Prepare the journal entries to record the following transactions using Imprest Fund System and Fluctuating Fund Systerm. Use yellow pad or bond paper. Submit picture of your answer. 2008 May 20 Established a petty cash fund of P15,000. June 15 The petty cash fund was not replenished. The fund contained the following: Currency and coins Supplies expense Selling expense Miscellaneous Expense 3,000 2,700 5,850 3,450 June 20 The fund was replenished. It contained the following: Currency and coins Selling expenses Supplies expenses Miscellaneous Expense 1,000 6,200 3,450 4,350 June 24 The fund was replenished and increased to P20,000. It contained the following: Currency and coins General expenses Transportation expenses Supplies expenses 3,200 4,400 3,100 4,300 June 30 The fund was replenished. It contained the following: Currency and coins Transportation expenses Supplies expenses Selling expenses 6,000 5,500 4,750 3,750 July 3 The fund was not replenished. It contained the following: 2,680 7,250 5,890 4,180 Currency and coins Transportation expenses Supplies expenses Selling expenses

Prepare the journal entries to record the following transactions using Imprest Fund System and Fluctuating Fund Systerm. Use yellow pad or bond paper. Submit picture of your answer. 2008 May 20 Established a petty cash fund of P15,000. June 15 The petty cash fund was not replenished. The fund contained the following: Currency and coins Supplies expense Selling expense Miscellaneous Expense 3,000 2,700 5,850 3,450 June 20 The fund was replenished. It contained the following: Currency and coins Selling expenses Supplies expenses Miscellaneous Expense 1,000 6,200 3,450 4,350 June 24 The fund was replenished and increased to P20,000. It contained the following: Currency and coins General expenses Transportation expenses Supplies expenses 3,200 4,400 3,100 4,300 June 30 The fund was replenished. It contained the following: Currency and coins Transportation expenses Supplies expenses Selling expenses 6,000 5,500 4,750 3,750 July 3 The fund was not replenished. It contained the following: 2,680 7,250 5,890 4,180 Currency and coins Transportation expenses Supplies expenses Selling expenses

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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Ht.11.
View Policies Current Attempt in Progress Blue Spruce Company established a $110 petty cash fund on August 1. On August 31, the fund had $9 cash remaining and petty cash receipts for postage $41, office supplies $24, and miscellaneous expense $34. Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation e Textbook and Media Debit Credit
Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. credit to Cash for RO S00. O c redit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.
On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. redit to Cash for RO 500. O credit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data: Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to replenish the account would indude: Select one: O a None of the answers are correct. O b. debit to Petty Cash for RO 750. O c debit to Cash Over and Short for RO 8. O d. credit to Cash for RO 52. O e. credit to Cash Over and Short for RO 8.
Carla Vista Company established a petty cash fund on May 1, cashing a cheque for $150.00. The company replenished the fund on June 1 and July 1 with the following results. June 1: July 1: Cash in fund, $4.75 Receipts: Delivery expense Postage expense Travel expense Cash in fund. $3.25 Receipts: Delivery expense Entertainment expense Supplies $34.15 36.50 61.35 $30.00 69.45 47.30
owe subject-Accounting
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.
A $187 petty cash fund has petty cash on hand of $20 and receipts of $162. The journal entry to replenish the fund would include a O a. debit to Cash for $20. O b. debit to Cash Short and Over for $5. O e credit to Petty Cash for $162. O d. credit to Cash for $187.
2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
D5.