The petty cash custodian at Ethos Office Services conducted themonthly reconciliation. The fund was established at $1,150,with receipts showing office supplies $285, courier services$175, and maintenance supplies $320. Upon counting theremaining cash, only $190 was found. The supervisor requestedto identify the discrepancy amount.

Explanation of Petty Cash FundA petty cash fund is a small amount of money kept on hand for minor…

Answered: The petty cash custodian at Ethos…

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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Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15, which it is. Petty cash receipts indicate funds were disbursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement.
Pharoah Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $410. The fund was reimbursed when the cash in the fund was at $65. Petty cash receipts show that funds were disbursed for $160 of supplies and $183 of freight charges on inventory purchases. Prepare the entries needed to record the following independent transactions. (a) Assume that Pharoah decides to increase the size of the petty cash fund to $610 immediately after the reimbursement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48, postage, $28; and printing, $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. 2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 Record the establishment of the petty cash fund. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit Record entry Clear entry View general journal
1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48; postage, $28; and printing, $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. 2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.
Service World maintains a petty cash fund. The fund custodian encountered the following events.a. The fund was established when a check for $300 was cashed and deposited into a locked cashbox.b. An employee submitted a receipt for a customer delivery costing $20 and was reimbursed infull from petty cash.c. Another employee submitted a receipt for $60 for locksmith repairs to the office door andwas reimbursed in full from petty cash.d. An employee submitted a receipt for newspaper advertising that cost the company $50. Shewas given $50 from the petty cash box.e. The petty cash custodian received and cashed a check that fully replenished the petty cashfund.f. An employee submitted a receipt for $35 for supplies and was reimbursed in full from pettycash.g. An employee submitted a receipt for $65 for filling up his personal vehicle. He was notreimbursed because it would violate company policy.h. At the end of the month, a check was given to the petty cash custodian to not only replenishthe…
Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash remaining and petty cash receipts for postage $31, office supplies $22, and miscellaneous expense $40.Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1Aug. 31 Aug. 1Aug. 31
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $126, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $55. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $180, Postage Expense $60, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $191. The cash on hand at this time was $30. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty…
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $57. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $20, Supplies $170, Postage Expense $60, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $191. The cash on hand at this time was $30. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty…
What would the correct journal entries be for these statements?
During March, Anderson Company engaged in the following transactions involving its pettycash fund:a. On March 1, Anderson Company established the petty cash fund by issuing a check for$1,500 to the fund custodian.b. On March 4, the custodian paid $85 out of petty cash for freight charges on new equipment.This amount is properly classified as equipment.c. On March 12, the custodian paid $140 out of petty cash for supplies. Anderson expensessupplies purchases as supplies expense.d. On March 22, the custodian paid $25 out of petty cash for express mail services for reportssent to the Environmental Protection Agency. This is considered a miscellaneous expense.e. On March 25, the custodian filed a claim for reimbursement of petty cash expenditures duringthe month totaling $250.f. On March 31, Anderson issued a check for $250 to the custodian, replenishing the fund forexpenditures during the month.Required:Prepare any journal entries required to record the petty cash account transactions…
On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty…

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