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Q: petty cash fund. Di
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- Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund is? A Dr petty cash account and Cr cash account; 350 B Dr cash account and Cr petty cash account; 350 C Dr petty cash expense account and Cr petty cash account; 350 D Dr petty cash account and Cr petty cash expense account; 350T. 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 September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. 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…
- 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.On September 29, the company determined that the petty cash fund needed to be increased to $1,000. What is the correct journal entry?Indicate the impact each transaction had on net income.Prepare the journal entries for each of the petty cash transactions.This is a 2 part question. Clark Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $450 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $160 for janitorial services. May 15 b. Paid $120 for miscellaneous expenses. May 15 c. Paid postage expenses of $80. May 15 d. Paid $ 41 to Facebook for advertising expense. May 15 e. Counted $63 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $600. May 31 The petty cashier reports that $ 240 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $205. May…
- Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 - Established the petty cash fund by writing a check payable to the petty cash custodian for $205. Aug 15. - Replenished the petty cash fund by writing a check for $201.30. On this date, the fund consisted of $3.70 in cash and these petty cash receipts: freight-out $93.00, entertainment expense $47.10, postage expense $40.80, and miscellaneous expense $18.80. Aug 16- Increased the amount of the petty cash fund to $325 by writing a check for $120.00. Aug 31- Replenished the petty cash fund by writing a check for $308.70. On this date, the fund consisted of $16.30 in cash and these petty cash receipts: postage expense $139.20, entertainment expense $95.20, and freight-out $72.50.Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.55. Receipts: delivery expense $27.05, postage expense $38.30, and miscellaneous expense $29.90. July 1: Cash in fund $4.05. Receipts: delivery expense $22.50, entertainment expense $47.50, and miscellaneous expense $25.95. On July 10, Skysong increased the fund from $100 to $130.Prepare journal entries for Skysong Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a…Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund is: O Dr petty cash expense account and Cr petty cash account, 350 Dr petty cash account and Cr petty cash expense account, 350 Dr cash account and Cr petty cash account, 350 Dr petty cash account and Cr cash account; 350
- Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund:Freight-Out RO 72Supplies Expense 102Entertainment of Clients 110Postage Expense 51InstructionsPrepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.Palmona Company establishes a $170 petty cash fund on January 1. On January 8, the fund shows $69 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. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $220. Hint. Make two entries. View transaction list Journal entry worksheetPalmona 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 >