Palmona Co. establishes a $200 petty cash fund on January 1. Palmona uses the perpetual system in accounting for merchandise inventory. What is the journal entry to record the increase in the fund balance to $450 on January 8?   A. Debit Cash $250; credit Petty Cash $250   B. Debit Petty Cash $250; credit Cash $250   C. Debit Petty Cash $250; credit Accounts Payable $250   D. Debit Miscellaneous Expense $250; credit Cash $250

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: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…

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

Q: Palmona Co. establishes a $290 petty cash fund on January 1. On January 8, the fund shows $189 in…

A: Petty cash has already been made for $290 and it has been increased to $340. So Petty cash should be…

Q: Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash fund is used to manage the daily basis of small expenses. In this, a certain amount 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: Jeremiah Restoration Company completed the following selected transactions during January: Jan.…

A: Petty Cash Petty cash is refer as the small amount of money which are used for an expenditure, where…

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: Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts…

A: Journal entry: Journal is the day book in which daily transactions are recorded in the chronological…

Q: Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash is the type of cash which is kept in the firm to pay for day to day expenses or those…

Q: Jeremiah Restoration Company completed the following selected transactions during January:Jan. 1.…

A: Petty cash fund:Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Cedar Springs Company completed the following selected transactions during June: June 1.…

A: Date General Journal       Debit Credit                     1-Jun Petty cash       1,310…

Q: Waupaca Company establishes a $390 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

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: Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash…

A: Date Accounts title and Explanation Debit ($) Credit ($) Aug 01 Petty Cash $100…

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: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

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

A: Journal: Recording of a business transactions in a chronological order.

Q: Selected transactions completed by Kornett Company during its first fiscal year ended December 31,…

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

Q: Prepare the journal entries for August.

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows…

A: The question is based on the concept of Financial Accounting.

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

A: Established  petty  cash = 400 Petty cash  debit  400

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: Waupaca company establishes a $350 petty cash fund on September 9. On September 30, The phone shows…

A:

Q: waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows…

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: QUESTION7 ESG company sold merchandise for $4,000 cash, which has a cost basis of $2,000. The…

A: (1) ESG  company sold the goods for $4000 of which cost is $2000. The following Journal entry will…

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

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

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: Cedar Springs Company completed the following selected transactions during June:June 1. Established…

A: Journal entry 1: Establish petty cash fund.

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

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

Q: Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is…

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

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

A: Journal entries related to petty cash are as under:

Q: Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on…

A: On establishment of petty cash fund the cash will go to petty cash fund.

Q: Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the…

A: Petty Cash Fund: It is common for small businesses to keep a modest amount of money on hand (for…

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

A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

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

A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…

Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…

A: Lets understand the basics. Petty cash is created from the cashbook. It is a cash which will going…

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 accounting records.…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…

A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…

Q: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…

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

Q: Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

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.