Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The following petty cash transactions were noted by the petty cash custodian during the month of April 2024: Apr. 1 10 15 Received cash of $205 to establish the petty cash fund. The petty cash fund was replenished when there was $80 on hand and the following receipts: a) $32 for supplies b) $52 for freight in charges c) $27 for postage The petty cash fund was increased to $246

Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The following petty cash transactions were noted by the petty cash custodian during the month of April 2024: Apr. 1 10 15 Received cash of $205 to establish the petty cash fund. The petty cash fund was replenished when there was $80 on hand and the following receipts: a) $32 for supplies b) $52 for freight in charges c) $27 for postage The petty cash fund was increased to $246

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

Please help me
On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. 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…
Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $288. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $4297; miscellaneous selling expense, $123; miscellaneous administrative expense, $77. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. 88 b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.
i need the answer quickly
Man
The following information were taken from Bach Co.: Bach established a petty cash fund on May 2, 2021, amounting to P5,000. Expenditures from the fund by the custodian as of May 31, 2021, were evidenced by approved petty cash vouchers for the following: Page 6 of 11 Office supplies P1,960 Meals and snacks 600 Shipping charges 1,149 Miscellaneous 763 On May 31, 2021, the petty cash fund was replenished. Currency and coins in the fund at that time totaled P378. The bank statement from Sulfur Bank is shown below: Disbursements Receipts Balance Balance, May 1, 2021 Deposits Note payment direct from customer (interest of P600) Checks cleared during May Bank service charges Balance, May 31, 2021 P175,380 P560,000 18,600 P623,000 540 P130,440 The cash balance as found in Bach's records shows the following information: P177,000 Balance, May 1, 2021 May deposits Checks written in May 615,080 636,700 Deposits in transit are determined to be P60,000, and checks outstanding on May 31 totaled…
answer in text form please (without image), Note: .Every entry should have narration please
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:
On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $372, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $132. 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 $180. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $252, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $192. 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…
Sandhill Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $88. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Feb. 15 1 Supplies $12 18 2 Postage expense 7 20 3 Freight in (assume perpetual inventory system) 24 21 4 Supplies 11 22 5 Delivery charges on outgoing freight 14 27 6 Supplies 21 Record the journal entry on February 14 to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Feb. 14 eTextbook and Media List of Accounts Debit Credit Record the journal entry on February 28 to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $250 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list Journal entry worksheet 1 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date Jan 01 Record entry 4 General Journal Clear entry Debit Credit View general journal >
6