Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fundoccurred in May (the last month of the company's fiscal year).May 1 Prepared a company check for $300 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 $93.60 for janitorial expenses.May 15 b. Paid $76.41 for miscellaneous expenses.May 15 c. Paid postage expenses of $52.20.May 15 d. Paid $68.58 to Facebook for advertising expense.May 15 e. Counted $23.01 remaining in the petty cashbox.May 16 Prepared a company check for $200 to increase the fund to $500.May 31 The petty cashier reports that $319.32 cash remains in the fund. A company check is drawn to replenish the fundfor the following expenditures made since May 15.May 31 f. Paid postage expenses of $53.73.May 31 g. Reimbursed the office manager for mileage expense, $42.78.May 31 h. Paid $44.17 in delivery expense for products to a customer, terms FOB destination.May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving atotal of $450.Required:Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decreasein the fund balance on May 16 and May 31.Note: Round your answers to 2 decimal places.<12 3 4 5Prepared a company check for $300 to establish the petty cash fund.Note: Enter debits before credits.DateMay 01Record entryGeneral JournalClear entryDebitCreditView general journal><12DateMay 153Note: Enter debits before credits.Prepared a company check to replenish the fund for the expenditures madesince May 1.Record entry45General JournalClear entryDebitCreditView general journal2DateMay 163Prepared a company check for $200 to increase the fund to $500.Note: Enter debits before credits.Record entry5General JournalClear entryDebitCreditView general 1 2 3Note: Enter debits before credits.Prepared a company check to replenish the fund for the expenditures madesince May 15.DateMay 314Record entry5General JournalClear entryDebitCreditView general< 1 2 3 4 5The company decides that the May 16 increase in the fund was too large. Itreduces the fund by $50, leaving a total of $450.Note: Enter debits before credits.DateMay 31Record entryGeneral JournalClear entryDebitCreditView general

Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. ay 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. ay 15 a. Paid $93.60 for janitorial expenses. ay 15 b. Paid $76.41 for miscellaneous expenses. lay 15 c. Paid postage expenses of $52.20. lay 15 d. Paid $68.58 to Facebook for advertising expense. lay 15 e. Counted $23.01 remaining in the petty cashbox. ay 16 Prepared a company check for $200 to increase the fund to $500. lay 31 The petty cashier reports that $319.32 cash remains in the fund. A company check is drawn to replenish for the following expenditures made since May 15. lay 31 f. Paid postage expenses of $53.73. lay 31 g. Reimbursed the office manager for mileage expense, $42.78. lay 31 h. Paid $44.17 in delivery expense for products to a customer, terms FOB destination. Tax 31 The company decides that the May 16 increase in the fund was too large T+ reduces the fund by 550 lea

Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. ay 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. ay 15 a. Paid $93.60 for janitorial expenses. ay 15 b. Paid $76.41 for miscellaneous expenses. lay 15 c. Paid postage expenses of $52.20. lay 15 d. Paid $68.58 to Facebook for advertising expense. lay 15 e. Counted $23.01 remaining in the petty cashbox. ay 16 Prepared a company check for $200 to increase the fund to $500. lay 31 The petty cashier reports that $319.32 cash remains in the fund. A company check is drawn to replenish for the following expenditures made since May 15. lay 31 f. Paid postage expenses of $53.73. lay 31 g. Reimbursed the office manager for mileage expense, $42.78. lay 31 h. Paid $44.17 in delivery expense for products to a customer, terms FOB destination. Tax 31 The company decides that the May 16 increase in the fund was too large T+ reduces the fund by 550 lea

