Literature is a bookstore which buys and sells a variety of books and magazines. The business is a registered VAT vendor, and it is the policy of the business to buy only from other vendors who can provide tax invoices. September 2023 is the business's first month of trading. The bookkeeper has the following petty cash vouchers on file for the month. September 2023: list of petty cash vouchers Day Details Doc. no. Reason 3 Chemren Stationery PC1 Business stationery 5 Forsman's Garage PC2 Petrol for the delivery van 6 Grocery Mall PC3 Tea, coffee and sugar for staff 24 Chemren Stationery PC4 Business stationery 25 Forsman's Garage PC5 R 185.00 of this amount was for 30 John Penn PC6 petrol, and the remainder was for repairs to the business vehicle Part-time wages Amount paid (R) 400 280 806 334 1 480 1 500

Literature is a bookstore which buys and sells a variety of books and magazines. The business is a registered VAT vendor, and it is the policy of the business to buy only from other vendors who can provide tax invoices. September 2023 is the business's first month of trading. The bookkeeper has the following petty cash vouchers on file for the month. September 2023: list of petty cash vouchers Day Details Doc. no. Reason 3 Chemren Stationery PC1 Business stationery 5 Forsman's Garage PC2 Petrol for the delivery van 6 Grocery Mall PC3 Tea, coffee and sugar for staff 24 Chemren Stationery PC4 Business stationery 25 Forsman's Garage PC5 R 185.00 of this amount was for 30 John Penn PC6 petrol, and the remainder was for repairs to the business vehicle Part-time wages Amount paid (R) 400 280 806 334 1 480 1 500

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 3PA

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Take me to the text On May 1, 2019, Street Design set up a petty cash fund for $300. At the end of the first week, the petty c Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges Receipt for the purchase of stamps Receipt for travel to a client meeting $42 Receipt for the payment of newspaper advertising $79 Required Do not enter dollar signs or commas in the input boxes. a) Calculate any cash overage or shortage. Cash is Short ✔ by $13 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit, enter the debit accounts in alphabetical order. Account Title and Explanation Debit Credit Date 2019 May 1 May 7 Petty Cash Cash Set up the petty cash fund Advertising Expense Cash Over and Short ✓ Travel Expense ✔ ✓ ✔ V 300 To replenish the petty cash fund 79 Delivery Expense Office Supplies Expense ✔ 34 Stamps Expense ✔ 14 13 $100 $34 $14 $18 18 42 < 300 200
1) Blake's Shotgun Manufacturing Company guarantees that their guns will cause the ducks to "quack up". This company set up a petty cash fund on November 1, 2021. Following are the transactions that they had regarding the fund during the month of November, Prepare all the necessary journal entries. November 1-Established a petty cash by writing a check for $100 November 15- Replenished the petty cash by writing a check for $97. On this date, the petty cash fund had $3 of cash. They had the following receipts Postage $39; Electricity to charge the Tesla $28; Office supplies $21; and $10 for Entertainment. November 16-Increased the amount in the Petty Cash fund by $100 November 30-Replenished the Petty Cash Fund by writing a check for $196. On this date, the Petty Cash fund consisted of $4 cash and the following receipts: $102 for postage; $82 for electric for the Tesla; $10 for Entertainment
The Petty Cash box of Mini Book Store as of December 31, 2022 contains the following: receipt for transportation P800; receipt for photocopying P300; invoice for various expenses P1,500. Also included are bills and coins for 3,500. The general ledger account of PCF has a balance of 6,000. The company uses the imprest system. If the company replenished the PCF on December 31, 2022, how much is cash to be paid to the PCF custodian?
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 remaining in…
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 remaining in…
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 remaining in…
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 remaining in…
On July 1, 2024, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made out to the petty cash custodian. During July, the petty cash custodian paid the following bills from the petty cash fund: Office supplies $ 36 Postage 22 Delivery charges 40 Bottled water 28 Total $ 126 At the end of July the petty cash fund was replenished. The journal entry to establish the petty cash fund includes:
On June 1, Meadow Salad Dressings creates a petty cash fund with an imprest balance of $300. During June, Sunny Lewis, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $55. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Requirements 1. Explain the characteristics and the internal control features of an imprest fund. 2. On June 30, how much cash should the petty cash fund hold before it is replenished? 3. Journalize all required entries to create the fund and replenish it. Include explanations. -X 4. Make the July 1 entry to increase the fund balance to $400. Include an explanation, and briefly describe what the custodian does. Data table Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 Item…
Carla Vista's cash register tape showed sales of $59,000 on June 16 for charges to customers' MasterCards. The bank charges a service fee of 3%. Prepare the entry to record MasterCard credit card sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jun. 16 Debit Credit
Jul 13 The owner, Jen Beck, withdrew $2,000 cash for personal use, Check No. 78. Memorize the transaction for payments every two weeks. Next payment is July 27, 2022. Just tell me in quickbooks where do i record this transaction? bill (enter bills window) credit (enter bills window) bill pmt - check (pay bills window) check (write checks window) invoice (create invoices window) payment (receive payments window) sales receipt (enter sales receipts window) deposit (make deposit window) general journal (make general journal entries window) inventory adjust (adjust quantity/value on hand window) sales tax payment (pay sales tax window) paycheck (pay employees window) liability check (pay payroll liabilities window) transfer (transfer funds between accounts window) credit card charge (enter credit card charges window) credit memo (create credit memos/refunds window) discounts (receive payments window)