Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare all the necessary journal entries.

Prepare all the necessary journal entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
As a step to safeguard the company's cash balance, the Raj Company established an imprest petty cash fund in May 2023. The company follows a fiscal period. Assume that the end of the accounting period is on September 30, 2023. The company, from August 2023 through October 2023, completed the following transactions related to petty cash. 2023 August 21 The company established an imprest petty cash fund. Issued a check payable to the petty cash custodian. The petty cash custodian paid the following from petty cash fund, all supported by properly approved petty cash vouchers: 21- August September 15 16 September 16-30 October September 30 9 Transportation Representation Freight for merchandise purchased Computer repairs The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check was received The petty cash custodian paid the following from petty cash fund. Office supplies Transportation Meals and snacks A count of the petty cash fund revealed the following composition: Bills and coins Petty cash vouchers for Office supplies Meals and snacks Transportation The fund was not replenished on this date. Moreover, % of the office supplies was used in the business. The fund is replenished and increased to P30,000. The composition of the fund is as follows: Bills and coins Representation Office supplies Transportation Meals and snacks Repairs Required: Prepare all the necessary journal entries. P25,000 P 5,500 3,900 5,900 2,800 P5.300 1,050 2,900 P15,750 5,300 2,900 1,050 P 620 5,400 8,100 1,180 3,000 6,700
Transcribed Image Text:As a step to safeguard the company's cash balance, the Raj Company established an imprest petty cash fund in May 2023. The company follows a fiscal period. Assume that the end of the accounting period is on September 30, 2023. The company, from August 2023 through October 2023, completed the following transactions related to petty cash. 2023 August 21 The company established an imprest petty cash fund. Issued a check payable to the petty cash custodian. The petty cash custodian paid the following from petty cash fund, all supported by properly approved petty cash vouchers: 21- August September 15 16 September 16-30 October September 30 9 Transportation Representation Freight for merchandise purchased Computer repairs The petty cash custodian submitted the above paid petty cash vouchers to request for replenishment of the fund. A check was received The petty cash custodian paid the following from petty cash fund. Office supplies Transportation Meals and snacks A count of the petty cash fund revealed the following composition: Bills and coins Petty cash vouchers for Office supplies Meals and snacks Transportation The fund was not replenished on this date. Moreover, % of the office supplies was used in the business. The fund is replenished and increased to P30,000. The composition of the fund is as follows: Bills and coins Representation Office supplies Transportation Meals and snacks Repairs Required: Prepare all the necessary journal entries. P25,000 P 5,500 3,900 5,900 2,800 P5.300 1,050 2,900 P15,750 5,300 2,900 1,050 P 620 5,400 8,100 1,180 3,000 6,700
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Property, Plant and Equipment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS