Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $275 on January 2. On January 31, the fund contained cash of $70.30 and vouchers for the following cash payments. Maintenance expense office supplies $79.25 84.00 37.25 Transportation expense The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment. Exercise 6-14A (Algo) Part b b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to 2 decimal places.)

Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $275 on January 2. On January 31, the fund contained cash of $70.30 and vouchers for the following cash payments. Maintenance expense office supplies $79.25 84.00 37.25 Transportation expense The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment. Exercise 6-14A (Algo) Part b b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to 2 decimal places.)

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 4AP

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Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
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 company has decided to start a petty cash fund for $150. Which of the following is the correct journal entry? A. B. C. No entry is required. D.
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Question 2
Topic: Cash and Cash Equivalents / Intermediate Accounting 1
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Required Information [The following Information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $325 on January 2. On January 31, the fund contalned cash of $141.60 and vouchers for the following cash payments. Maintenance expense $ 68.50 Office supplies Transportation expense 76.00 37.50 The three distinct accounting events affecting the petty cash fund for the perlod were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment. b. Record the events In general Journal format. (If no entry is requlred for a transaction/event, select "No journal entry requlred" In the first account field. Round your answers to 2 decimal places.)