Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cash account per its general ledger showed a balance of $6,738.90.
Q: Sheffield Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local…
A: An explanation of any discrepancies between a company's bank account balance and the equivalent…
Q: The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: Sunland Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local…
A: Bank reconciliation May 31,2022 Cash balance per Bank statement…
Q: Health Fervor Company Ltd. operates four gyms in the city. On October 31, 2016, the business…
A: Bank reconciliation statement is prepared so as to equate the cash balance in pass book and cash…
Q: Oscar’s Red Carpet Store maintains a checking account with Academy Bank. Oscar’s sells carpet each…
A: A bank reconciliation statement has been prepared to reconcile the balance as per pass book and…
Q: October 1, 2022, the Integrity Main Office established a sales agency in Ortigas. · The main…
A: Net profit is calculated by deducting all related expenses from gross profit. Expenses including…
Q: Kingery Ltd. maintains a balance of $3,000 in its petty cash fund for routine purchases such as…
A: Journal: Recording of a business transactions in a chronological order.
Q: On July 1, 2024, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made…
A: A debit to petty cash and a credit to cash for $150 General JournalDebitCreditPetty cash$150 Cash…
Q: How much expense should recognized in 2021?
A: The transportation expenses are the expenses are occurred during the delivery of the goods. This…
Q: Valley Hardware (Mr. M. Jordan is the sole proprietor) established a petty cash fund on January 1,…
A: A petty cash fund is established by a company to make small payments from it. It is not used for…
Q: Tacurong Organic Farm received P69.595, from Amanda as payment for the merchandise she purchased.…
A: Solution 1: As amount is short recorded in books by P60,000, therefore "Book : P60,000 will be added…
Q: 2. If HHC has $1,100 cash, $400 of government Treasury bills purchased four months ago, and $770 of…
A: Cash and Cash equivalents Cash and cash equivalents refer to those items that are either in the form…
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: 2. If HHC has $1,900 cash, $500 of government Treasury bills purchased four months ago, $930 of cash…
A: Calculate the amount of "Cash and Cash Equivalents" to be reported by the company on its balance…
Q: Kingbird, Inc., a public camping ground near the Four Corners National Recreation Area, has compiled…
A: Working notes 1: Compute the net income. Kingbird Inc. Income Statement For the year ended…
Q: Reynolds's Red Carpet Store maintains a checking account with Academy Bank. Reynolds's sells carpet…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
Q: Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash…
A: Introduction Journal entries is the modern method of recording of a business transactions in a…
Q: On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of these…
A: When we purchase supplies, we must make journal entry at their full cost.
Q: Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses,…
A: No. General Journal Debit Credit 1 Cash Operating revenue - Charges for services $…
Q: In June 30, 2023, ABC Company has the following information (Amounts in Saudi Riyal) Bank statement…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
Q: www O 0 P7.3 (LO 3), AP On July 31, 2025, Keeds Company had a cash balance per books of $6,140. The…
A: The objective of this question is to prepare a bank reconciliation statement for Keeds Company as of…
Q: Swifty Equipment Co. closes its books regularly on December 31, but at the end of 2020 it held its…
A: Periodic Inventory Method:-It is a form of inventory valuation where inventory gets updated at the…
Q: Sunland Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: establish a petty following information pertains to the fund. 1) On April 1, 2021, a petty cash fund…
A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…
Q: Record the establishment of the petty cash fund on August 3. On August 31, record the petty cash…
A: Petty Cash: It is the fund which is kept in hand by business units to cover minor expenses (postage,…
Q: Exxon Mobil Corporation's general ledger shows a cash account balance of $23,220 on July 31, 2024.…
A: Ideally cash balance as per cashbook and bank balance as per bank statement should reconcile with…
Q: The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit…
A: Journal entries are used to record all the financial transactions in a business. It helps to know…
Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash…
A: Petty Cash Fund Tiny sums of cash called "petty cash" are maintained on hand to cover small,…
Q: Corbett Corp. set up a $500 petty cash fund on October 1, 2022. They replenish the petty cash fund…
A: Petty Cash book is a small cash book that many companies maintain to record small day-to-day…
Q: Loucks Company established a $330 petty cash fund on October 2, 2024. The fund is replenished at the…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: www O 0 P7.3 (LO 3), AP On July 31, 2025, Keeds Company had a cash balance per books of $6,140. The…
A: The objective of this question is to prepare a bank reconciliation statement for Keeds Company as of…
Q: Jim Root Corporation operates four bowling alleys. The business just recieved for October 31,2018,…
A: 1. Prepare the bank reconciliation statement of Jim Root Corporation at October 31, 2018:
Q: Moose, Inc. established a $250 petty cash fund three months ago. Today, April 21, the petty cash…
A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…
Q: Enchanted Forest, a large campground in South Carolina, adjusts its accounts monthly. Mostguests of…
A: Definition: Journal entries are the transactions that are recorded in the primary book. They are…
Q: Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash…
A: Petty cash expenses are used to record small business expenditure by separately setting up a petty…
Q: The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: IT IS REQUESTED: Present corresponding accounting entries as of August 8, 2006.
