Problem 1-5 (ACP)1. Established a petty cash fund of P10,000 on2. Petty cash expenses – January 2-31 are:PostageSuppliesTransportationMiscellaneous expense1,5005,5001,2008003. The fund is replenished on February 1 and increasedP5,000.Required:Prepare journal entries to record the transactions under thefluctuating fund system and imprest fund system.Problem 1-6 (ACP)Zenith Company provided the following chronologicaltransactions in relation to petty cash:1. The entity established a petty cash fund of P10,000.2. Petty cash disbursements were:PostageSupplies3. Petty cash disbursements were:TransportationAccounts payable1,5003,0001,0003,5004. Issued check for an amount to replenish the fund andbring the balance of the petty cash to P20,000.Required:Prepare journal entries to record the transactions underfluctuating fund system and imprest fund system.22 Problem 1-4 (PHILCPA Adapted)Callous Company reported the following accounts onDecember 31, 2020:Cash on handPetty cash fundPhilippine Bank current accountCity Bank current account No. 1City Bank current account No. 2 (overdraft)Asia Bank saving accountAsia Bank time deposit, 90 days200,00020,0005,000,0004,000,000( 100,000)250,0002,000,000Cash on hand included the following items:Customer check for P35.000 returned by bank December26, 2020 due to insufficient fund but subsequentlyredeposited and cleared by the bank on January 10, 2021.Customer check for P15,000 dated January 10, 2021,received December 23, 2020.The petty cash fund consisted of the following items:Currency and coinsIQUS from officersUnreplenished petty cash vouchers5,0002,00012,000Included among the checks drawn by Callous Companyagainst the Philippine Bank current account andrecorded in December 2020 were the following:*Check written and dated December 23, 2020 and0 delivered to payee on January 31, 2021, P25,000.Check written December 26, 2020, dated January 30, 2021,delivered to payee on December 28, 2020, P45,000.henitoRequired:1. Compute the total cash and cash equivalents.2. Prepare adjusting entries on December 31, 2020.21

Petty Cash Fund:- These are fund prepared for the day to day expenses of the manufacturing of the…

Problem 1-5 (ACP) Zealous Company established a petty cash fund 1. Established a petty cash fund of P10,000 on January 2. 2. Petty cash expenses – January 2-31 are: Postage Supplies Transportation Miscellaneous expense 1,500 5,500 1,200 800 3. The fund is replenished on February 1 and increased by P5,000. Required: Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system. Problem 1-6 (ACP) Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P10,000. 2. Petty cash disbursements were: Postage Supplies 3. Petty cash disbursements were: Transportation Accounts payable 1,500 3,000 1,000 3,500 4. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000. Required: boin Prepare journal entries to record the transactions under fluctuating fund system and imprest fund system.

Problem 1-5 (ACP) Zealous Company established a petty cash fund 1. Established a petty cash fund of P10,000 on January 2. 2. Petty cash expenses – January 2-31 are: Postage Supplies Transportation Miscellaneous expense 1,500 5,500 1,200 800 3. The fund is replenished on February 1 and increased by P5,000. Required: Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system. Problem 1-6 (ACP) Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P10,000. 2. Petty cash disbursements were: Postage Supplies 3. Petty cash disbursements were: Transportation Accounts payable 1,500 3,000 1,000 3,500 4. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000. Required: boin Prepare journal entries to record the transactions under fluctuating fund system and imprest fund system.

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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urrent Attempt in Progress Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The following petty cash transactions were noted by the petty cash custodian during the month of April 2024: Apr. 1 10 15 Received cash of $205 to establish the petty cash fund. The petty cash fund was replenished when there was $80 on hand and the following receipts: a) $32 for supplies b) $52 for freight in charges c) $27 for postage The petty cash fund was increased to $246
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Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund is? A Dr petty cash account and Cr cash account; 350 B Dr cash account and Cr petty cash account; 350 C Dr petty cash expense account and Cr petty cash account; 350 D Dr petty cash account and Cr petty cash expense account; 350
Required information Problem 6-24A (Algo) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.) Austin Company established a petty cash fund by issuing a check for $286 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $50 24 65 45 81 There was $20 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment.
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
Petty Cash PolekMart established a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369, and miscellaneous expenses, $240. The company uses the perpetual system in accounting for merchandise inventory. Prepare the entries to (1) establish the fund, (2) reimburse the fund, and (3) increase the fund to $1,200.
a. Journalize the establishment of the fund. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $51, contributions and donations of $37, and meals and entertainment of $90. The remaining cash is $171 in the ending cash balance. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash by $180. Journalize this event. Apr. 11
Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
Petty Cash Fund Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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Problem - Journa ize the following transactions, assuming that the fim closes its books on June 30. 2021 June 1- A petty cash of P10,000 was established. 5- Disbursements were: Supplies Transportation Postage P2,000 1,500 3,000 P 200 2,800 15- Disbursements were: Representation IOUS of employees 20- The fund was rep enished. 30- Disbursements were: Transportation Postage Miscellaneous P2,800 4,500 1,000 The fund was not replenished. July 5- Replenished the fund and increased to P20,000. Required: Entries under both methods.