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 1PA: On September 1, French company has decided to initiate a petty cash fund in the amount of $800....
icon
Related questions
Question
100%
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?
Transcribed Image Text: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?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 4 images

Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning