Final Cash Balance? Question no. 78MountainPeak Trading's petty cash showsopening balance $3,000, reimbursements$12,000, and expenses vouchers $13,500. Showthe final petty cash balance.

Explanation of Opening balance: The opening balance refers to the initial amount of petty cash…

Answered: Question no. 78 MountainPeak Trading's…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 1EB: Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished...

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Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.
On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
A $144 petty cash fund has cash of $24 and receipts of $109. The journal entry to replenish the account would include a Oa. credit to Petty Cash for $109. Ob. credit to Cash for $144. Oc. debit to Cash for $24. Od. debit to Cash Short and Over for $11. Previous Next
Continue using the journal and journalize the following transaction: Mar. 31. Paid cash to replenish the petty cash fund, $285.00. C225.
A $115 petty cash fund has cash of $22 and receipts of $83. The journal entry to replenish the account would include a a.debit to Cash for $22. b.credit to Petty Cash for $83. c.credit to Cash for $115. d.debit to Cash Short and Over for $10.
A $100 petty cash fund has cash of $9 and receipts of $85. The journal entry to replenish the account would include a credit to Select one: a. Petty Cash for $85. b. Cash for $91. C. Cash Over and Short for $6. d. Cash for S85.
A $84 petty cash fund has cash of $17 and receipts of $72. The journal entry to replenish the account would include a Oa. credit to Cash Short and Over for $5 Ob. debit to Cash for $17 Oc. credit to Cash for $84 Od. credit to Petty Cash for $72
A $130 petty cash fund has cash of $16 and receipts of $101. The journal entry to replenish the account would include a Oa. credit to Petty Cash for $101 Ob. credit to Cash for $130 Oc. debit to Cash Short and Over for $13 Od. debit to Cash for $16
A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to replenish the account would include a Select one: A. debit to Cash for $83 B. debit to Cash Short and Over for $13 C. credit to Petty Cash for $29 D. credit to Cash for $54
A$130 petty cash fund has cash of $16 and receipts of $111. The journal entry to replenish the account would include a O credit to Petty Cash for $114. O debit to Cash Over and Short for $3. O debit to Cash for $111. O credit to Cash for $111.
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
A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit to ? Please explain with full explanation a. Cash for $20 b. Cash Short and Over for $3 c. Petty Cash for $190 d. Cash for $180

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Question no. 78 MountainPeak Trading's petty cash shows opening balance $3,000, reimbursements $12,000, and expenses vouchers $13,500. Show the final petty cash balance.