Required information Problem 6-24A (Static) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.] Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $ 62 20 70 50 75 There was $21 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment. Problem 6-24A (Static) Part a Required Prepare all general journal entries necessary to (1) establish the fund, (2) reimburse employees, (3) recognize the expenses and eplenish the fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list

Required information Problem 6-24A (Static) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.] Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $ 62 20 70 50 75 There was $21 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment. Problem 6-24A (Static) Part a Required Prepare all general journal entries necessary to (1) establish the fund, (2) reimburse employees, (3) recognize the expenses and eplenish the fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list

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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E8.8
Petty Cash Transactions A small company maintains a petty cash fund for minor expenditures. In February and March 2014, the following transactions took place: a. The fund was established in the amount of $200.00 on Feb, 1 from the proceeds of check no. 2717. b. On Feb. 28, the petty cash fund had cash of $30.92 and the following receipts on hand: postage, $80.00; supplies, $49.88; delivery service, $24.80; and rubber stamp, $14.40. Check no. 2748 was drawn to replenish the fund. c. On March 31, the petty cash fund had cash of $44.12 and these receipts on hand: postage, $68.40; supplies, $65.68; and delivery service, $12.80. The petty cash custodian could not account for the shortage. Check no. 2897 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.
Required information Problem 6-24A (Algo) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.) Austin Company established a petty cash fund by issuing a check for $286 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $50 24 65 45 81 There was $20 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment.
Problem 9.1A (Static) Journalizing cash receipts, cash short or over, and posting to the general ledger. LO 9-1 Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20X1, are below. DATE TRANSACTIONS June 25 Cash sales per the cash register tape, $1,238. Cash count, $1,529. 26 Cash sales per the cash register tape, $1,346. Cash count, $1,640. 27 Cash sales per the cash register tape, $1,359. Cash count, $1,661. 28 Cash sales per the cash register tape, $1,288. Cash count, $1,582. 29 Cash sales per the cash register tape, $1,135. Cash count, $1,439. 30 Cash sales per the cash register tape, $1,374. Cash count, $1,668. Required: Record the cash receipts from June 25 to June 30, 20X1, in a general journal. Post the amounts for Cash Short or Over in the journal entries to the general ledger.…
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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