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.

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.

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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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.
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Problem - Journa ize the following transactions, assuming that the fim closes its books on June 30. 2021 June 1- A petty cash of P10,000 was established. 5- Disbursements were: Supplies Transportation Postage P2,000 1,500 3,000 P 200 2,800 15- Disbursements were: Representation IOUS of employees 20- The fund was rep enished. 30- Disbursements were: Transportation Postage Miscellaneous P2,800 4,500 1,000 The fund was not replenished. July 5- Replenished the fund and increased to P20,000. Required: Entries under both methods.
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.
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 include: Select one: O a. None of the answers are correct. O b. debit to Petty Cash for RO 750. O cebit 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.
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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
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
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 .
Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 19.00 2 Postage 3 Courier charges 4 Entertainment lunches 5 123.24 Office supplies On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. 72.00 147.33
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