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. redit to Cash for RO 500. O credit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.

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. redit to Cash for RO 500. O credit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.

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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On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data: Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to replenish the account would indude: Select one: O a None of the answers are correct. O b. debit to Petty Cash for RO 750. O c debit to Cash Over and Short for RO 8. O d. credit to Cash for RO 52. O e. credit to Cash Over and Short for RO 8.
Required: Prepare a compound adjusting journal entry to correct the petty cash fund balance as of December 31, 2018.
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.
A $187 petty cash fund has petty cash on hand of $20 and receipts of $162. The journal entry to replenish the fund would include a O a. debit to Cash for $20. O b. debit to Cash Short and Over for $5. O e credit to Petty Cash for $162. O d. credit to Cash for $187.
The petty cash fund of $200 for Ginther Company appeared as follows on December 31, 2014: Cash $61.60 Petty cash vouchers Freight in $27.40 Postage 45.00 Balloons for a special occasion 63.00 Instructions Briefly describe when the petty cash fund should be replenished. Because there is cash on hand, is there a need to replenish the fund at year end on December 31? Explain. (2 marks) Prepare in general journal form the entry to replenish the fund. (3 marks) On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate journal entry. (2 marks)
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.
Vishu
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.
The custodian of a $735 petty cash fund discovers that the fund has $157.50 in coins and currency plus $553.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Cash for $530. A debit to Petty Cash for $553.50. A credit to Cash Over and Short for $578. A credit to Cash for $553.50 A dohit to Cach Over and Short for $24.00 Help I Save & Exit
Submit it in excel form
A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash Short and Over for $3 debit to Cash Short and Over for $3 credit to Cash for $116 credit to Petty Cash for $126
Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket: On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense .