Calculate the closing petty cash balance? BrightLight Corporation's petty cash showsopening balance $2,000, reimbursements$8,000, and payments $7,500. Calculatethe closing petty cash balance.A) $2,500B) $2,700C) $2,900D) $3,000

Explanation of Petty Cash: Petty cash is a small amount of money kept on hand by a business for…

Answered: BrightLight Corporation's petty cash…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7E

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Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
A company has decided to start a petty cash fund for $150. Which of the following is the correct journal entry? A. B. C. No entry is required. D.
BrightLight Corporation's petty cash shows opening balance $2,000, reimbursements $8,000, and payments $7,500. Calculate the closing petty cash balance.
Final Cash Balance?
The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following:Petty cash fund - P3,600Checking account in BDO (check of P6,000 is still outstanding). - P336,750Notes receivable in the possession of a collecting agency - P25,000Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) - P178,000Bond sinking fund cash - P134,000IOUs signed by employees - P4,900Total - P682,250At what amount should "Cash on hand and in bank" be reported at December 31, 2021?
Cash Over Or short amount?
A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and made payments of $1,400. If the actual cash count is $250, calculate the cash over or short amount. Financial Accounting
A company has a petty cash fund amount of $200. When replenished, it has petty cash tickets of $31 for gas expense, $31 for postage expense, $15 for supplies expense, and $12 for miscellaneous expenses. Assume the cash balance is not over or short. In the journal entry, Cash would be credited for O A. $77 O B. $74 O C. $89 O D. $62
A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and made payments of $1,400. If the actual cash count is $250, calculate the cash over or short amount.
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BrightLight Corporation's petty cash shows opening balance $2,000, reimbursements $8,000, and payments $7,500. Calculate the closing petty cash balance. A) $2,500 B) $2,700 C) $2,900 D) $3,000