Crunchy Co. established a P3,000 petty cash fund. You found the following items in the fund: Cash and currency - 1,683.80 Expense vouchers - 829.80 Advance to salesman - 200.00 IOU from employee - 300.00 In the entry to replenish the fund, what amount should be debited to Cash Short or Over?

Crunchy Co. established a P3,000 petty cash fund. You found the following items in the fund: Cash and currency - 1,683.80 Expense vouchers - 829.80 Advance to salesman - 200.00 IOU from employee - 300.00 In the entry to replenish the fund, what amount should be debited to Cash Short or Over?

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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Concept explainers

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.

Question

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Crunchy Co. established a P3,000 petty cash fund. You found the following items in the fund:

Cash and currency - 1,683.80

Expense vouchers - 829.80

Advance to salesman - 200.00

IOU from employee - 300.00

In the entry to replenish the fund, what amount should be debited to Cash Short or Over?

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Accounting for Cash and cash equivalents

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a. Started a petty cash fund in the amount of $1,000.b. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30.c. The company has decided to reduce the petty cash fund to $600.
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.
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Can you help me with this question
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 establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.
D5.
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
The custodian of a $735 petty cash fund discovers that the fund has $157.50 in coins and currency plus $553.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Cash for $530. A debit to Petty Cash for $553.50. A credit to Cash Over and Short for $578. A credit to Cash for $553.50 A dohit to Cach Over and Short for $24.00 Help I Save & Exit
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 cebit 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.
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