Problem 1-9 (IAA) On December 1, 2020, Wacky Company established an imprest petty cash fund. 2020 Dec. 1 Established an imprest petty cash fund of P10,000 by writing a check on National Bank. 20 Replenished the petty cash fund by writing a check on National Bank. The fund contained: Currency and coins Vouchers for selling expenses Vouchers for miscellaneous expenses Vouchers for equipment 1,000 5,000 2,000 2,000 Dec. 31 The petty cash fund was not replenished. The fund contained: Currency and coins Postdated employee's check Vouchers for selling expenses Vouchers for transportation 6,000 2,000 1,500 AAD 500 2021 Jan. 15 Encashed the employee's check. The proceeds were retained in the fund. 31 Replenished the petty cash fund by writing a check on National Bank. The petty cash vouchers for January expenditures are: Distribution costs 500 Administrativě expenses Transportation Payment for supplier's invoice 2,000 1,000 1,200 Required: 1. Prepare journal entries to record the transactions. 2. How much is the petty cash on January 31, 2021 before the replenishment?

Problem 1-9 (IAA) On December 1, 2020, Wacky Company established an imprest petty cash fund. 2020 Dec. 1 Established an imprest petty cash fund of P10,000 by writing a check on National Bank. 20 Replenished the petty cash fund by writing a check on National Bank. The fund contained: Currency and coins Vouchers for selling expenses Vouchers for miscellaneous expenses Vouchers for equipment 1,000 5,000 2,000 2,000 Dec. 31 The petty cash fund was not replenished. The fund contained: Currency and coins Postdated employee's check Vouchers for selling expenses Vouchers for transportation 6,000 2,000 1,500 AAD 500 2021 Jan. 15 Encashed the employee's check. The proceeds were retained in the fund. 31 Replenished the petty cash fund by writing a check on National Bank. The petty cash vouchers for January expenditures are: Distribution costs 500 Administrativě expenses Transportation Payment for supplier's invoice 2,000 1,000 1,200 Required: 1. Prepare journal entries to record the transactions. 2. How much is the petty cash on January 31, 2021 before the replenishment?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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on National Bank. The fund contained:
Dec. 1 Established an imprest petty cash fund of P10,000 by
Problem 1-9 (IAA)
On December 1, 2020, Wwacky Company established an
imprest petty cash fund.
2020
1 Established an imprest petty cash fund of P10,000 by
writing a check on National Bank.
20 Replenished the petty cash fund by writing a check
Currency and coins
Vouchers for selling expenses
Vouchers for miscellaneous expenses
Vouchers for equipment
1,000
5,000
2,000
2,000
Dec. 31 The petty cash fund was not replenished. The fund
contained:
Currency and coins
Postdated employee's check
Vouchers for selling expenses
Vouchers for transportation
6,000
2,000
1,500
500
AAD
2021
Jan. 15 Encashed the employee's check. The proceeds were
retained in the fund.
31 Replenished the petty cash fund by writing a check
on National Bank. The petty cash vouchers for
January expenditures are:
000
500
Distribution costs
Administrativě expenses
Transportation
Payment for supplier's invoice
2,000
1,000
1,200
Required:
1. Prepare journal entries to record the transactions.
2. How much is the petty cash on January 31, 2021 before
the replenishment?

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Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
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