Bonita Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $215. Replenished the petty cash fund by writing a check for $211.20. On this date, the fund consisted of $3.80 in cash and these petty cash receipts: freight-out $94, entertainment expense $45.90, postage expense $41.40, and miscellaneous expense $28.00. 15 16 31 (a) . Increased the amount of the petty cash fund to $320 by writing a check for $105.00. Replenished the petty cash fund by writing a check for $304.30. On this date, the fund consisted of $15.70 in cash and these petty cash receipts: postage expense $142.00, entertainment expense $93.80, and freight-out $67.30. Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Aug. 1 Aug. 15 Aug. 16 Aug. 31 Account Titles and Explanation Debit Credit

Bonita Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $215. Replenished the petty cash fund by writing a check for $211.20. On this date, the fund consisted of $3.80 in cash and these petty cash receipts: freight-out $94, entertainment expense $45.90, postage expense $41.40, and miscellaneous expense $28.00. 15 16 31 (a) . Increased the amount of the petty cash fund to $320 by writing a check for $105.00. Replenished the petty cash fund by writing a check for $304.30. On this date, the fund consisted of $15.70 in cash and these petty cash receipts: postage expense $142.00, entertainment expense $93.80, and freight-out $67.30. Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Aug. 1 Aug. 15 Aug. 16 Aug. 31 Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries using this information for the following transactions for questions 1-5. 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. What is the correct journal entry?
Fiona's Florals, a retail business, started a $250 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE June 1 June 5 June 8 June 15 June 22 June 25 June 29 June 30 Required: TRANSACTIONS Issued Check 550 for $250 to establish a petty cash fund. Paid $32 from the petty cash fund for office supplies, Petty Cash Voucher 1. Paid $33 from the petty cash fund for postage stamps, Petty Cash Voucher 2. Paid $20 from the petty cash fund for delivery service, Petty Cash Voucher 3. Paid $42 from the petty cash fund to the owner, Fiona Chu, for her personal use, Petty Cash Voucher 4. Paid $32 from the petty cash fund to have the store windows washed, Petty Cash Voucher 5. Paid $49 from the petty cash fund for delivery service, Petty Cash Voucher 6. Issued Check 590 for $208 to replenish the petty cash fund. 1. Record the transaction to establish the petty cash…
Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $5.55. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90. July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00. On July 10, Swifty increased the fund from $125.00 to $155.Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date May 1June 1July 1July 10 enter an account title enter a debit amount…
The custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency plus $ 472.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
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…
Man
Vishunu
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. 12. 31. July 3. 7. 9. 13. 19. 21. 22. 24. 30. July 31. 31. Established a petty cash fund of $1,100. 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. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Store supplies, $580. Express charges on merchandise sold, $90 (Delivery Expense). Office supplies, $30. Office supplies, $35. Postage stamps, $50 (Office Supplies). Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). Express charges on merchandise sold, $135 (Delivery Expense). Office supplies, $25. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from…
Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is:
The following petty cash transactions were made by the Freeman Corporation during the month General Journal of September. Record the transactions in the journal provided in the account order that they appear below. Date Account Debit Credit Sep 1 Established a petty cash fund of $300. 1-Sep Petty Cash 300 Cash 300 Sep 15 Reimbursed the petty cash fund for the following: Stapler, staples, and tape $55 15-Sep 55 Pizza for the office party (meals) $85 85 Maintenance/Janitorial $112 112 The cash in the box before reimbursement was $40.…
Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash fund of $730. 12. The cash sales for the day, according to the cash register records, totaled $12,146. The actual cash received from cash sales was $12,171. 31. Petty cash on hand was $133. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $392. 7. Express charges on merchandise sold, $31 (Delivery Expense). 9. Office supplies, $19. 13. Office supplies, $20. 19. Postage stamps, $14 (Office Supplies). 21. Repair to office file cabinet lock, $13 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $51 (Delivery Expense). 30. Office supplies, $7. Jan. 31. The cash sales for the day, according to the cash register records, totaled…