Ovy Inc. established a $175 petty cash fund on August 15, 2012. On August 31, 2012, the fund  contained receipts for the following: newspaper advertising $62, postage $26, office supplies $47. A  cheque was prepared to reimburse the fund and increase the balance to $200. Required: 3. Record the journal entry on August 15 to establish the fund. 4. Record the journal entry on August 31 assuming there was $35 cash in the petty cash box. 5. Record the journal entry on August 31 assuming there was $45 cash in the petty cash box

Q: pany set up a petty cash fund for payments of small amounts. The following transactions invo ccurred…

A: Petty cash fund is that fund which is established for small petty expenses in the business. Imprest…

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the…

A:

Q: On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the…

A: Petty cash fund is a fund maintained by the cashier in an organization to pay the regular…

Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: On July 1, 2024, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made…

A: A debit to petty cash and a credit to cash for $150 General JournalDebitCreditPetty cash$150 Cash…

Q: Cameron Co. established a $160 petty cash fund on January 1, 2023. One week later, on January 8, the…

A: The objective of the question is to prepare the journal entry to establish the petty cash fund on…

Q: On January 1, 2020, Jonas Company established a petty cash fund of $500. By March 31, 2020, when the…

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

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,400. A. On…

A: Petty cash spent in a.=$1,400-$234=$1,166

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Pass necessary journal entry to record replenishment of cash fund.

Q: 1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund…

A: Given: Petty Cash fund:$230 Entertainment Expense:$42 Postage :$29 Printing:$27

Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…

A: Solution:- preparation of journal entries as Follows under:-

Q: On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $350. During…

A: The imprest fund system helps streamline small cash transactions and reduces the need for frequent…

Q: Cheyenne Company established a petty cash fund on May 1, cashing a check for $115. The company…

A: Petty cash account is debited if the established a petty cash fund or increases the a petty cash…

Q: 1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund…

A: The petty cash fund is used for different small expenses and is replenished every month. it helps to…

Q: Assume that the custodian of a $465 petty cash fund has $67.50 in coins and currency plus $391.50 in…

A: The petty cash balance is maintained for day to day cash transactions of the business.

Q: establish a petty following information pertains to the fund. 1) On April 1, 2021, a petty cash fund…

A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…

Q: On November 2, 2010 Resort established a petty cash fund of RO On November 31, 2018, the amount…

A: Answer: As we can see in the question that the opening balance in petty cash fund was RO 750 and the…

Q: EcoMart establishes a $2,000 petty cash fund on May 2. On May 30, the fund shows $840 in cash along…

A: Petty Cash Fund Is a Small Amount Of Money Available For Paying Small Purchases. For example -…

Q: A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: On October 1, 20--, a check was written in the amount of $300 to establish a petty cash fund. During…

A: Part a ) Journal Entry to establish a petty cash fund Date Account Debit Credit Jan-01 Petty…

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance…

A: Solution: Petty cash fund is established to provide business with sufficient to cash to meet minor…

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

Q: s established at $100. After the first month, the cash in the petty cash box amounted to $21. The…

A: A Petty cash fund is established to take care of the daily small expenses of a firm. This is…

Q: Corbett Corp. set up a $500 petty cash fund on October 1, 2022. They replenish the petty cash fund…

A: Petty Cash book is a small cash book that many companies maintain to record small day-to-day…

Q: Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry,…

A: Step 1 Journal is the part of the book keeping.

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: petty cash fund. Di

A: 1.Establish petty cash fund 2.Record petty cash expenses 3.Replenish petty cash fund

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Journal entries in the books of Kellie Company Date Particulars   LF Dr. Cr. 02-Jun Petty…

Q: Required: Prepare the journal entry to replenish the fund at the end of September. Note: If no…

A: Petty cash is a nominal sum which is preserved in hand to cover minor expenses, such as…

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: Petty cash fund  It is a certain amount of fund which is kept aside for meeting small and day to day…

Q: Moose, Inc. established a $250 petty cash fund three months ago. Today, April 21, the petty cash…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash box over to Bob…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Petty Cash Fund Entries Journalize the entries to record the following: Check is issued to…

A: Answer a:

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.