Required: Prepare the journal entries to record the transactions under the imprest fund system. CASH CONTROL - PETTY CASHPROBLEM EXERCISEZenith Company provided the following chronological transactions in relation to petty cash:1. The entity established a petty cash fund of P 10,000.2. Petty cash disbursements were:P 1,500PostageSupplies2,0003. Petty cash disbursements were:P 1,000TransportationMiscellaneous expense5004. Petty cash disbursements were:P 1,000SuppliesTransportation3,0005. Issued check to replenish the fund.6. Petty cash disbursements were:PostageSuppliesP 2,0003,0004,000Transportation7. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000.

The petty cash fund is generated for day-to-day minor cash expenses of the business. A journal entry…

CASH CONTROL - PETTY CASH PROBLEM EXERCISE Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P 10,000. 2. Petty cash disbursements were: Postage Supplies P 1,500 2,000 3. Petty cash disbursements were: P 1,000 Transportation Miscellaneous expense 500 4. Petty cash disbursements were: Supplies Transportation P1,000 3,000 5. Issued check to replenish the fund. 6. Petty cash disbursements were: Postage Supplies Transportation P 2,000 3,000 4,000 7. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P 20.000.

CASH CONTROL - PETTY CASH PROBLEM EXERCISE Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P 10,000. 2. Petty cash disbursements were: Postage Supplies P 1,500 2,000 3. Petty cash disbursements were: P 1,000 Transportation Miscellaneous expense 500 4. Petty cash disbursements were: Supplies Transportation P1,000 3,000 5. Issued check to replenish the fund. 6. Petty cash disbursements were: Postage Supplies Transportation P 2,000 3,000 4,000 7. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P 20.000.

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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Question

Required: Prepare the journal entries to record the transactions under the imprest fund system.

CASH CONTROL - PETTY CASH
PROBLEM EXERCISE
Zenith Company provided the following chronological transactions in relation to petty cash:
1. The entity established a petty cash fund of P 10,000.
2. Petty cash disbursements were:
P 1,500
Postage
Supplies
2,000
3. Petty cash disbursements were:
P 1,000
Transportation
Miscellaneous expense
500
4. Petty cash disbursements were:
P 1,000
Supplies
Transportation
3,000
5. Issued check to replenish the fund.
6. Petty cash disbursements were:
Postage
Supplies
P 2,000
3,000
4,000
Transportation
7. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P
20,000.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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