On January 1, 2020, Jonas Company established a petty cash fund of $500. By March 31, 2020, when the fundwas replenished, the following petty cash vouchers had been issued: January 26, postage, $48; February 16,postage, $52; February 6, airport limousine fares, $24; January 18, office supplies, $67; March 8, postage. $38;March 4, local express delivery charges on purchases, $65. There was $209 in coins and currency left in petty cashbefore replenishment.Required:a. Prepare the joumal entries to record the transactions relating to Jonas Company's petty cash fund for thefirst quarter of 2020.b. On April 1, the size of the petty cash fund was decreased to $425. What journal entry (if any) isnecessary to record this action?

Establishment of Petty Cash FundOn January 1, 2020, Jonas Company established a petty cash fund of…

Answered: On January 1, 2020, Jonas Company…

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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Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $130 for office supplies, $180 for merchandise inventory, and $90 for miscellaneous expenses. There is a cash overage of $6. The journal entry to replenish the fund on January 31 is: 4 Multiple Choice O O Seved Debit Office Supplies Expense, $130; Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90, Debit Cash over and short, $6; Credit Petty cash, $406. Debit Office Supplies Expense, $130; Debit Merchandise Inventory, $180, Debit Miscellaneous expenses, $90, Debit Cash over and short, $6; Credit Cash, $406. Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90; Credit Cash over and short, $6; Credit Petty cash, $394. Debit Office Supplies Expense, $130; Debit Merchandise Inventory. $180; Debit Miscellaneous expenses. $90; Credit Cash over and short, $6; Credit Cash, $394. Debit…
Willard Company established a $440 petty cash fund on September 9, 2020. On September 30, the fund had $175,40 in cash along with receipts for these expenditures: transportation-in, $35.70, office supplies. $124.90, and repairs expense. $97.00. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < Record the entry to establish the fund. Note: Enter debits before credits Date Debit Credit Sep 09, 2020 ✪ General Journal
The petty cash fund of $200 for George Company appeared as follows on December 31, 2020: Cash $59.40 Petty cash vouchers Delivery Expense $27.60 Postage 40.00 Balloons for a special occasion 68.00 (b) Prepare the general journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Enter answers to 2 decimal places, e.g. 25.20.) Account Titles and Explanation Debit Credit
Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in cash along with receipts for the following expenditures: postage, $41; transportation - in, $11; delivery expenses, $13; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare the entry to establish the fund on January 1. Prepare the entry to reimburse the fund on January 8 under two separate situations: To reimburse the fund. To reimburse the fund and increase it to $230. Hint: Make two entries
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:Utilities (credit card) $435Entertainment (petty cash) 44Stamps (petty cash) 59Plumbing repair services (credit card) 630Required:1. Record the establishment of the petty cash fund on April 3.2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30.3. Record petty cash expenditures during the month.
The trial balance of MasqueCompany at December 31, 2021includes the following accounts: Petty cash fund –P15,000; Cash on hand –P190,700; Metrobank current account –P310,200; Allied Bank current account #1 –P320,000; Allied Bank current account #2 –P40,000 credit; Security Bank savings account –P150,000. Additional information: 1.The petty cash fund consisted of the following items as of December 31, 2021: •Currency and coins, P8,500• Employees’ advances, P1,800 •Currency in an envelope marked “collections for charity” with employees’ names attached, P2,000 •Unreplenished petty cash vouchers, P2,240 •Replenishment check drawn by MasqueCompany payable to the petty cashier, P2,320 2.Cash on hand includes the following items: •Customer’s check for P30,000 returned by bank on December 26, 2021 due to insufficient funds, but subsequently redeposited and cleared by the bank on January 10, 2022. •Postal money orders received from customers, P18,000• Customer’s check for P15,000 dated…
Assume that the custodian of a $450 petty cash fund has $57.10 in coins and curency plus $387.00 in recipts at the end of the month. The entry to replenish the petty cash fund will include:?
Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund had $159.40 in cash along with receipts for these expenditures: transportation-in, $32.45; office supplies, $113.55; and repalrs expense, $87.60. Willard uses the perpetual method to account for merchandise Inventory. The petty cashier could not account for the $7.00 shortage In the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet 1 Record the entry to establish the fund. Note: Enter debits before credits. Date General Journal Debit Credit Sep 09, 2020 Record entry Clear entry View general jourmal
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) $ 435 44 59 630 Required: Record the establishment of the petty cash fund on April 3, all expenditures made during the month, and the replenishment of the petty cash fund on April 30. The credit card balance is paid in full on April 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. credit to Cash for RO S00. O c redit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.
EcoMart establishes a $1,900 petty cash fund on May 2. On May 30, the fund shows $790 in cash along with receipts for the following expenditures: transportation-in, $154; postage expenses, $556; and miscellaneous expenses, $410. The petty cashier could not account for a $10 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint. Credit Cash Over and Short for $10 and credit Cash for $1,110], and (3) June 1 entry to increase the fund to $2,220. View transaction list Journal entry worksheet 1 2 Record the May 2 entry to establish the fund. Date May 02 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
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

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