Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. 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 $450 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.

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: BE8-5 On March 20, Pugh's petty cash fund of $100 is replenished when the fund contains $11 in cash…

A: The journal makes sure that all entries are logged, regardless of the size of the entity. The…

Q: Please see image

A: Introduction: Petty Cash Fund is Created and used for payment of small amounts of expenditures…

Q: Brooks Agency set up a petty cash fund for $440 on 9/9. At the end of the current period 9/30, the…

A: Lets understand the basics.Petty cash is maintained to incur the pretty expenses without bothering…

Q: resh Foods established a petty cash fund of $325 on January 2. On January 31, the fund contained…

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

Q: the petty cash fund of the wee ones agency was established on may1, 2023, at $75. at the end of the…

A: Journal Entries to Record the Establishment of the Fund  - Date May 1, 2023  1.   Petty Cash A/c…

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 April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden…

A: Please find the answers to the above questions below:

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Companies incur costs and expenses to run their business. Companies spend a small number of expenses…

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: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to record a business deal in a company's financial records. A…

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: Oriole Boxes uses a petty cash imprest system. The fund was established on February 14 with a…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: Fresh Foods established a petty cash fund of $85 on January 2. On January 31, the fund contained…

A: A petty cash fund is established by a company for petty expenses. This is done to pay for day-to-day…

Q: Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash being an asset is debited when it increases and credited when it decreases likewise, cash…

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: Journalize the entries to record the following: Required: a. On March 1, check is issued to…

A: Petty cash funds are those funds which are maintained for small petty expenses of the business.…

Q: following cash payments Maintenance expense oftice supplies Transportation expense $24.90 33.20 16.0…

A: Revenue-Expenses=Net Income

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: Nosh Company maintains a petty cash fund for small expenditures. These transactions occurred during…

A: Day to day expenses of an company was managed by keeping effective petty cash fund in which all the…

Q: on March 20, bramble's petty cash fund of $113 is replenished when fund contains $13 in cash, and…

A: The objective of the question is to create an accounting journal entry for the replenishment of…

Q: Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to capture a business transaction in the accounting records of…

Q: Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $83 in…

A: Petty Cash fund is a small amount of cash which is held to meet the small incidental expenses in the…

Q: A company establishes a petty cash fund for $480. By the end of the month, employees had made the…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: are (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the…

A: The establishment of a petty cash fund is making cash available for small expenses that occur for…

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

A: Answer a:

Q: Provide all 3 graphs

A: May 2. The establishment of the petty cash fund is recorded as debit to Petty Cash Fund and credit…

Q: Blake Company established a petty cash fund in the amount of $400. At the end of the accounting…

A: the correct option with necessary working are as follows

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: Answer:- Petty cash is a small amount of cash that is kept on hand by a business or organization to…

Q: Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The…

A: Petty cash fund is the cash kept aside for petty/ small expenses. Petty cash is replenished by…

Q: A $250 petty cash fund has cash of $15 and receipts of $230. The journal entry to replenish the…

A: Particulars  Debit (in $) Credit (in $) Expenses  Cash short and over [250 - (230+15)]…

Q: Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows…

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

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

Q: Concord Corporation uses an imprest petty cash system. The fund was established on March 1 with a…

A: Petty cash means where the separate cash book is maintained which is usually deals with the small…

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.