The custodian presented to you the following: Currencies and coins A disbursement check payable to the custodian An officer's personal check accommodated by the fund Officer's check marked NSF Petty cash expense vouchers: 12/20 Transportation 12/24 Office repairs 12/27 Miscellaneous 1/3 Office supplies Unused postage stamps An enveloped marked "collections for charity with list of names and corresponding amounts contributed. There is no money inside the envelope. 1. What is the petty cash shortage, if there are any? a 3,860 b. 1,360 C. d. 3,360 2,860 10,940 15,600 4,000 2,000 1,500 900 2,100 1,600 500 2,500

The custodian presented to you the following: Currencies and coins A disbursement check payable to the custodian An officer's personal check accommodated by the fund Officer's check marked NSF Petty cash expense vouchers: 12/20 Transportation 12/24 Office repairs 12/27 Miscellaneous 1/3 Office supplies Unused postage stamps An enveloped marked "collections for charity with list of names and corresponding amounts contributed. There is no money inside the envelope. 1. What is the petty cash shortage, if there are any? a 3,860 b. 1,360 C. d. 3,360 2,860 10,940 15,600 4,000 2,000 1,500 900 2,100 1,600 500 2,500

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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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.
D5.
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
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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A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash Short and Over for $3 debit to Cash Short and Over for $3 credit to Cash for $116 credit to Petty Cash for $126
Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket: On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense .
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