Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was lasreimbursed on November 30. At the end of December, the fund contained the following petty cash receipts:December 4December 7December 12December 18Freight charge for merchandise purchasedDelivery charge for shipping to customerPurchase of office suppliesDonation to charitable organization$ 48$ 72$ 37$ 56If, in addition to these receipts, the petty cash fund contains $275.50 of cash, the journal entry to reimburse the fund on December 31 willinclude

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was las reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 December 7 December 12 Freight charge for merchandise purchased Delivery charge for shipping to customer Purchase of office supplies December 18 Donation to charitable organization $ 48 $ 72 $ 37 $ 56 If, in addition to these receipts, the petty cash fund contains $275.50 of cash, the journal entry to reimburse the fund on December 31 will include

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was las reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 December 7 December 12 Freight charge for merchandise purchased Delivery charge for shipping to customer Purchase of office supplies December 18 Donation to charitable organization $ 48 $ 72 $ 37 $ 56 If, in addition to these receipts, the petty cash fund contains $275.50 of cash, the journal entry to reimburse the fund on December 31 will include

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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Willard Company established a $440 petty cash fund on September 9, 2020. On September 30, the fund had $175,40 in cash along with receipts for these expenditures: transportation-in, $35.70, office supplies. $124.90, and repairs expense. $97.00. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < Record the entry to establish the fund. Note: Enter debits before credits Date Debit Credit Sep 09, 2020 ✪ General Journal
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On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. On September 29, the company determined that the petty cash fund needed to be increased…
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions:A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48.B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210.C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20.D. On September 29, the company determined that the petty cash fund needed to be…
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Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows $169 in cash along with receipts for the following expenditures: transportation-in, $60; postage expenses, $73; and miscellaneous expenses, $155. The petty cashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $520. View transaction list Journal entry worksheet < 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date September 09 General Journal Debit Credit Record entry Clear entry View general Journal
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