10:59 PMC 90%Petty Cash Record and Journal EntriesOn May 1, a petty cash fund was established for$200.00. The following vouchers were issued duringMay:Date Voucher No.PurposeAmountMay 11Postage due3.703Office supplies11.00Auto repair (miscellaneous)41.0074Drawing (Joy Adams)21.0011Donation (Red Cross)10.00156Travel expenses24.00227Postage stamps3.20268Phone call4.00309.Donation (Boy Scouts)21.00Required:1. Prepare the journal entry to establish the petty cashfund.Page:DOC. POST.NO. REF.DATEACCOUNT TITLEDEBITCREDIT1 20-- May 12.3Establish petty cash fund3442. Record the vouchers in the petty cash record. Totaleach column and determine the balance beforereplenishing the petty cash fund.Petty Cash PaymeVoucherTotalOfDayDescriptionNumberAmountSup1 Received in fund$ 200.001Postage due13 Office supplies5Auto repair3J. Adams, Drawing411 Donation (Red Cross)Av2.cengagenow.com k 4 Assignment BEstablish petty cash fund42. Record the vouchers in the petty cash record. Total each column and determinethe balance before replenishing the petty cash fund.Petty Cash Payments For The Month Of MayDistributioCharitableVoucherTotalOfficePostage ContributionsPhorDay1 Received in fundDescriptionNumberAmountSuppliesExpenseExpenseExper$ 200.001 Postage due3 Office supplies25 Auto repair3.7 J. Adams, Drawing411 Donation (Red Cross)15 Travel expenses622 Postage stamps26 Phone call830 Donation (Boy Scouts)931 Balance31 Replenished FundTotal$3. Prepare the journal entry to replenish the petty cash fund. Then record theamount in the petty cash record in part 2.Page:DOC. POST.NO. REF.DATEACCOUNT TITLEDEBIT CREDIT120-- May 31234678.8.9Replenish petty cash fund9.1010

The petty cash fund is created to maintain the cash for day to day smaller cash transactions of the…

On May 1, a petty cash fund was established for $200.00. The following vouchers were issued during May: Date Voucher No. Purpose Amount May 1 Postage due $ 3.70 2. Office supplies 11.00 3 Auto repair (miscellaneous) 41.00 7 Drawing (Joy Adams) 21.00 11 Donation (Red Cross) 10.00 15 6. Travel expenses 24.00 22 7 Postage stamps 3.20 26 8 Phone call 4.00 30 Donation (Boy Scouts) 21.00 Required: 1. Prepare the journal entry to establish the petty cash fund.

On May 1, a petty cash fund was established for $200.00. The following vouchers were issued during May: Date Voucher No. Purpose Amount May 1 Postage due $ 3.70 2. Office supplies 11.00 3 Auto repair (miscellaneous) 41.00 7 Drawing (Joy Adams) 21.00 11 Donation (Red Cross) 10.00 15 6. Travel expenses 24.00 22 7 Postage stamps 3.20 26 8 Phone call 4.00 30 Donation (Boy Scouts) 21.00 Required: 1. Prepare the journal entry to establish the petty cash fund.

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

Fiona's Florals, a retail business, started a $250 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE June 1 June 5 June 8 June 15 June 22 June 25 June 29 June 30 Required: TRANSACTIONS Issued Check 550 for $250 to establish a petty cash fund. Paid $32 from the petty cash fund for office supplies, Petty Cash Voucher 1. Paid $33 from the petty cash fund for postage stamps, Petty Cash Voucher 2. Paid $20 from the petty cash fund for delivery service, Petty Cash Voucher 3. Paid $42 from the petty cash fund to the owner, Fiona Chu, for her personal use, Petty Cash Voucher 4. Paid $32 from the petty cash fund to have the store windows washed, Petty Cash Voucher 5. Paid $49 from the petty cash fund for delivery service, Petty Cash Voucher 6. Issued Check 590 for $208 to replenish the petty cash fund. 1. Record the transaction to establish the petty cash…
Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.
Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed
Please help
Petty cash book transactions in Prime books entries?
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
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
6
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 .