Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $750. Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Petty Cash = No Effect + No Effect fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Statement of Cash Flows Income Statement No effect fill in the blank 10 No effect fill in the blank 12 b. The amount of cash in the petty cash fund is now $188. Replenished the fund, based on the following summary of petty cash receipts: office supplies, $262; miscellaneous selling expense, $131; miscellaneous administrative expense, $169. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Office Supplies = No Effect + Retained Earnings fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Statement of Cash Flows Income Statement Operating fill in the blank 22 Miscellaneous selling expense fill in the blank 24 Miscellaneous administrative expense fill in the blank 26

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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Recording Petty Cash Fund Transactions

Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

a. Established a petty cash fund of $750.

		Balance Sheet
	Assets	=	Liabilities	+	Stockholders' Equity
Cash	+	Petty Cash	=	No Effect	+	No Effect
	fill in the blank 5		fill in the blank 6		fill in the blank 7		fill in the blank 8
	Statement of Cash Flows		Income Statement
	No effect	fill in the blank 10		No effect	fill in the blank 12

b. The amount of cash in the petty cash fund is now $188. Replenished the fund, based on the following summary of petty cash receipts: office supplies, $262; miscellaneous selling expense, $131; miscellaneous administrative expense, $169. Enter account decreases and cash outflows as negative amounts.

		Balance Sheet
	Assets	=	Liabilities	+	Stockholders' Equity
Cash	+	Office Supplies	=	No Effect	+	Retained Earnings
	fill in the blank 17		fill in the blank 18		fill in the blank 19		fill in the blank 20
	Statement of Cash Flows		Income Statement
	Operating	fill in the blank 22		Miscellaneous selling expense	fill in the blank 24
				Miscellaneous administrative expense	fill in the blank 26

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