Clooney Corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. By the end of the month, employees made one expenditure from the petty cash fund (entertainment, $25) and three expenditures with the credit card (postage, $60; delivery, $85; supplies expense, $50). Separately record employee credit card expenditures and employee petty cash expenditures. The credit card balance will be paid later.

Q: Kiona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: A journal entry frequently has supporting documents attached, is printed, and is preserved in a…

Q: On July 1, 2024, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made…

A: A debit to petty cash and a credit to cash for $150 General JournalDebitCreditPetty cash$150 Cash…

Q: Mitchell Co. set up a petty cash fund for payments of small amounts. The following transactions…

A: Petty cash fund is established to meet the daily expenses of an organization. The petty cash fund is…

Q: Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions…

A: Journal Entry: Journal entry is a first step towards the bookkeeping. All the transactions incurred…

Q: The petty cash custodian reported the following transactions during the month. Prepare the journal…

A: Journal: It is used to record business transactions of an enterprise.

Q: Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions…

A: Any amount for which report or invoice is missing goes to Cash Over & Short.

Q: Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash…

A: Introduction Journal entries is the modern method of recording of a business transactions in a…

Q: Kiona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: A journal entry frequently has supporting documents attached, is printed, and is preserved in a…

Q: Ignatius operates the imprest system for petty cash. At 1 July there was a float of $150, but it was…

A: Total cash available=Float 1 july+Received from staff+Cheque drawn=$150+$25+$500=$675

Q: On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies.…

A: Petty Cash Book seems to be an accounting book being used tracking little and low-value costs such…

Q: Record the establishment of the petty cash fund on August 3.  On August 31, record the petty cash…

A: Petty Cash: It is the fund which is kept in hand by business units to cover minor expenses (postage,…

Q: list entry worksheet entry to recognize expenditures from the petty cash fund. bits before credits.…

A: Ans. Journal entry to record expenses made from petty cash funds can be passed either by making a…

Q: On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of…

A: Petty cash is a fund maintained by th business for the small payments to be made on daily basis.

Q: Clooney Corporation establishes a petty cash fund for $225 and issues a credit card to its office…

A: Journal entry is an art of recording, summarizing and classifying business transactions into…

Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash…

A: Petty Cash Fund Tiny sums of cash called "petty cash" are maintained on hand to cover small,…

Q: Nosh Company maintains a petty cash fund for small expenditures. These transactions occurred during…

A: Day to day expenses of an company was managed by keeping effective petty cash fund in which all the…

Q: Kiona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: A petty cash fund is created to maintain cash balance for day to day cash transactions of a…

Q: s established at $100. After the first month, the cash in the petty cash box amounted to $21. The…

A: A Petty cash fund is established to take care of the daily small expenses of a firm. This is…

Q: Klona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: Petty cash is a small amount of cash that is kept on the company premises to pay for minor cash…

Q: During October, Daylight Company experiences the following transactions in establishing a petty cash…

A: Various small expenses are incurred for day to day activities of the entity can be managed…

Q: Peterson Company's general ledger shows a cash balance of $7,520 on May 31. May cash receipts of…

A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…

Q: A company establishes a petty cash fund for $480. By the end of the month, employees had made the…

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

Q: Moya Co. establishes a petty cash fund for payments of small amounts. The following transactions…

A: Petty Cash: Petty cash or a petty cash fund is a small amount of money available for paying small…

Q: Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash…

A: Petty cash expenses are used to record small business expenditure by separately setting up a petty…

Q: ona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: Petty Cash Book -An accounting book called a petty cash book is used to track tiny, low-value cash…

Q: Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions…

A: Petty Cash is maintained for the petty day-to-day expenses. If the value of invoices for the…

Q: Kiona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: Petty cash fund is a small amount of cash that a business keeps aside to pay for minor, everyday…

Q: Kiona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: Petty cash fund is that fund which is established for small petty expenses in the business. Imprest…

Q: T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash…

A: Petty cash is the amount of cash which is kept aside for the employee to make small purchases on the…

Q: Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash…

A: Petty cash is a small sum of money kept on hand to cover unexpected expenses such as reimbursements…

Q: The petty cash custodian reported the following transactions during the month. Prepare the…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

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.