Subject: acounting Current Attempt in ProgressNancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The following pettycash transactions were noted by the petty cash custodian during the month of April 2024:Apr. 11015Received 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 suppliesb) $52 for freight in chargesc) $27 for postageThe petty cash fund was increased to $246Prepare the journal entries required for the above transactions. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If noentry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount TitlesDebitCredit

The journal entry typically includes the date of the transaction, a description of the transaction,…

Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The cash transactions were noted by the petty cash custodian during the month of April 2024: Apr. 1 10 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

Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The cash transactions were noted by the petty cash custodian during the month of April 2024: Apr. 1 10 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

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.5E

See similar textbooks

Related questions

Q: ow to do a P&L statement

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: What is crj

A: Crj means cash receipt journal .

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: Discuss the General overview of IFMIS

A: The IFMIS usually sets up a centralized system to support various management processes.

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: Define basis point

A: Answer: A base value is an approximate number, also used as an initial index value. All potential…

Q: Define customers

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Define Pooling of interests method

A: The pooling of interest is a technique used for the M&A between two companies. In this method,…

Q: Need help for part C an D

A: In case of realisation of assets, outsider liabilities have first right on such realisation , such…

Q: explain

A: It is identified that many of the criteria given in the Table I can be met simultaneously. For…

Q: Describe about the NOL.

A: NOL means Net Operating Loss. This is a situation when company's deductions are more than it's…

Q: 1. Why is there a cost associated with retained earnings? 2. What is Coleman's estimated cost of…

A: Given: The firm tax rate is 25% The current price of coleman’s is 12% The current price of firm is…

Q: What is a CMO?

A: A collateralize mortgage obligation (CMO) refers to a type of mortgage-backed security that contains…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

Q: Define Classifi ed balance sheet

A: Financial statements are statements which report the profitability and financial position of…

Q: Working/Application of ABC analysis?

A: Solution Activity based coating (ABC) is a method of assigning overhead and indirect cost -Such as…

Q: ll informtion of recievable analysis and example

A: Answer: Receivables are those assets that represents the money that the customers have to pay off to…

Q: Define Prepayments.

A: Step 1 The outflow of money to reduce the liabilities occurred in the current accounting period…

Q: how to find ADF

A: ADF = present value annuity factor for 1$ PV = A * 1 - (1+r)-nr where , PV = ADF = present value…

Q: Define transaction

A: A transaction is an instance of buying or selling something.

Q: Define principal

A: Principal can refer to an amount of money you invest, the face amount of a bond, or the balance you…

Q: Define discriminant function

A: DISCRIMINANT FUNCTION- If we have a set of K classes then we may define a set of K discriminant…

Q: audit pl

A: Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Subject: acounting

Current Attempt in Progress
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
Prepare the journal entries required for the above transactions. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles
Debit
Credit

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Solution

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On May 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 $80. 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 $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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 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.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.
Petty Cash Fund Minsky Ltd. maintains a balance of $2,500 in its petty cash fund. On December 31, Minsky's petty cash account has a balance of $216. Minsky replenishes the petty cash account to bring it back up to $2,500. Minsky classifies all petty cash transactions as miscellaneous expense. Required: What journal entry is made to record the replenishment of the petty cash fund?
The petty cash fund of Ricco's Automotive contained the following items at the end of September 2024: Currency and coins $ 80 Receipts for the following expenditures: Delivery charges $ 27 Printer paper 22 Paper clips and rubber bands 15 64 Lent money to an employee 36 Postage 43 Total $ 223 The petty cash fund was established at the beginning of September with a transfer of $223 from cash to the petty cash account. Required: Prepare the journal entry to replenish the fund at the end of September. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Please don't provide solution in an image format thank you
Journalize the entries to record the following: Required: a. On March 1, check is issued to establish a petty cash fund of $1,035.* b. On April 1, The amount of cash in the petty cash fund is now $100. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $529; miscellaneous selling expense, $210; miscellaneous administrative expense, $163. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,035, record the discrepancy in the cash short and over account.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Journalize the entries to record the following: Required: a. On March 1, check is issued to establish a petty cash fund of $1,290.* b. On April 1, The amount of cash in the petty cash fund is now $303. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $427; miscellaneous selling expense, $365; miscellaneous administrative expense, $165. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,290, record the discrepancy in the cash short and over account.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120…
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 $1,300. b. The amount of cash in the petty cash fund is now $442. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $498; miscellaneous selling expense, $206; miscellaneous administrative expense, $129. (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 blank. 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.
Instructions Journalize the necessary entries for each of the following: Required: a. On March 1, issued a check to establish a petty cash fund of $1,410.* b. On April 1, the amount of cash in the petty cash fund is $440. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $850, and miscellaneous selling expense, $80. Record any missing funds in the cash short and over account.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal a. On March 1, issued a check to establish a petty cash fund of $1,410. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used…