EcoMart establishes 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. What is the journal entry to record the establishment of the fund on May 2?   A. Debit Petty Cash $1,050; credit Cash $1,050   B. Debit Miscellaneous Expense $1,050; credit Cash $1,050   C. Debit Cash $1,050; credit Accounts Payable $1,050   D. Debit Petty Cash $1,050; credit Accounts Payable $1,050

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. Palmona uses the perpetual system in…

A: As per the accounting equation, all assets have a normal debit balance. It means that when we debit…

Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Cameron Co. established a $160 petty cash fund on January 1, 2023. One week later, on January 8, the…

A: The objective of the question is to prepare the journal entry to establish the petty cash fund on…

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to record a business deal in a company's financial records. A…

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…

A: Solution:- preparation of journal entries as Follows under:-

Q: Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts…

A: Journal entry: Journal is the day book in which daily transactions are recorded in the chronological…

Q: Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: Oriole Boxes uses a petty cash imprest system. The fund was established on February 14 with a…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash is the type of cash which is kept in the firm to pay for day to day expenses or those…

Q: EcoMart establishes a $2,000 petty cash fund on May 2. On May 30, the fund shows $840 in cash along…

A: Petty Cash Fund Is a Small Amount Of Money Available For Paying Small Purchases. For example -…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

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

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

Q: Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to capture a business transaction in the accounting records of…

Q: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Journal: Recording of a business transactions in a chronological order.

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: are (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the…

A: The establishment of a petty cash fund is making cash available for small expenses that occur for…

Q: Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The…

A: Petty cash fund is the cash kept aside for petty/ small expenses. Petty cash is replenished by…

Q: On March 20, Concord's petty cash fund of $119 is replenished when the fund contains $6 in cash and…

A: Balance of available cash and the total expenses goes to Cash over and short Account.

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in…

A: Petty cash is a small amount of cash that is kept on hand and used for these types of expenditures…

Q: Petty Cash PolekMart established a $1,050 petty cash fund on May 2. On May 30, the fund shows $326…

A: Petty cash fund is a small amount of cash that a business keeps aside to pay for minor, everyday…

Q: Mart establishes a $1,900 petty cash fund on May 2. On May 30, the fund shows $790 in cash along…

A: Petty Cash Fund Is a Small Amount Of Money Available For Paying Small Purchases. For example -…

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal entries related to petty cash are as under:

Q: Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows…

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

Q: On February 1, Derrick Company establishes a $200 petty cash fund. Complete the necessary journal…

A: A petty cash fund is separated from the actual cash for petty expenses and replenished periodically.…

Q: Palmona Company establishes a $170 petty cash fund on January 1. On January 8, the fund shows $69 in…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…

A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…

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.