business.…

Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…

A: A petty Cash Fund is a small amount of cash that is often kept for day-to-day expenses of the…

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: A petty cash fund was originally established with a cheque for $150. On December 31, you find the…

A: Introduction:- petty cash fund is used to pay for small expenses for everyday. Examples:- postage…

Q: the petty cash fund was replenished when there was $81 remaining and there were petty cash receipts…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

Q: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

Q: Current Attempt in Progress On March 20, Sheridan's petty cash fund of $104 is replenished when the…

A: Petty cash means where a separate cash book is maintained which is usually deals with the small…

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A: Petty Cash fund is a small amount of cash which is held to meet the small incidental expenses in the…

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Q: Journalize the entries to record the following: June  1 Established a petty cash fund of $200.…

A: Please find the answer to the above questions below:

Q: Journalize the entries to record the following: March 1 Established a petty cash fund of $877.…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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A: JOURNAL ENTRY FOR REPLENISHMENT :  PARTICULARS DEBIT CREDIT SUNDRY EXPENSE $134   CASH…

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Q: Petty Cash Fund Entries Journalize the entries to record the following: Check is issued to…

A: Answer a:

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A: Petty cash is the fund which is given to cashier to meet up the short term needs of the business. It…

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A: When a petty cash fund is established, a check is issued to transfer the necessary funds from the…

Q: On September 1, a company established a petty cash fund of $120. On September 10, the petty cash…

A: Petty cash:  Petty cash fund is established to manage the payment for the small business expenditure…

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A: Journal Entry It is used to record the business transactions in an accounting systems.

Q: If cash on hand is $20, prepare the entry to replenish the petty cash on December 31. (Record debits…

A: Formulas: Cash Short and Over = Petty Cash Fund replenished – Petty Cash Vouchers

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A: Petty cash fund is created by the business in which little amount of cash is placed so as to meet…

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

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A: Journal entries refesr to the process of recording and classyfing business transactions into books…

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A: Petty cash means where the separate cash book is maintained which is usually deals with the small…

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A: A petty cash book- is record of day to day routine business expenditures such as stationary, fuel,…

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A: A petty cash fund is a fund created or cash kept aside to maintain small expenses. It is prepared by…

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A: Journal entry is a process of recording and classifying business transactions into books of accounts…

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.