СР 7-1The following transactions were made by Landers Corp. in March 2019.Mar. 1 Established a petty cash fund of $20012 Reimbursed the fund for the following:$10PostageOffice supplies50Maintenance35Meals (selling expenses) 25$12018 Increased the fund by an additional $20025 Reimbursed the fund for the following:Office suppliesDelivery charges$7530$10528 Reduced the amount of the fund to $350.Required: Prepare journal entries to record these transactions.

Petty Cash Fund Petty cash fund is used for recording the transaction of the expenses of petty…

СР 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: $10 Postage Office supplies 50 Maintenance 35 25 $120 18 Increased the fund by an additional $200 25 Reimbursed the fund for the following: $75 30 $105 28 Reduced the amount of the fund to $350. Meals (selling expenses) Office supplies Delivery charges Required: Prepare journal entries to record these transactions

СР 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: $10 Postage Office supplies 50 Maintenance 35 25 $120 18 Increased the fund by an additional $200 25 Reimbursed the fund for the following: $75 30 $105 28 Reduced the amount of the fund to $350. Meals (selling expenses) Office supplies Delivery charges Required: Prepare journal entries to record these transactions

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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You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal year, $30 in currency and coin remain in the fund. The expenditures from the fund up to this point were $105 for office supplies and $65 for delivery expense (ignore HST). You do not have the fund replenished until January 6, 20-3. (A-8) Explain why the petty cash fund should have been replenished on December 31, 20–2. Quote the above situation in detail and do the journal entry
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data: Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to replenish the account would include: Select one: O a. None of the answers are correct. O b. debit to Petty Cash for RO 750. O cebit to Cash Over and Short for RO 8. O d. credit to Cash for RO 52. O e. credit to Cash Over and Short for RO 8.
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000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.