**E8-17 Accounting for Petty Cash**Jackie’s Dance Studio created a $220 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows:| Petty Cash Ticket No. | Item | Account Debited | Amount ||-----------------------|------------------------------------------|--------------------------|--------|| 1 | Delivery of programs to customers | Delivery Expense | $20 || 2 | Mail package | Postage Expense | $10 || 3 | Newsletter | Printing Expense | $25 || 4 | Key to closet | Miscellaneous Expense | $40 || 5 | Copier paper | Office Supplies | $70 |**Requirements**1. Make the general journal entry to create the petty cash fund. Include an explanation.2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $40. Include an explanation.3. Assume that Jackie’s Dance Studio decides to decrease the petty cash fund to $120. Make the general journal entry to record this decrease.

Particulars Dr Cr Petty Cash 220 Cash 220 (Being amount transferred from main Cash…

cash 8-17 Accounting for Jackie's Dance Studio created a $220 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: petty Petty Cash Ticket No. Account Debited Amount Item Delivery of programs to customers Delivery Expense Postage Expense $ 20 1 Mail package 10 3 Newsletter Printing Expense 25 4 Key to closet Miscellaneous Expense 40 Copier paper Office Supplies 70 Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $40. Include an explanation. 3. Assume that Jackie's Dance Studio decides to decrease the petty cash fund to $120 Make the general journal entry to record this decrease.

cash 8-17 Accounting for Jackie's Dance Studio created a $220 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: petty Petty Cash Ticket No. Account Debited Amount Item Delivery of programs to customers Delivery Expense Postage Expense $ 20 1 Mail package 10 3 Newsletter Printing Expense 25 4 Key to closet Miscellaneous Expense 40 Copier paper Office Supplies 70 Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $40. Include an explanation. 3. Assume that Jackie's Dance Studio decides to decrease the petty cash fund to $120 Make the general journal entry to record this decrease.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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24
A business maintains a petty cash book with an imprest of $50, which is restored on the first day of each month. On 31 March, there was $13.40 in the petty cash box and vouchers totalling $36.60. How much did the petty cashier receive from the chief cashier on 1 April? A $13.40 B $23.20 C $36.60 D $50
post to general ledger
answer in text form please (without image), Note: .Every entry should have narration please
kes Problem 6-24A (Algo) Petty cash fund LO 6-4 [The following information applies to the questions displayed below] Austin Company established a petty cash fund by issuing a check for $238 and appointing Steve Mack as petty cash custodian, Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous itens Employee supper money Taxi fare. Window-washing service $42 15 57 37 72 There was $12 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund. (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment.
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
The custodian of a $735 petty cash fund discovers that the fund has $157.50 in coins and currency plus $553.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Cash for $530. A debit to Petty Cash for $553.50. A credit to Cash Over and Short for $578. A credit to Cash for $553.50 A dohit to Cach Over and Short for $24.00 Help I Save & Exit
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A petty cash fund was established with a $500 balance. It currently has cash of $35 and petty cash tickets as shown below: Travel expense $105 Office supplies expense 315 Equipment rental expense 45 Which of the following would be the journal entry to replenish the Petty Cash account? A. debit Cash $35; credit various expenses $35 B. debit various expenses $465; credit Petty Cash $465 C. debit various expenses $465; credit Cash $465 D. credit Petty Cash $465; debit Cash $465
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7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus
Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 19.00 2 Postage 3 Courier charges 4 Entertainment lunches 5 123.24 Office supplies On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. 72.00 147.33