Libby Company established a petty cash fund on January 2 by cashing a check for NT$3,500. During January, the following expenditures were paid out of the fund. The cashier handling the fund found that the amount left on January 31 was NT$350. The fund was replenished on January 31. Prepare the journal entries for the above transactions. January 3 14 19 23 29 Stamp... Freight-out Papers... Stationery Miscellaneous. $450 550 950 880 320

Libby Company established a petty cash fund on January 2 by cashing a check for NT$3,500. During January, the following expenditures were paid out of the fund. The cashier handling the fund found that the amount left on January 31 was NT$350. The fund was replenished on January 31. Prepare the journal entries for the above transactions. January 3 14 19 23 29 Stamp... Freight-out Papers... Stationery Miscellaneous. $450 550 950 880 320

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

3.-The objective of accounts receivable management is to collect receivables as soon as possible without losing sales by applying high-pressure collection techniques. True or false?
Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to another
Which of the following credit checks would be considered a soft check? A. Vehicle loan application B. job application C. student loan application D. Credit card application I don't need explanation just the answer :)
E8B. ACCOUNTING CONNECTION Developing a convenient means of reimbursing sales representatives with cash for their incidental expenses, such as for meals and supplies, is a problem many companies face. Under one company's plan, the sales representatives submit the receipts for reimbursement to the petty cash custodian. The representative then receives cash from the petty cash fund. What is the weak point in this system? What fundamental principle of internal con- trol is being ignored? What improvement in the procedure can you suggest?
Review the following statements regarding a petty cash fund used in a business. Select the one that is correct. O A petty cash fund is controlled by top management. O The cashier of a fund will write checks for small payments like postage, supplies and deliveries, O Only the petty cashier is responsible for paying cash from the fund. OA check written against the fund is cashed when the fund is replenished.
The auditor must mail cash confirmations, but the client may mail long-term debt confirmations. Question 44 options: True False
Sales Discounts is a revenue account with a credit balance. True False 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.
The Cash Over and Short account: Multiple Choice Is used to record the income effects of cash overages and cash shortages. Is not necessary in a computerized accounting system. Can never have a credit balance. Is used when the cash account reports a credit balance. Can never have a debit balance.
A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609