PPElectronics maintains a petty cash fund with a current balance of $1,000. Recent receipts include $240 for supplies, $180 for postage, and $160 forcleaning expenses. After these expenses, the remaining cash count in the fund is $220. Calculate the variance in the petty cash fund based on these records.

PPElectronics maintains a petty cash fund with a current balance of $1,000. Recent receipts include $240 for supplies, $180 for postage, and $160 forcleaning expenses. After these expenses, the remaining cash count in the fund is $220. Calculate the variance in the petty cash fund based on these records.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...

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Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is:
Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $200. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $60.00 Supplies purchased and used 25.00 Postage expense 33.00 I.O.U. from employees 17.00 Miscellaneous expense 36.00 The petty cash fund was replenished on April 10. The balance in the fund was $27. 3. The petty cash fund balance was increased $100 to $300 on April 20. Instructions Prepare the journal entries to record transactions related to petty cash for the month of April.
On April 1, Java Brewers created a petty cash fund starting with $100. On April 30, there was only $5 remaining in the petty cash box. The custodian of the fund presented vouchers to the company accountant for Supplies of $55 and Delivery Expenses of $40. The journal entry on April 30, to replenish the fund, would be: On April 1, Java Brewers created a petty cash fund starting with $100. On April 30, there was only $5 remaining in the petty cash box. The custodian of the fund presented vouchers to the company accountant for Supplies of $55 and Delivery Expenses of $40. The journal entry on April 30, to replenish the fund, would be: OPTION ACCOUNT TITLE DEBIT CREDIT (A) Petty cash 95 Cash 95 (B) Cash 95 Petty cash 95 (C) Delivery expenses 40 Supplies 55 Petty cash 95 (D) Delivery expenses 40 Supplies 55 Cash 95 Multiple Choice Option A. Option B. Option C. Option D.
Pelcher Company maintains a $480 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $126 for office supplies, $172 for merchandise inventory, and $86 for miscellaneous expenses. There is a cash overage of $8. Based on this information, the amount of cash in the fund before the replenishment is: Multiple Choice O O $480. $384. $96. $88. $104. Seved
Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Established the petty cash fund by writing a check payable to the petty cash custodian for $225. Replenished the petty cash fund by writing a check for $220.30. On this date, the fund consisted of $4.70 in cash and these petty cash receipts: freight-out $96, entertainment expense $48.70, postage expense $41.70, and miscellaneous expense $32.50. Increased the amount of the petty cash fund to $325 by writing a check for $100.00. Replenished the petty cash fund by writing a check for $309.30. On this date, the fund consisted of $15.70 in cash and these petty cash receipts: postage expense $139.80, entertainment expense $96.40, and freight-out $71.80. Aug. 1 (a) 15 16 31 Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers…
The petty cash fund at Brookshire Company has a designated balance of $250. The fund currently holds $118 in cash and $141 in petty cash tickets. Based on this information, which of the following statements is correct? A. To replenish the petty cash fund, the company must write a check, payable to Petty Cash, for $141. B. The total of the cash on hand plus petty cash tickets equals the designated fund balance. OC. The petty cash fund custodian must locate the $9 discrepancy. OD. A shortage of $9 exists.
Pelcher Co. maintains a $470 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $124 for office supplies, $168 for merchandise Inventory, and $84 for miscellaneous expenses. There is a cash overage of $10. Based on this information, the amount of cash in the fund before the replenishment Is: Multiple Choice $94. $84. O O $470. $376. $104.
Meng Co. maintains a $330 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $86 for office supplies, $172 for merchandise Inventory, and $26 for miscellaneous expenses. There is a cash shortage of $16. Based on this information, the amount of cash in the fund before the replenishment is: Multiple Choice $330. $62. O O O $30. $46. $284.
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…
Lyle 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 on Westown Bank for $202. 15 Replenished the petty cash fund by writing a check for $176. On this date, the fund consisted of $26 in cash and these petty cash receipts: freight-out $73.40, entertainment expense $35.00, postage expense $32.70 and miscellaneous expense $31.62. 16 Increased the amount of the petty cash fund to $402 by writing a check for $200. 31 Replenished the petty cash fund by writing a check for $284. On this date, the fund consisted of $118 in cash and these petty cash receipts: postage expense $144.00, entertainment expense $91.96, and freight-out $45.40. Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug .1 Aug .15 Aug .16 Aug .31 Post to the Petty…
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