The Tempest Company is setting a petty cash. 1A-Prepare the entry to set up a petty cash for three hundred dollars. What is the debit in the entry to set up the petty cash? 18-Prepare the entry to set up a petty cash for three hundred dollars. What is the credit in the entry to set up the petty cash? 2A-Prepare the entry to reimburse the petty cash at the end of the month. The petty cashier had the following receipts: Postage $30, Delivery cots to the Comany $120, Delivery costs from the company to their customers $90, Supplies $40, Cash remaining $15. What are the DEBIT(S) in the entry to reimburse the petty cash? 28-Prepare the entry to reimburse the petty cash at the end of the month. The petty cashier had the following receipts: Postage $30, Delivery cots to the Comany $120, Delivery costs from the company to their customers $90, Supplies $40, Cash remaining $15. What are the CREDIT(S) in the entry to reimburse the petty cash? What is the amount of the cash over and short? Choose... Choose Choose Choose Choose

The Tempest Company is setting a petty cash. 1A-Prepare the entry to set up a petty cash for three hundred dollars. What is the debit in the entry to set up the petty cash? 18-Prepare the entry to set up a petty cash for three hundred dollars. What is the credit in the entry to set up the petty cash? 2A-Prepare the entry to reimburse the petty cash at the end of the month. The petty cashier had the following receipts: Postage $30, Delivery cots to the Comany $120, Delivery costs from the company to their customers $90, Supplies $40, Cash remaining $15. What are the DEBIT(S) in the entry to reimburse the petty cash? 28-Prepare the entry to reimburse the petty cash at the end of the month. The petty cashier had the following receipts: Postage $30, Delivery cots to the Comany $120, Delivery costs from the company to their customers $90, Supplies $40, Cash remaining $15. What are the CREDIT(S) in the entry to reimburse the petty cash? What is the amount of the cash over and short? Choose... Choose Choose Choose Choose

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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Vishunu
Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,175. B. On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)
Indicate the impact each transaction had on net income.Prepare the journal entries for each of the petty cash transactions.This is a 2 part question. Clark Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $450 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $160 for janitorial services. May 15 b. Paid $120 for miscellaneous expenses. May 15 c. Paid postage expenses of $80. May 15 d. Paid $ 41 to Facebook for advertising expense. May 15 e. Counted $63 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $600. May 31 The petty cashier reports that $ 240 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $205. May…
Vishu
Which of the following is true of a petty cash voucher? a.It must be issued once in a month by a bank. b.It must explain the purpose of the payment. c.It must only be used to account for payments of more than $5. d.It must be signed only by the person who authorized the payment.
2., On November 30, XYZ, Inc.'s petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund.
The following petty cash transactions were made by the Freeman Corporation during the month General Journal of September. Record the transactions in the journal provided in the account order that they appear below. Date Account Debit Credit Sep 1 Established a petty cash fund of $300. 1-Sep Petty Cash 300 Cash 300 Sep 15 Reimbursed the petty cash fund for the following: Stapler, staples, and tape $55 15-Sep 55 Pizza for the office party (meals) $85 85 Maintenance/Janitorial $112 112 The cash in the box before reimbursement was $40.…
Carson's Bakery requires $500 cash to be on hand in the petty cash fund. During the month of October the following receipts were provided to the accountant in charge of petty cash; Gas $50, Supplies $100, Stamps $75. The petty cash fund now has a current balance of $270. How much cash needs to be withdrawn from the bank in order to replenish he petty cash fund? Record your answer as a numeric value without a $ sign. Type your answer..
The following procedures were recently implemented by SUP Yoga Co.: Each cashier is assigned a separate cash register drawer to which no other cashier has access. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked inside the cash register. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages. Checks received through the mail are given daily to the accounts receivable clerk for recording collections on account and for depositing in the bank. Vouchers and all supporting documents are stamped PAID after being paid by the treasurer. Disbursements are made from the petty cash fund only after a petty cash receipt has been completed and signed by the payee. The bank reconciliation is prepared by the accountant. Instructions: Indicate whether each of the…
Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200. DR CR On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR DR DR DR DR DR or CR? CR On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR DR DR DR DR DR or CR?…
Peterson Company's general ledger shows a cash balance of $7,420 on May 31. May cash receipts of $1,220, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $120 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,900. The bank statement shows a balance of $7,910 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Bank balance per reconciliation $ 0 Company balance per reconciliation $ 0