C Co established a petty cash fund of P40,000. Fund disbursements during the period was P27,363. The petty cash count at the end of the period revealed total bills and coins of P12,834. The entry to record the replenishment would include:     dr Petty Cash Fund 27,363 cr Petty Cash Fund 12,834 dr Cash shortage/overage 197 cr Cash shortage/overage 197

Q: BE8-5 On March 20, Pugh's petty cash fund of $100 is replenished when the fund contains $11 in cash…

A: The journal makes sure that all entries are logged, regardless of the size of the entity. The…

Q: How much is the total shortage/overage, if there are any? No need to distinguish between shortage or…

A: A petty cash fund is a small quantity of bills and coins kept on the premises by an organization to…

Q: Journalize the entries to record the following: Apr. 1 Established a petty cash fund of $350. 10…

A: Journal: Recording of a business transactions in a chronological order.

Q: PA1. On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash is a fixed amount set aside to meet day to day expense of small values. Petty cash fund…

Q: Cash Accounts Receivable Supplies Prepaid Insurance SMITH INTERIOR DECORATING SERVICE Balance Sheet…

A: Balance sheet is one of the financial statement being prepared in business. It shows all assets,…

Q: What is the amount of petty cash shortage?

A: Since you have asked two questions under a single question but as per our protocol we provide…

Q: Al-Yahya Enterprise has established a petty cash fund for its small expenditures. The following…

A: The journal entries are prepared to keep the record of day to day transactions of the business. The…

Q: On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the…

A: The petty cash fund is created for day to day cash transactions of the business.

Q: The petty cash fund at Brookshire Company has a designated balance of $250. The fund currently holds…

A: Petty cash funds are the funds which are created for small day to day expenses. The main cashier…

Q: On January 1, 2020, Jonas Company established a petty cash fund of $500. By March 31, 2020, when the…

A: Establishment of Petty Cash FundOn January 1, 2020, Jonas Company established a petty cash fund of…

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: Transactions for petty cash, cash short and over Cedar Springs Company completed the following…

A: Petty Cash: The money that is kept on hand at a business or firm for the purpose of making little…

Q: Assume that the custodian of a $465 petty cash fund has $67.50 in coins and currency plus $391.50 in…

A: The petty cash balance is maintained for day to day cash transactions of the business.

Q: The bank statement of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional…

A: A bank reconciliation statement is prepared at the end of an accounting period to identify the…

Q: VKS Company reported an imprest petty cash fund of P51,100 with the following details ·…

A: The items that should be included are: - Currencies - Coins - Petty cash vouchers (these will be…

Q: Blue Spruce Limited maintains a petty cash fund for small expenditures. The following transactions…

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

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: Loucks Company established a $220 petty cash fund on October 2, 2024. The fund is replenished at the…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

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: XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash…

A: The asset account is debited when there is an increase and credited with there is a decrease.

Q: Jan Co, established a petty cash fund The following transactions occurred in January 2022:…

A: Petty cash book is a book used to record petty cash expenditures like postage, stationary, repairs,…

Q: CPA Company reported the following information on December 31, 2021: Cash on hand Petty cash fund…

A: The money or an amount kept in hand by the businesses for small cash payments for purchases of petty…

Q: VKS Company established a petty cash fund of P10,000 on July 1, 2021.  At the end of the month, the…

A: Solution: Total petty cash receipts = 741.90 + 880 + 900 + 1421.40  + 837.60 = 4.780.90

Q: On April 1, 2021, CPA Co. established a petty cash fund for P80,000 by writing a check drawn against…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: ABC Co established a petty cash fund of P40,000. Fund disbursements during the period was P27,363.…

A: At the end of the period, petty cash fund should stand at P40,000.

Q: Required: Prepare the journal entry to replenish the fund at the end of September. Note: If no…

A: Petty cash is a nominal sum which is preserved in hand to cover minor expenses, such as…

Q: The books of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal…

A: A petty cash fund is a small amount of cash kept on hand by a business or organization to cover…

Q: The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020, with an Imprest…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: n addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of…

A: Preparation of Petty Cash Book

Q: 134

A: Petty cash refers to the small value of the cash in hand, paid or payable for minor expenses like…

Q: Awy Company has a petty cash fund for small expenses. The following transactions occurred over a…

A: Petty cash is a nominal amount that is readily accessible for paying expenses too small by writing a…

Q: Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The followings are…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: Ovy Inc. established a $175 petty cash fund on August 15, 2012. On August 31, 2012, the fund…

A: Petty cash is the statement prepared in order to keep a record of miscellaneous expenditures…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

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

Q: The following information are available for ABC Corp at Dec 31: Cash in BDO, P100,000 (compensating…

A: Cash and Cash Equivalent It is important for the business entity to segregate the Cash and Cash…

Q: Assume that the custodian of a $450 petty cash fund has $57.10 in coins and curency plus $387.00 in…

A: The petty cash fund is established to maintain the cash for day-to-day transactions of the business.…

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A.…

A: Petty cash funds are those funds which are established and maintained for small petty expenses in…

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.