A: Corresponding accounting entries as of August 8, 2006 are presented hereunder : A fixed cash fund is…
Q: During the fiscal year ended September 30, 2017, the following transactions (summarized) occurred in…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Ovy Inc. established a $175 petty cash fund on August 15, 2012. On August 31, 2012, the fund…
A: Petty cash is the statement prepared in order to keep a record of miscellaneous expenditures…
Q: The Marnie Department produced the following data for Amy Company as of December 31, 2021:…
A: Cash is the highly liquid asset one can ever have. The items having the second higher liquidity are…
Q: ATHENS Company began operations in 2021. The company purchases computer equipment from manufacturers…
A: ATHENS' accrual basis total operating expenses during the year = Payment of salaries + Payment of…
Q: a. If sales are projected to increase by $71.25 million, or 19%, during 2020, use the AFN equation…
A: AFN ( Additional Funds needed) = Increase in Assets-Spontaneous increase in Liabilities-increase in…
Q: McGuire Corporation began operations in 2024. The company purchases computer equipment from…
A: An income statement is prepared for a particular period, which helps the company to determine the…
Q: Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses,…
A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…
Q: Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to…
A: Journal Entry The purpose of preparing the Journal entry to enter the required information into…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- On August 3, Sonar Sales decides to establish a $275 petty cash fund to relieve the burden on Accounting. (a) Journalize the establishment of this fund.* (b) On August 11, the petty cash fund has receipts for mail and postage of $124.75, contributions and donations of $53.25, meals and entertainment of $63.85, and $32.75 in the ending cash balance. Journalize the replenishment of the fund.* (c) On August 12, Sonar Sales decides to increase petty cash to $400. Journalize this transaction.* *Refer to the Chart of Accounts for exact wording of account titles.The Petty Cash box of Poultry Feeds Co. as of December 31, 2020 contains the following: receipt for gasoline P1,000; National Bookstore receipt for bond papers P800; invoice for food purchase P500 and postage stamps P200. Also included are bills and coins for 2,400. The general ledger account of PCF has a balance of 5,000. The company uses the imprest system. If the company replenished the PCF on December 31, 2020, how much is the balance of PCF at year end?7 parts to question thanks in advance :) Brett Knight Company operates four bowling alleys. The business just received the October 31, 2024, bank statement from City National Bank, and the statement shows an Question Viewer D5. Listed on the statement are an EFT rent collection of $420, a service charge of $6, NSF checks totaling $45, and a $26 charge for printed checks. In cords, the business identified outstanding checks totaling $490 and a deposit in transit of $ 1,750. During October, the business recorded a $310 check by debiting Salaries Expense and crediting Cash for $31. The business's Cash account shows an October 31 balance of $2,101. Read the requirements. Requirement 1. Prepare the bank reconciliation at October 31. Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. Brett Knight Company Bank Reconciliation October 31, 2024 Bank: ADD: LESS:
- Please see below. Just need help with the red box answers.Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.On April 2, Granger Sales decides to establish a $380 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $55, contributions and donations of $33, and meals and entertainment of $112, and $176 in cash. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash to $450. Journalize this event. If an amount box does not require an entry, leave it blank. Apr. 11
- A government agency had the following items for disbursements:Electricity Expenses 560,000Telephone Expenses 134,400Rent Expenses 89,600 Office Supplies Inventory 100,800Office Equipment 168,000How much is the total amount credited to 1-01-04-040 for the above disbursements?Vaughn Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company’s Cash account per its general ledger showed a balance of $6,000.00. The bank statement from Emporia State Bank on that date showed the following balance. Emporia State Bank Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 7,008.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $50 for the printing of additional company checks. 2. Cash sales of $922.64 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $972.64. The bank credited Vaughn Company for the correct amount. 3. Outstanding checks at May 31 totaled $775.45, and deposits in transit were $1,633.45. 4. On May 18, the company issued check No. 1181 for $671 to H. Moses, on account. The check, which cleared…I NEED HELP WITH T-TABLE Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,402.00.The bank statement from Emporia State Bank on that date showed the following balance. Emporia State Bank Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 8,403.20 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $30 for the printing of additional company checks. 2. Cash sales of $993.48 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $1,043.48. The bank credited Timmins Company for the correct amount. 3. Outstanding checks at May 31 totaled $941.35, and deposits in transit were $2,013.15. 4. On May 18, the company issued…
- Cullumber Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cash account per its general ledger showed a balance of $6,853.90. The bank statement from Emporia State Bank on that date showed the following balance. Emporia State Bank Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 7,083.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $63.00 for the printing of additional company checks. Cash sales of $906.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $956.15. The bank credited Cullumber Company for the correct amount. 2. 3. Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,903.15. On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the…BAT LLC had an opening balance of RO 400 in the petty cash fund. During the month the receipts were RO 125 petrol, RO 55 office stationery, RO135 staff welfare and RO 65 travelling and there was RO 15 left in the petty cash box. If the petty cash fund is raised to RO 500 per month then how much is the amount required to be refill? a. RO 485 b. RO 385 c. RO 380 d. RO 4802. If HHC has $1,150 cash, $500 of government Treasury bills purchased four months ago, $780 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents