Prepare the journal entries for the following petty cash transactions of Linton Gaming Supplies: Established a petty cash fund with a $250 balance. The petty cash fund has $24 in cash and $231 in petty cash tickets that were issued to pay for Office Supplies ($151) and Entertainment Expense ($80). Replenished the fund and recorded the expenses. Increased the balance of the petty cash fund to $300. Nov. 1 Nov. 30 Dec. 15 ...

Prepare the journal entries for the following petty cash transactions of Linton Gaming Supplies: Established a petty cash fund with a $250 balance. The petty cash fund has $24 in cash and $231 in petty cash tickets that were issued to pay for Office Supplies ($151) and Entertainment Expense ($80). Replenished the fund and recorded the expenses. Increased the balance of the petty cash fund to $300. Nov. 1 Nov. 30 Dec. 15 ...

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blake Company established a petty cash fund in the amount of $400. At the end of the accounting period, the petty cash box contained receipts for expenditures amounting to $180 and $215 in cash. If the company records both the disbursements and replenishments to the fund, what effect will replenishing the fund have on total assets and expenses? A. B. C. D. Total Assets -$ 180 -$ 185 -$ 185 -$ 180 Multiple Choice O Option A Option D Option B Option C Expenses +$ 185 +$ 185 +$ 180 +$ 180
1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48, postage, $28; and printing, $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. 2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 Record the establishment of the petty cash fund. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit Record entry Clear entry View general journal
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $410. 12. The cash sales for the day, according to the cash register records, totaled $14,450. The actual cash received from cash sales was $14,475. 30. Petty cash on hand was $31. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $45. June 10. Express charges on merchandise purchased, $66 (Merchandise Inventory). June 14. Office supplies, $29. June 15. Office supplies, $33. June 18. Postage stamps, $34 (Office Supplies). June 20. Repair to fax, $82 (Miscellaneous Administrative Expense). June 21. Repair to office door lock, $29 (Miscellaneous Administrative Expense). June 22. Postage due on special delivery letter, $22 (Miscellaneous Administrative Expense). June 28. Express charges on merchandise purchased, $33 (Merchandise…
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Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,100. 12. The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220. 31. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Store supplies, $580. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. July 31. The cash sales for the day, according to the cash register records,…
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,200. 12. The cash sales for the day, according to the cash register records, totaled $8,356. The actual cash received from cash sales was $8,389. 31. Petty cash on hand was $217. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Store supplies, $510. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. July 31. The cash sales for the day, according to the cash register records, totaled…
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries using this information for the following transactions for questions 1-5. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. What is the correct journal entry?
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T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) $ 435 44 59 630 Required: Record the establishment of the petty cash fund on April 3, all expenditures made during the month, and the replenishment of the petty cash fund on April 30. The credit card balance is paid in full on April 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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