CP 7-1The following transactions were made by Landers Corp. in March 2019.Mar. 1 Established a petty cash fund of $20012Reimbursed the fund for the following:$10503525$120PostageOffice suppliesMaintenanceMeals (selling expenses)1825Increased the fund by an additional $200Reimbursed the fund for the following:Office supplies$75Delivery charges30$10528 Reduced the amount of the fund to $350.Required: Prepare journal entries to record these transactions.

Journal entries consist of all the business financial transactions.They are recorded in…

CP 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 12 Established a petty cash fund of $200 Reimbursed the fund for the following: 18 25 Postage Office supplies Maintenance Meals (selling expenses) $10 50 35 25 $120 Increased the fund by an additional $200 Reimbursed the fund for the following: Office supplies Delivery charges $75 30 $105 28 Reduced the amount of the fund to $350. Required: Prepare journal entries to record these transactions.

CP 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 12 Established a petty cash fund of $200 Reimbursed the fund for the following: 18 25 Postage Office supplies Maintenance Meals (selling expenses) $10 50 35 25 $120 Increased the fund by an additional $200 Reimbursed the fund for the following: Office supplies Delivery charges $75 30 $105 28 Reduced the amount of the fund to $350. Required: Prepare journal entries to record these transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jone Company established a petty cash fund. 1. Established a petty cash fund of $10000 on August 2. 2. Petty cash expenses August 2-31 are Postage Supplies Transportation $1200 Misc, expense $2500 $4500 $800 3. The fund is replenished on September 1 and increased by $5000. Prepare journal entries to record Jone Company transactions under the 2 petty cash fund systems which are fluctuating fund system and imprest fund system.
Answer for Problem 1-6
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data: Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to replenish the account would include: Select one: O a. None of the answers are correct. O b. debit to Petty Cash for RO 750. O c debit to Cash Over and Short for RO 8. O d. credit to Cash for RO 52. O e.credit to Cash Over and Short for RO 8.
Problem 14-1 (AICPA Adapted) Campbell Company had the following account balances on December 31, 2019: Petty cash fund Cash in bank - current account Cash in bank - payroll account Cash in bank - sinking fund Cash on hand Cash in bank - restricted account for plant addition and expected to be disbursed in 2020 Treasury bills The petty cash fund included unreplenished December 2019 petty cash expense vouchers P5,000 and employee IOU P5,000. 50,000 4,000,000 1,200,000 2,000,000 500,000 The cash on hand included a P100,000 customer check payable to Campbell dated January 15, 2020. 1,500,000 1,000,000 In exchange for a guaranteed line of credit, the entity has agreed to maintain a minimum balance of P200,000 in the unrestricted current bank account. The sinking fund is set aside to settle a bond payable that is due on December 31, 2020. a. 8,640,000 b. 7,440,000 What total amount should be reported as cash and cash equivalents on December 31, 2019? c. 7,640,000 d. 5,640,000 152
Ht.11.
View Policies Current Attempt in Progress Blue Spruce Company established a $110 petty cash fund on August 1. On August 31, the fund had $9 cash remaining and petty cash receipts for postage $41, office supplies $24, and miscellaneous expense $34. Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation e Textbook and Media Debit Credit
Petty Cash PolekMart established a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369, and miscellaneous expenses, $240. The company uses the perpetual system in accounting for merchandise inventory. Prepare the entries to (1) establish the fund, (2) reimburse the fund, and (3) increase the fund to $1,200.
Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. credit to Cash for RO S00. O c redit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.
A B C D E G H 1 Wyoming Restoration Company completed the following selected transactions during July 2021: 2 3 4 5 6 7 8 9 10 7/21/21 11 7/21/21 12 7/22/21 13 e. A check 14 7/30/21 15 16 17 Prepare all journal entries associated with the petty cash account. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 7/1/21 Established a petty cash fund. Receipts for the following: Store supplies 7/3/21 7/7/21 7/9/21 Delivery charges on merchandise sold Office supplies 7/13/21 Office supplies 7/19/21 Postage stamps Repair to fax machine Repair to office file cabinet lock Postage due on special delivery letter Delivery charges on merchandise sold Office supplies 7/31/21 Petty cash on hand 7/1/21 Petty Cash Cash 7/31/21 Delivery Expense $ 1,030 $ 247 Office Supplies Expense $ 184 Store Supplies Expense $ 113 Misc Office Expense $ 278 $ 143 $ 15 Postage Expense Cash Over & Short Cash $ 1,030 $ GA 980 $ $ GA GA GA GA GA GA GA GA GA GA GA $ $ $ $ $ $ $ $ $ F 1,030 113 165 72 82 87 206 72 56 82 30 50 I…
On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. redit to Cash for RO 500. O credit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.
None