Problem 14During July, several events occurred at the Flamingo Resort.a. On July 1, a Petty Cash Fund was established in the amount of $100.b. On July 15, the fund was replenished, since it had a balance of $4 with the followingreceipts:Postage$30$25$40Office Supplies190Shipping Charges to UPSc. On July 16, the fund was increased to $200.d. On July 31, the fund was replenished, since it had a balance of $12 with the followingreceipts:Spare PartsStampsShop SuppliesInventory$35$28$2700.00$100aloRequired:Journalize all of the necessary transactions for July in chronological order.

Journal is the book of original entry in which all the financial transactions of the business are recorded initially.The required journal entries have been made as follows:

Business

Accounting

During July, several events occurred at the Flamingo Resort. a. On July 1, a Petty Cash Fund was established in the amount of $100. b. On July 15, the fund was replenished, since it had a balance of $4 with the following receipts: Postage Office Supplies Shipping Charges to UPS $30 $25 $40 c. On July 16, the fund was increased to $200. d. On July 31, the fund was replenished, since it had a balance of $12 with the following receipts: Spare Parts Stamps Shop Supplies Inventory $35 $28 0000 $27 $100

During July, several events occurred at the Flamingo Resort. a. On July 1, a Petty Cash Fund was established in the amount of $100. b. On July 15, the fund was replenished, since it had a balance of $4 with the following receipts: Postage Office Supplies Shipping Charges to UPS $30 $25 $40 c. On July 16, the fund was increased to $200. d. On July 31, the fund was replenished, since it had a balance of $12 with the following receipts: Spare Parts Stamps Shop Supplies Inventory $35 $28 0000 $27 $100

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

The custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency plus $ 472.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty…
Man
On September 29, the company determined that the petty cash fund needed to be increased to $1,000. What is the correct journal entry?
answer in text form please (without image), Note: .Every entry should have narration please
Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund is: O Dr petty cash expense account and Cr petty cash account, 350 Dr petty cash account and Cr petty cash expense account, 350 Dr cash account and Cr petty cash account, 350 Dr petty cash account and Cr cash account; 350
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. 12. 31. July 3. 7. 9. 13. 19. 21. 22. 24. 30. July 31. 31. Established a petty cash fund of $1,100. The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Store supplies, $580. Express charges on merchandise sold, $90 (Delivery Expense). Office supplies, $30. Office supplies, $35. Postage stamps, $50 (Office Supplies). Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). Express charges on merchandise sold, $135 (Delivery Expense). Office supplies, $25. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from…
The following petty cash transactions were made by the Freeman Corporation during the month General Journal of September. Record the transactions in the journal provided in the account order that they appear below. Date Account Debit Credit Sep 1 Established a petty cash fund of $300. 1-Sep Petty Cash 300 Cash 300 Sep 15 Reimbursed the petty cash fund for the following: Stapler, staples, and tape $55 15-Sep 55 Pizza for the office party (meals) $85 85 Maintenance/Janitorial $112 112 The cash in the box before reimbursement was $40.…
On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $372, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $132. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $180. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $252, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $192. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed…
A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25. April 1 Prepared a company check for $300.00 to establish the petty cash fund. April 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. Paid $84.50 for cleaning services. Paid $84.00 for postage expense. Paid $103.15 for office supplies. Counted $23.35 remaining in the petty cash box. April 25 The company decides to increase the fund by $100.