The accountant for ABC established a petty cash fund of P2,000. During October. The fund was depleted by the following disbursements: Shipping expense, P850 Travel expense, P300 Postage expense, P190 Miscellaneous supplies, P195 In addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of P45 from the secretary handling the fund. The company uses a cash over and short expense account, as needed. The company decided to decrease the petty cash fund to P1,600. Determine the amount of cash short/ over. (sample answer – 100 short or 100 over)

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: pany set up a petty cash fund for payments of small amounts. The following transactions invo ccurred…

A: Petty cash fund is that fund which is established for small petty expenses in the business. Imprest…

Q: BE8-5 On March 20, Pugh's petty cash fund of $100 is replenished when the fund contains $11 in cash…

A: The journal makes sure that all entries are logged, regardless of the size of the entity. The…

Q: Prepared a company check for $400 to establish the petty cash Prepared a company check to replenish…

A: Petty cash fund is that fund which is established for small petty expenses in the business. Imprest…

Q: PA1. On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash is a fixed amount set aside to meet day to day expense of small values. Petty cash fund…

Q: Cullumber Company established a petty cash fund on May 1 for $100. The company reimbursed the fund…

A: Petty cash fund will be used for petty expenses. First, we take some amount from the bank account…

Q: On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden…

A: Please find the answers to the above questions below:

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,400. A. On…

A: Petty cash spent in a.=$1,400-$234=$1,166

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Pass necessary journal entry to record replenishment of cash fund.

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Petty cash book :- Petty cash book is a book that records small small expenses that are incurred in…

Q: Cheyenne Company established a petty cash fund on May 1, cashing a check for $115. The company…

A: Petty cash account is debited if the established a petty cash fund or increases the a petty cash…

Q: During March, Anderson Company engaged in the following transactions involving its pettycash fund:a.…

A: To keep track of financial transactions, journal entries are utilised.  Your journal entries are…

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: Fresh Foods established a petty cash fund of $85 on January 2. On January 31, the fund contained…

A: A petty cash fund is established by a company for petty expenses. This is done to pay for day-to-day…

Q: A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: Cedar Springs Company completed the following selected transactions during June: June 1.…

A: Date General Journal       Debit Credit                     1-Jun Petty cash       1,310…

Q: following cash payments Maintenance expense oftice supplies Transportation expense $24.90 33.20 16.0…

A: Revenue-Expenses=Net Income

Q: Domestic

A: Journal Entries for Kiona Company's Petty Cash FundMay 1 - Establish the FundPetty Cash ($350.00)…

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A: Day to day expenses of an company was managed by keeping effective petty cash fund in which all the…

Q: on March 20, bramble's petty cash fund of $113 is replenished when fund contains $13 in cash, and…

A: The objective of the question is to create an accounting journal entry for the replenishment of…

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $83 in…

A: Petty Cash fund is a small amount of cash which is held to meet the small incidental expenses in the…

Q: ABC Co established a petty cash fund of P40,000. Fund disbursements during the period was P27,363.…

A: At the end of the period, petty cash fund should stand at P40,000.

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: Petty cash fund  It is a certain amount of fund which is kept aside for meeting small and day to day…

Q: You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal…

A: A petty cash fund is a small amount of cash kept on hand by a business or organization to cover…

Q: ona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: Petty Cash Book -An accounting book called a petty cash book is used to track tiny, low-value cash…

Q: Blake Company established a petty cash fund in the amount of $400. At the end of the accounting…

A: the correct option with necessary working are as follows

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: Answer:- Petty cash is a small amount of cash that is kept on hand by a business or organization to…

Q: Awy Company has a petty cash fund for small expenses. The following transactions occurred over a…

A: Petty cash is a nominal amount that is readily accessible for paying expenses too small by writing a…

Q: Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The…

A: Petty cash fund is the cash kept aside for petty/ small expenses. Petty cash is replenished by…

Q: Concord Corporation uses an imprest petty cash system. The fund was established on March 1 with a…

A: Petty cash means where the separate cash book is maintained which is usually deals with the small…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash fund is created by the business in which little amount of cash is placed so as to meet…

Q: ABC company paid cash to replenish the petty cash fund: $145; $72 for supplies; $40 for advertising…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in…

A: Petty cash is a small amount of cash that is kept on hand and used for these types of expenditures…

Q: Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Journal entry is a process of recording and classifying business transactions into books of accounts…

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.