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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Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $250 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures nade since May 1. May 15 a. Paid $78.00 for janitorial expenses. May 15 b. Paid $63.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $43.50. May 15 d. Paid $57.15 to Facebook for advertising expense. May 15 e. Counted $19.17 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $450. May 31 The petty cashier reports that $303.39 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 $48.36. May 31 g. Reimbursed the office manager for mileage expense, $38.50. May 31 h. Paid $39.75 in…
Awy Company has a petty cash fund for small expenses. The fllowing transactions occurred over a period of 2 months. May 1 Established a petty cash fund by issuing a Landmark Bank check for $100 May 14 Replenish the petty cash fund by issuing a check for $200. As of this date the fund consists of $20 in cash and some petty cash receipts: shipping costs $46; postage expenses $50; entertainment expenses $36, and other expenses $8. post May 31 Replenish the petty cash fund by issuing a check for $197. As of this date the fund consists of $22 in cash and some petty cash receipts: shipping costs $43; charitable donation expense $24; postage expenses $53; and other expenses $51. June 14 Replenished the petty cash fund by issuing a check for $190. At this date the fund consists of $30 in cash and several petty cash receipts: shipping costs $46; entertainment expenses 48; load of postal objects 40 ; and other expenses $30. June 17 Increase the petty cash fund amount to $270 by issuing a check…
Consider the following independent situations:1. John Smith is the petty-cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged, and a check is written to him for the total amount. John is the only person ever to tally the fund.2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.3. Fran Jones opens the company’s mail and lists all checks and cash received from customers. A…
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $350 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $109.20 for janitorial expenses. b. Paid $89.15 for miscellaneous expenses. c. Paid postage expenses of $60.90. d. Paid $80.01 to Facebook for advertising expense. e. Counted $26.84 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $550. 31 The petty cashier reports that $380.27 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $59.10. g. Reimbursed the office manager for mileage…
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $410. 12. The cash sales for the day, according to the cash register records, totaled $14,450. The actual cash received from cash sales was $14,475. 30. Petty cash on hand was $31. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $45. June 10. Express charges on merchandise purchased, $66 (Merchandise Inventory). June 14. Office supplies, $29. June 15. Office supplies, $33. June 18. Postage stamps, $34 (Office Supplies). June 20. Repair to fax, $82 (Miscellaneous Administrative Expense). June 21. Repair to office door lock, $29 (Miscellaneous Administrative Expense). June 22. Postage due on special delivery letter, $22 (Miscellaneous Administrative Expense). June 28. Express charges on merchandise purchased, $33 (Merchandise…
Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 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 $93.60 for janitorial expenses. May 15 b. Paid $76.41 for miscellaneous expenses. May 15 c. Paid postage expenses of $52.20. May 15 d. Paid $68.58 to Facebook for advertising expense. May 15 e. Counted $23.01 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $349.32 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 $53.73. May 31 g. Reimbursed the office manager for mileage expense, $42.78.…
Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $130 for office supplies, $180 for merchandise inventory, and $90 for miscellaneous expenses. There is a cash overage of $6. The journal entry to replenish the fund on January 31 is: 4 Multiple Choice O O Seved Debit Office Supplies Expense, $130; Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90, Debit Cash over and short, $6; Credit Petty cash, $406. Debit Office Supplies Expense, $130; Debit Merchandise Inventory, $180, Debit Miscellaneous expenses, $90, Debit Cash over and short, $6; Credit Cash, $406. Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90; Credit Cash over and short, $6; Credit Petty cash, $394. Debit Office Supplies Expense, $130; Debit Merchandise Inventory. $180; Debit Miscellaneous expenses. $90; Credit Cash over and short, $6; Credit Cash, $394. Debit…
4. Robinson Legal Services, Inc. established a $220 petty cash fund. During the month, the fund was used to pay for the following expenditures: Petty Cash Ticket No. 1 2 3 4 5 Item Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies DATE Newsletter Key to closet Copier paper (a) Record the journal entry to create the petty cash fund. (b) At month-end, the bookkeeper counted the cash in the petty cash box. There was $40. Record the journal entry (entries) needed at the end of the month to replenish the fund. (c) If the bookkeeper wanted to decrease the petty cash fund to $120, what journal entry would he record? DATE ACCOUNT ACCOUNT DEBIT Amount $ 20 10 25 40 70 DEBIT CREDIT CREDIT
Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Established the petty cash fund by writing a check payable to the petty cash custodian for $225. Replenished the petty cash fund by writing a check for $220.30. On this date, the fund consisted of $4.70 in cash and these petty cash receipts: freight-out $96, entertainment expense $48.70, postage expense $41.70, and miscellaneous expense $32.50. Increased the amount of the petty cash fund to $325 by writing a check for $100.00. Replenished the petty cash fund by writing a check for $309.30. On this date, the fund consisted of $15.70 in cash and these petty cash receipts: postage expense $139.80, entertainment expense $96.40, and freight-out $71.80. Aug. 1 (a) 15 16 31 Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers…
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries using this information for the following transactions for questions 1-5. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. What is the correct journal entry?
Fiona's Florals, a retail business, started a $250 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE June 1 June 5 June 8 June 15 June 22 June 25 June 29 June 30 Required: TRANSACTIONS Issued Check 550 for $250 to establish a petty cash fund. Paid $32 from the petty cash fund for office supplies, Petty Cash Voucher 1. Paid $33 from the petty cash fund for postage stamps, Petty Cash Voucher 2. Paid $20 from the petty cash fund for delivery service, Petty Cash Voucher 3. Paid $42 from the petty cash fund to the owner, Fiona Chu, for her personal use, Petty Cash Voucher 4. Paid $32 from the petty cash fund to have the store windows washed, Petty Cash Voucher 5. Paid $49 from the petty cash fund for delivery service, Petty Cash Voucher 6. Issued Check 590 for $208 to replenish the petty cash fund. 1. Record the transaction to establish the petty cash…
The custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency plus $ 472.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: