DPART 2: Accounting for Cash and PayrollCheck FigureOffice Supplies, $6.50LO 72829R. C. Stowe, the owner, withdrew $20 for personal use, voucher no. 7.Paid $4.20 for postage, voucher no. 8 (Miscellaneous Expense).Paid $5.90 for delivery charge, voucher no. 9.3031 Issued for cash check no. 372 for $96.50 to reimburse Petty Cash Fund.Required1. Journalize the entry establishing the Petty Cash Fund in the general journal.2. Record the disbursements of petty cash in the petty cash payments record.3. Journalize the summarizing entry to reimburse the Petty Cash Fund.PROBLEM 6-3B Roberta Felino, owner of Roberta's Beauty Salon, makes bank depositsin the night depository at the close of each business day. The following information forthe first four days of April is available.12006 752$582.65April3$586.65Q4$623.25 F6PROBLEM 6-2B On March 1 of this year, Stowe Company established a Petty CashFund, and the following petty cash transactions took place during the month:Mar. 1 Cashed check no. 314 for $100 to establish a Petty Cash Fund, and put the$100 in a locked drawer in the office.&7F7U479162025Issued voucher no. 1 for taxi fare, $7.60 (Miscellaneous Expense).Issued voucher no. 2 for memo pads, $6.50 (Office Supplies).Paid $21.50 for an advertisement in a college basketball program, voucherno. 3.Bought postage stamps, $8.80, voucher no. 4 (Miscellaneous Expense).Paid $10 to have snow removed from office front sidewalk, voucher no. 5(Miscellaneous Expense).Issued voucher no. 6 for delivery charge, $12.★(Continued)Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202F8-F9(999+form.(DELLprt sc0F10)homePF11endF12{~ ~[+insert66}delete1LObackspace

A business or organisation may set aside a modest sum of money known as a "petty cash fund" to pay…

Required 1. Journalize the entry establishing the Petty Cash Fund in the general journal. 2. Record the disbursements of petty cash in the petty cash payments record. 3. Journalize the summarizing entry to reimburse the Petty Cash Fund.

Required 1. Journalize the entry establishing the Petty Cash Fund in the general journal. 2. Record the disbursements of petty cash in the petty cash payments record. 3. Journalize the summarizing entry to reimburse the Petty Cash Fund.

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

D
PART 2: Accounting for Cash and Payroll
Check Figure
Office Supplies, $6.50
LO 7
28
29
R. C. Stowe, the owner, withdrew $20 for personal use, voucher no. 7.
Paid $4.20 for postage, voucher no. 8 (Miscellaneous Expense).
Paid $5.90 for delivery charge, voucher no. 9.
30
31 Issued for cash check no. 372 for $96.50 to reimburse Petty Cash Fund.
Required
1. Journalize the entry establishing the Petty Cash Fund in the general journal.
2. Record the disbursements of petty cash in the petty cash payments record.
3. Journalize the summarizing entry to reimburse the Petty Cash Fund.
PROBLEM 6-3B Roberta Felino, owner of Roberta's Beauty Salon, makes bank deposits
in the night depository at the close of each business day. The following information for
the first four days of April is available.
1
2006 75
2
$582.65
April
3
$586.65
Q
4
$623.25

F6
PROBLEM 6-2B On March 1 of this year, Stowe Company established a Petty Cash
Fund, and the following petty cash transactions took place during the month:
Mar. 1 Cashed check no. 314 for $100 to establish a Petty Cash Fund, and put the
$100 in a locked drawer in the office.
&
7
F7
U
4
7
9
16
20
25
Issued voucher no. 1 for taxi fare, $7.60 (Miscellaneous Expense).
Issued voucher no. 2 for memo pads, $6.50 (Office Supplies).
Paid $21.50 for an advertisement in a college basketball program, voucher
no. 3.
Bought postage stamps, $8.80, voucher no. 4 (Miscellaneous Expense).
Paid $10 to have snow removed from office front sidewalk, voucher no. 5
(Miscellaneous Expense).
Issued voucher no. 6 for delivery charge, $12.
★
(Continued)
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
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Step 1: Explain Petty Cash Fund

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Step 2: Journal Entry for Establishment of Petty Cash Fund

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Step 3: Record Disbursement of petty Cash into Petty cash Payment Record

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Step 4: Journalise the Summarized Entries to Reimburse Petty Cash Fund

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19 When the petty cash fund is replenished: Multiple Choice Cash is debited. Petty Cash is credited. Petty Cash is debited. Appropriate expense and/or asset accounts are debited.
Which one of these principles is considered for cash disbursement control Select one: O a. Print check amount by machine O b. Same staff approve and make payment Oc. Reconcile bank statement annually O d. Rarely compare checks to invoices
Evaluate the following statements Statement 1: Under the punctuating system of petty cash accounting, there will be necessary adjustments at the end of the reporting period at all times. Statements 2: Under the imprest system of accounting for petty cash fund entries for expenses and others are made upon fund replenishment, therefore, entries are not necessary at any point within the reporting period. Statement 3: in the conduct of petty cash count, when you find a check with the petty cash custodian's name on it, it shall be included as a cash item together with the bills and other loose coins. A. TRUE, TRUE, FALSE B. FALSE, FALSE. TRUE C. TRUE, FALSE. FALSE D. FALSE. TRUE, FALSE E. TRUE. FALSE. TRUE
Indicate with Yes or No whether each of items should be included in the cash balance presented on the balance sheet. If yes is selected for the Included in Cash Balance column for NSF checks, Savings account,Compensating balance,post dated checks,IOU,cash on hand,cash in sinking fund, travel advance, bank draft and prepaid debit card. Include the Classification items excluded?
Petty Cash Fund Question, When it comes to making payments from the petty cash fund, why isn't there an accounting/journal entry for it? Please Explain.
Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash on hand awaiting deposit c.collections already forwarded to the bank for deposit but too late to appear in the bank statement d.Checks drawn and already given to payees but not yet presented for payment
1.Journalize and post transactions on account to the cash payments j ournal 2.Complete the petty cash report by classifying each expense to compute the actual cash on hand. 3.Print the cash paymentsjournal and petty cash report. The cash paymentsjournal and a petty cash report for Electronic Source are given in the Worlting Papers. Instructions: Use page 9 of a cash payments journa l tojourna lize the following transactions completed during September of the cun-ent year.Source documents are abbreviated as follows check,C;purchase invoice,P.Save your work to complete Problem 9-S. Transactions: Sept 2.Paid cash for advertising, $125.00.C388. 5.Paid cash on account to Henson Audio, $2,489.00, covering P346,less 2% discount. C389. 8.Paid cash for heating bill, $240.00.C390 . 10.Paid cash on account to Peterson Electronics,$3,484.00 covering P349,less 2% discount.C391. 12.Paid cash for office supplies,$43.00.C392$. 15.Paid cash to KLP Mfg.for merchandise with a list…