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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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.
Exercise 6-10 (Algo) Petty cash fund accounting LO P2 Palmona Company establishes a $160 petty cash fund on January 1. On January 8, the fund shows $71 in cash along with receipts for the following expenditures: postage, $36; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $25. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $210. Hint. Make two entries.
answer in text form please (without image), Note: .Every entry should have narration please
Don't give answer in image format
000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25. April 1 Prepared a company check for $300.00 to establish the petty cash fund. April 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. Paid $84.50 for cleaning services. Paid $84.00 for postage expense. Paid $103.15 for office supplies. Counted $23.35 remaining in the petty cash box. April 25 The company decides to increase the fund by $100.
7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus