Answered: On April 2, Granger Sales decides to…

On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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

On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting.
a. Journalize the establishment of the fund.
Apг. 2

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2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
2., On November 30, XYZ, Inc.'s petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund.
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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…
000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25. April 1 Prepared a company check for $300.00 to establish the petty cash fund. April 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. Paid $84.50 for cleaning services. Paid $84.00 for postage expense. Paid $103.15 for office supplies. Counted $23.35 remaining in the petty cash box. April 25 The company decides to increase the fund by $100.
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 >
7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus
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