During your audit of cash receipts of shift number 1 of a Burger Stand,the following details of inventories were submitted to you:UnitShift startsBeg. Invty.50 pieces80 pieces40 pieces60 pieces50 piecesShift endsSelling PriceDeliveries200 pieces150 pieces120 pieces150 pieces200 piecesOn Hand60 pieces90 pieces35 pieces50 pieces60 piecesItem23108.1012The total cash remittance of Shift 1 was P 10,650.How much is the cash shortage (overage) of Shift Number 1?O P 110 overageO None among the given answersO P 130 shortageO No shortage nor overageABCDE

Cash remittance: Cash remittance indicates a payment of money through cash instead of using any…

During your audit of cash receipts of shift number 1 of a Burger Stand, the following details of inventories were submitted to you: Shift starts Shift ends On Hand 60 pieces 90 pieces 35 pieces 50 pieces 60 pieces Unit Selling Price 23 Beg. Invty. 50 pieces 80 pieces 40 pieces 60 pieces 50 pieces Deliveries 200 pieces 150 pieces 120 pieces 150 pieces 200 pieces Item A 10 C 8 10 E 12 The total cash remittance of Shift 1 was P 10,650. How much is the cash shortage (overage) of Shift Number 1? O P 110 overage O None among the given answers P 130 shortage O No shortage nor overage

During your audit of cash receipts of shift number 1 of a Burger Stand, the following details of inventories were submitted to you: Shift starts Shift ends On Hand 60 pieces 90 pieces 35 pieces 50 pieces 60 pieces Unit Selling Price 23 Beg. Invty. 50 pieces 80 pieces 40 pieces 60 pieces 50 pieces Deliveries 200 pieces 150 pieces 120 pieces 150 pieces 200 pieces Item A 10 C 8 10 E 12 The total cash remittance of Shift 1 was P 10,650. How much is the cash shortage (overage) of Shift Number 1? O P 110 overage O None among the given answers P 130 shortage O No shortage nor overage

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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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.
Sales for Thursday total $2,205.50. The cash drawer contains $1,255.25, credit card transactions total $1,020.25, and the cash bank for the drawer has an account balance of $75.00, What is the overage or shortage? O A. $5.00 shortage O B. $.50 shortage O C. $70.00 shortage O D. $5.00 overage
Jo Jo has business called, "Jo Jo's Clown Supplies." The following cash transactions happened in the month of December. Jo Jo had a December 31 cash balance of $19,940. b 5 7 B 9 Cash Receipts Date Deposit 12/1 12/4 12/9 12/14 12/17 12/22 12/31 0 01 02 03 400 4270 610 630 2280 1500 1950 Cash Payments Check No. Amount 1416 1417 1418 1419 1420 1421 1422 The 1st Federal Bank Sent Jo Jo the following statement for December: Beginning Balance: Deposits Checks 1-Dec 5-Dec 10-Dec 15-Dec 18-Dec 22-Dec 760 30 550 1390 1340 800 530 8-Dec 11-Dec 19-Dec 22-Dec 29-Dec 31-Dec 31-Dec NSF NSF SC 1416 04 05 06 07 08 09 10 11 Please prepare a Bank Reconcilliation for Jo Jo's Circus. 112 1417 1418 1419 400 4270 610 630 2280 1500 900 760 500 30 550 1390 50 Ending Balance: NSF = Non-sufficient Funds Checks were received from a client. SCA Bank service charge. 13,700 9690 4180 19,210 +
The actual cash received from cash sales was $14,953 and the amount indicated by the cash register total was $14,922. Journalize the entry to record the cash receipts and cash sales, I an amount box does not require an entry, leave it blank.
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $5,010.20 4/10, n/30 $ $
Post the differences between the cash count and the cash register tape to the Cash Short and Over T account. Assume a change fund of $100. Date Cash Register Tape Cash Count March 3 $1,495.89 $1,601.89 4 1,878.55 1,986.55 5 741.76 843.76 6 1,646.62 1,744.62 7 1,714.13 1,814.13 When required, enter amounts in dollars and cents.
Scharf Company is a retailer located in a state without sales tax. The following data were given to you to complete the transactions for the day's sales to be recorded. A cash drawers start with $100 in change. Reg. 1 Reg. 2 Reg. 3 Reg. 4 Cash in drawer $974.50 $1,383.66 $939.46 $1,137.91 Sales reading 879.50 1,298.16 839.46 1.030.33 Difference Record the Journal Entries for EACH cash register to determine the cashier's accuracy. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Reg. 1 Reg. 2 Reg. 3 Reg. 4
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. February 2 Wrote a $350 check to establish a petty cash fund. February 5 Purchased paper for the copier for $15.55 that is immediately used. February 9 Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 12 Paid $7.75 postage to deliver a contract to a client. February 14 Reimbursed Adina Sharon, the manager, $72 for mileage on her car. February 20 Purchased office paper for $68.77 that is immediately used. February 23 Paid a courier $25 to deliver merchandise sold to a customer, terms FOB destination. February 25 Paid $10.90 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 27 Paid $55 for postage…
Rapid Delivery Services cash count at the end of the day totals $12,580 and the cash registertape shows $12,415. The amount of the change fund is $250. Rapid Delivery Services wouldrecord the revenue for the day as follows: a. Cash 12,580 Income from Services 12,580 b. Cash 12,430 Cash Short and Over 15 Income from Services 12,415 c. Cash 12,415 Income from Services 12,415 d. Cash 12,415Cash Short and Over 15Income from Services 12,430
I need help with starting the calculations for the following two questions.
On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 3 b. On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 the ending cash balance. Journalize the replenishment of the fund. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Apr. 11 c. On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. Apr. 12
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. 2 Mrote a 5340 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.35 that is immediately used. 9 Paid $34.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $8.35 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $75 tor mileage on her car. 20 Purchased office paper for $67.77 that is immediately used. 23 Paid a courier $16 to deliver merchandise sold to a customer, terms POB destination. 25 Paid $11.80 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 27 Paid $51 for postage expenses. 28 The fund had $21.72 remaining in the petty cashbox. Sorted the petty…