Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $36 in cash along withreceipts for the following expenditures: transportation-in, $57; postage expenses, $77; and miscellaneous expenses, $117. The pettycashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandiseinventory.Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry toincrease the fund to $355.View transaction listJournal entry worksheet12 3Prepare the journal entry to establish the petty cash fund.Note: Enter debits before credits.DateSept 09Record entryGeneral JournalClear entryDebitCreditView general journal>

A Journal entry is a primary entry that records the financial transactions initially. The…

Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $36 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $77; and miscellaneous expenses, $117. The petty cashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.

Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $36 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $77; and miscellaneous expenses, $117. The petty cashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.

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 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…
EcoMart establishes a $1,900 petty cash fund on May 2. On May 30, the fund shows $790 in cash along with receipts for the following expenditures: transportation-in, $154; postage expenses, $556; and miscellaneous expenses, $410. The petty cashier could not account for a $10 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint. Credit Cash Over and Short for $10 and credit Cash for $1,110], and (3) June 1 entry to increase the fund to $2,220. View transaction list Journal entry worksheet 1 2 Record the May 2 entry to establish the fund. Date May 02 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
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Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $161 in cash along with receipts for the following expenditures: transportation-in, $56; postage expenses, $68; and miscellaneous expenses, $141. The petty cashier could not account for a $14 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $475. View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date September 09 Record entry General Journal Clear entry
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. February 2 Wrote a $350 check to establish a petty cash fund. February 5 Purchased paper for the copier for $15.55 that is immediately used. February 9 Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 12 Paid $7.75 postage to deliver a contract to a client. February 14 Reimbursed Adina Sharon, the manager, $72 for mileage on her car. February 20 Purchased office paper for $68.77 that is immediately used. February 23 Paid a courier $25 to deliver merchandise sold to a customer, terms FOB destination. February 25 Paid $10.90 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 27 Paid $55 for postage…
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Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $240 in cash along with receipts for the following expenditures: transportation-in, $42; postage expenses, $70; and miscellaneous expenses, $117. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $545. View transaction list Journal entry worksheet 1 2 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Cre September 09 Record entry Clear entry View genera
Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is:
Sandhill Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $88. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Feb. 15 1 Supplies $12 18 2 Postage expense 7 20 3 Freight in (assume perpetual inventory system) 24 21 4 Supplies 11 22 5 Delivery charges on outgoing freight 14 27 6 Supplies 21 Record the journal entry on February 14 to establish the petty cash fund. (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.) Date Account Titles and Explanation Feb. 14 eTextbook and Media List of Accounts Debit Credit Record the journal entry on February 28 to replenish the fund. (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…
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