Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,100. B. On April 1, the amount of cash in the petty cash fund is now $107. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $568; miscellaneous selling expense, $219; miscellaneous administrative expense, $173. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,100, record the discrepancy in the cash short and over account.) CHART OF ACCOUNTSGeneral Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 591 Miscellaneous Administrative Expense 592 Miscellaneous Selling Expense 710 Interest Expense CHART OF ACCOUNTSGeneral Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 591 Miscellaneous Administrative Expense 592 Miscellaneous Selling Expense 710 Interest Expense
Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,100. B. On April 1, the amount of cash in the petty cash fund is now $107. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $568; miscellaneous selling expense, $219; miscellaneous administrative expense, $173. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,100, record the discrepancy in the cash short and over account.) CHART OF ACCOUNTSGeneral Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 591 Miscellaneous Administrative Expense 592 Miscellaneous Selling Expense 710 Interest Expense CHART OF ACCOUNTSGeneral Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 591 Miscellaneous Administrative Expense 592 Miscellaneous Selling Expense 710 Interest Expense
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| Instructions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A. | On March 1, Check is issued to establish a petty cash fund of $1,100. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B. |
On April 1, the amount of cash in the petty cash fund is now $107. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $568; miscellaneous selling expense, $219; miscellaneous administrative expense, $173. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,100, record the discrepancy in the cash short and over account.) CHART OF ACCOUNTSGeneral Ledger
|
CHART OF ACCOUNTSGeneral Ledger
| ASSETS | |
| 110 | Cash |
| 111 | Petty Cash |
| 120 | Accounts Receivable |
| 131 | Notes Receivable |
| 132 | Interest Receivable |
| 141 | Merchandise Inventory |
| 145 | Office Supplies |
| 146 | Store Supplies |
| 151 | Prepaid Insurance |
| 181 | Land |
| 191 | Office Equipment |
| 192 | Accumulated Depreciation-Office Equipment |
| 193 | Store Equipment |
| 194 | Accumulated Depreciation-Store Equipment |
| LIABILITIES | |
| 210 | Accounts Payable |
| 221 | Notes Payable |
| 222 | Interest Payable |
| 231 | Salaries Payable |
| 241 | Sales Tax Payable |
| EQUITY | |
| 310 | Owner, Capital |
| 311 | Owner, Drawing |
| 312 | Income Summary |
| REVENUE | |
| 410 | Sales |
| 610 | Interest Revenue |
| EXPENSES | |
| 510 | Cost of Merchandise Sold |
| 515 | Credit Card Expense |
| 516 | Cash Short and Over |
| 520 | Salaries Expense |
| 531 | Advertising Expense |
| 532 | Delivery Expense |
| 533 | Insurance Expense |
| 534 | Office Supplies Expense |
| 535 | Rent Expense |
| 536 | Repairs Expense |
| 537 | Selling Expenses |
| 538 | Store Supplies Expense |
| 561 | Depreciation Expense-Office Equipment |
| 562 | Depreciation Expense-Store Equipment |
| 591 | Miscellaneous Administrative Expense |
| 592 | Miscellaneous Selling Expense |
| 710 | Interest Expense |
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