Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 Fresh Foods established a petty cash fund of $94 on January 2. On January 31, the fund contained cash of $9.40 and vouchers for the following cash payments: Maintenance expense Office supplies Transportation expense $28.20 37.60 18.80 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund Assume the Company uses the alternative approach to petty cash expense recognition and replenishment Required Show each of the four events in the following horizontal statements model (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA). financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.) FRESH FOODS Horizontal Statements Model

Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 Fresh Foods established a petty cash fund of $94 on January 2. On January 31, the fund contained cash of $9.40 and vouchers for the following cash payments: Maintenance expense Office supplies Transportation expense $28.20 37.60 18.80 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund Assume the Company uses the alternative approach to petty cash expense recognition and replenishment Required Show each of the four events in the following horizontal statements model (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA). financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.) FRESH FOODS Horizontal Statements Model

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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View Policies Current Attempt in Progress Blue Spruce Company established a $110 petty cash fund on August 1. On August 31, the fund had $9 cash remaining and petty cash receipts for postage $41, office supplies $24, and miscellaneous expense $34. 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. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation e Textbook and Media Debit Credit
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Petty Cash Fund Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
GL0601 (Algo) - Based on Problem 6-2A LO P2 Carter Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $500 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $177 for janitorial services. May 15 b. Paid $133 for miscellaneous expenses. May 15 c. Paid postage expenses of $89. May 15 d. Paid $44 to Facebook for advertising expense. May 15 e. Counted $65 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $700. May 31 The petty cashier reports that $280 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $246. May 31 g. Reimbursed the office manager for business mileage, $123. May 31 h. Paid $41 to deliver merchandise to…
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Required information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,640 debit balance, but its July bank statement shows a $28,276 cash balance. b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet…
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kes Problem 6-24A (Algo) Petty cash fund LO 6-4 [The following information applies to the questions displayed below] Austin Company established a petty cash fund by issuing a check for $238 and appointing Steve Mack as petty cash custodian, Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous itens Employee supper money Taxi fare. Window-washing service $42 15 57 37 72 There was $12 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund. (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment.
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