PrimeTech Solutions maintains a petty cash fund with a current balance of $1,200. Recent receipts include $275 for office supplies, $195 for courier services, and $210 for refreshments. After these expenses, the remaining cash count in the fund is $480. Calculate the variance in the petty cash fund based on these records.
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Calculate the variance in the petty cash fund
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- 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. SevedA small company maintains a petty cash fund for minor expenditures. The followingtransactions occurred in June and July 2014:a. The fund was established in the amount of $600.00 on June 1 from the proceeds ofcheck no. 30.b. On June 30, the petty cash fund had cash of $92.76 and the following receipts on hand:postage, $240.00; supplies, $149.64; delivery service, $74.40; and rubber stamp, $43.20.Check no. 1577 was drawn to replenish the fund.c. On July 31, the petty cash fund had cash of $132.36 and the following receipts onhand: postage, $205.20; supplies, $197.04; and delivery service, $38.40. The petty cashcustodian could not account for the shortage. Check no. 1628 was written to replenish thefund. Required: 1. Prepare the journal entries necessary to record each of these transactions 2. Additionally the company decided to decrease the petty cash limit from $600 to $550. prepare the journal entry to reflect this change.Willard Company established a $440 petty cash fund on September 9, 2020. On September 30, the fund had $175,40 in cash along with receipts for these expenditures: transportation-in, $35.70, office supplies. $124.90, and repairs expense. $97.00. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < Record the entry to establish the fund. Note: Enter debits before credits Date Debit Credit Sep 09, 2020 ✪ General Journal
- Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.55. Receipts: delivery expense $27.05, postage expense $38.30, and miscellaneous expense $29.90. July 1: Cash in fund $4.05. Receipts: delivery expense $22.50, entertainment expense $47.50, and miscellaneous expense $25.95. On July 10, Skysong increased the fund from $100 to $130.Prepare journal entries for Skysong Company for May 1, June 1, July 1, and July 10. (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 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a…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: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.
- 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 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…Cullumber Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.50. July 1: Cash in fund $3.00. Receipts: delivery expense $26.25, postage expense $36.25, and miscellaneous expense $33.00. Receipts: delivery expense $18.75, entertainment expense $46.25, and miscellaneous expense $32.00. On July 10, Cullumber increased the fund from $100 to $130. Prepare journal entries for Cullumber Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 52.75.)
- The petty cash administrator at Evergreen Business Solutions performed the weekly reconciliation. The fund was established at $950, with receipts showing staff refreshments $210, postage $145, and parking fees $265. When counting the remaining cash, only $275 was found. The manager asked to determine the discrepancy amount.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.Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund had $159.40 in cash along with receipts for these expenditures: transportation-in, $32.45; office supplies, $113.55; and repalrs expense, $87.60. Willard uses the perpetual method to account for merchandise Inventory. The petty cashier could not account for the $7.00 shortage In the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet 1 Record the entry to establish the fund. Note: Enter debits before credits. Date General Journal Debit Credit Sep 09, 2020 Record entry Clear entry View general jourmal
