BrightLight Corporation's petty cash showsopening balance $2,000, reimbursements$8,000, and payments $7,500. Calculatethe closing petty cash balance.

Explanation of Petty Cash: Petty cash is a small amount of money kept on hand by businesses to pay…

Answered: BrightLight Corporation's petty cash…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 4AP

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Similar questions

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.
Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
Record the following transactions: 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.
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.
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.
Provide Answer to the Following Problem
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.
Cash Over Or short amount?
Final Cash Balance?
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178, cash on hand $1,016.25, and cash sales per register tape $853.27. Prepare the required journal entry based upon the cash count sheet. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Account Titles and Explanation Debit Credit
On March 20, Concord's petty cash fund of $119 is replenished when the fund contains S6 in cash and receipts for postage $49, freight-out $18, and travel expense $42. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20
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

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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.