Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash remaining and petty cash receipts for postage $31, office supplies $22, and miscellaneous expense $40.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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit  Aug. 1Aug. 31                Aug. 1Aug. 31

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto…

A: Journal entries are used to maintain track of financial transactions. To create a journal entry, you…

Q: On April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on…

A: Date particulars amount amount Apr 2  petty cadh $370     Cash   $370   Being cash paid…

Q: On September 30, Hector's petty cash fund of $185 is replenished. At the time, the cash box…

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

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: 8 MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of…

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

Q: Cullumber Company established a petty cash fund on May 1 for $100. The company reimbursed the fund…

A: Petty cash fund will be used for petty expenses. First, we take some amount from the bank account…

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: pri's Dance Studio created a $300 imprest petty cash fund. During the month, the fund custodian…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Cheyenne Company established a petty cash fund on May 1, cashing a check for $115. The company…

A: Petty cash account is debited if the established a petty cash fund or increases the a petty cash…

Q: Seal Mate established a $100 petty cash fund on June 1. On June 30, the fund had $10 cash and petty…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: 1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund…

A: The petty cash fund is used for different small expenses and is replenished every month. it helps to…

Q: Quibble Company established a $300 petty cash fund by issuing a check to the custodian on February…

A: Step 1: Debit all the petty cash receipts to recognize them as expenses and so that their amounts…

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: The Crying Fish has a change fund of $300. Cash sales on August 10 per the cash register are $1,125.…

A: Change fund is a set of money used by the department to make change to the customers, who purchase…

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: Journalize the entries to record the following: Check is issued to establish a petty cash fund of…

A: Working Notes: calculation of short cash = Petty cash Fund - Closing Balance of Petty cash -…

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: Journalize the entries to record the following: Required: a. On March 1, check is issued to…

A: Petty cash funds are those funds which are maintained for small petty expenses of the business.…

Q: A petty cash fund was originally established with a cheque for $150. On December 31, you find the…

A: Introduction:- petty cash fund is used to pay for small expenses for everyday. Examples:- postage…

Q: the petty cash fund was replenished when there was $81 remaining and there were petty cash receipts…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: A petty cash fund was established with a $200 balance. It currently has cash of $40 and petty cash…

A: Lets understand the basics.Entity creates petty cash by moving some few amount of money into petty…

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: On March 20. Sheffield's petty cash fund of $114 is replenished when the fund contains $7 in cash…

A: Petty cash means where a separate cash book is maintained which usually deals with a small amount of…

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash…

A: The asset account is debited when there is an increase and credited with there is a decrease.

Q: Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry,…

A: Step 1 Journal is the part of the book keeping.

Q: Current Attempt in Progress On March 20, Sheridan's petty cash fund of $104 is replenished when the…

A: Petty cash means where a separate cash book is maintained which is usually deals with the small…

Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $83 in…

A: Petty Cash fund is a small amount of cash which is held to meet the small incidental expenses in the…

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: 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: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the…

A: Bank Reconciliation is prepared to reconcile the balance per book with the balance per bank. Any…

Q: Dance Studio created a $200 imprest petty cash fund. During he month, the fund custodian authorized…

A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the…

Q: A petty cash fund was originally established witha cheque for $150. On December 31, you find the…

A: PETTY CASH ARE SMALL AMOUNT OF FUNDS IN THE FORM OF CASH USED FOR MAKING OUT EXPENSITURE WHERE IT IS…

Q: Blake Company established a petty cash fund in the amount of $400. At the end of the accounting…

A: the correct option with necessary working are as follows

Q: Christine's Dance Studio created a $400 imprest petty cash fund. During the month, the fund…

A: Step 1:Required journal entries for the petty cash funds are presented hereunder:No.DateAccounts and…

Q: Prepare journal entries for each of the following: Question Content Area a.  Issued a check to…

A: When a petty cash fund is established, a check is issued to transfer the necessary funds from the…

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: Answer:- Petty cash is a small amount of cash that is kept on hand by a business or organization to…

Q: On September 1, a company established a petty cash fund of $120. On September 10, the petty cash…

A: Petty cash:  Petty cash fund is established to manage the payment for the small business expenditure…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash fund is created by the business in which little amount of cash is placed so as to meet…

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

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.