Mountain View Consulting established a petty cash fund of $800. At the end of the month, the fund contained $135 in cash and receipts for office supplies ($187), courier services ($226), and client meals ($242). What is the amount of the discrepancy in the petty cash fund?

Mountain View Consulting established a petty cash fund of $800. At the end of the month, the fund contained $135 in cash and receipts for office supplies ($187), courier services ($226), and client meals ($242). What is the amount of the discrepancy in the petty cash fund?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...

See similar textbooks

Similar questions

On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. 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. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 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. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
The petty cash administrator at Evergreen Business Solutions performed the weekly reconciliation. The fund was established at $950, with receipts showing staff refreshments $210, postage $145, and parking fees $265. When counting the remaining cash, only $275 was found. The manager asked to determine the discrepancy amount.
Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is:
Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash remaining and petty cash receipts for postage $31, office supplies $22, and miscellaneous expense $40.Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1Aug. 31 Aug. 1Aug. 31
Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $16 cash remaining and petty cash receipts for postage $41, office supplies $22, and miscellaneous expense $31.Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1Aug. 31 Aug. 1Aug. 31
The petty cash custodian at Ethos Office Services conducted the monthly reconciliation. The fund was established at $1,150, with receipts showing office supplies $285, courier services $175, and maintenance supplies $320. Upon counting the remaining cash, only $190 was found. The supervisor requested to identify the discrepancy amount.
Fresh Foods established a petty cash fund of $325 on January 2. On January 31, the fund contained cash of $135.25 and vouchers for the following cash payments. Maintenance expense $ 62.75 Office supplies 89.60 Transportation expense 33.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment. b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)
During March, Anderson Company engaged in the following transactions involving its petty cash fund: On March 1, Anderson Company established the petty cash fund by issuing a check for $1,500 to the fund custodian. On March 4, the custodian paid $90 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment. On March 12, the custodian paid $140 out of petty cash for office supplies. Anderson expenses supplies purchases as supplies expense. On March 22, the custodian paid $29 out of petty cash for express mail services for reports sent to the Environmental Protection Agency. This is considered a miscellaneous expense. On March 25, the custodian filed a claim for reimbursement of petty cash expenditures during the month totaling $259. On March 31, Anderson issued a check for $259 to the custodian, replenishing the fund for expenditures during the month. Required: Prepare the journal entries required to record the petty cash account…
A company establishes a petty cash fund for $480. By the end of the month, employees had made the following expenditures from the fund: supplies, $132; fuel for deliveries, $121; postage, $72; miscellaneous, $40. Required: Record the entry to recognize employee expenditures from the petty cash fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > A Record the entry to recognize expenditures from the petty cash fund. Note: Enter debits before credits. Transaction General Journal Debit Credit
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 $300 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 $88 for janitorial expenses. b. Paid $53.68 for miscellaneous expenses. c. Paid postage expenses of $53.50. d. Paid $47.15 to Facebook for advertising expense. e. Counted $62.15 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $500. 31 The petty cashier reports that $288.20 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 $147.36. g. Reimbursed the office manager for mileage expense, $23.50. h. Paid $34.75 in delivery expense for products to a customer, terms FOB destination. 31 The…