Waupaca Company establishes a $310 petty cash fund on September 9. On September 30, the fund shows $59 in cash along with receipts for the following expenditures: transportation-in, $46; postage expenses, $59; and miscellaneous expenses, $136. The petty cashier could not account for a $10 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 $355.

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On July 1, 2014, Acting Company established an imprest (petty Cash) fund in the amount of $800.00 in…

A: Imprest (Petty Cash) System is an accounting system that is created for tracking and documenting how…

Q: Brooks Agency set up a petty cash fund for $440 on 9/9. At the end of the current period 9/30, the…

A: Lets understand the basics.Petty cash is maintained to incur the pretty expenses without bothering…

Q: PA1. On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash is a fixed amount set aside to meet day to day expense of small values. Petty cash fund…

Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…

A: A pettey cash fund is prepared to deal with day to day expenses.it is utilised by companies to…

Q: resh Foods established a petty cash fund of $325 on January 2. On January 31, the fund contained…

A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…

Q: Cameron Co. established a $160 petty cash fund on January 1, 2023. One week later, on January 8, the…

A: The objective of the question is to prepare the journal entry to establish the petty cash fund on…

Q: Cullumber Company established a petty cash fund on May 1 for $100. The company reimbursed the fund…

A: Petty cash fund will be used for petty expenses. First, we take some amount from the bank account…

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to record a business deal in a company's financial records. A…

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Pass necessary journal entry to record replenishment of cash fund.

Q: Oriole Boxes uses a petty cash imprest system. The fund was established on February 14 with a…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: Fresh Foods established a petty cash fund of $85 on January 2. On January 31, the fund contained…

A: A petty cash fund is established by a company for petty expenses. This is done to pay for day-to-day…

Q: Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash being an asset is debited when it increases and credited when it decreases likewise, cash…

Q: EcoMart establishes a $2,000 petty cash fund on May 2. On May 30, the fund shows $840 in cash along…

A: Petty Cash Fund Is a Small Amount Of Money Available For Paying Small Purchases. For example -…

Q: list entry worksheet entry to recognize expenditures from the petty cash fund. bits before credits.…

A: Ans. Journal entry to record expenses made from petty cash funds can be passed either by making a…

Q: 40 Instructions Record the journal entry on September 4 to establish the petty cash fund. Record the…

A: A journal entry is the act of maintaining or producing records of any economic or non-economic…

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

Q: ournalize the entries to record the following: Required: a. On March 1, check is issued to establish…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: petual inventory system)   $20   9   2   Delivery charges on outgoing freight   16   14   3…

A: A journal entry is the act of maintaining or producing records of any economic or non-economic…

Q: Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to capture a business transaction in the accounting records of…

Q: Oriole Buttons uses a petty cash imprest system. The fund was established on September 4 with a…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry,…

A: Step 1 Journal is the part of the book keeping.

Q: Required: 1. Prepare the journal entry to establish the petty cash fund. 2 Prepare a petty cash…

A: Preparing the petty cash fund and petty cash report form.

Q: Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $83 in…

A: Petty Cash fund is a small amount of cash which is held to meet the small incidental expenses in the…

Q: Pharoah Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of…

A: The petty cash fund is the current asset of the business. It is established to maintain the smaller…

Q: are (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the…

A: The establishment of a petty cash fund is making cash available for small expenses that occur for…

Q: Petty Cash Fund Entries Journalize the entries to record the following: Check is issued to…

A: Answer a:

Q: 55/98 There was $4 in the cash box when the fund was replenished on March 15. On March 20, the…

A: Petty cash is a small amount of cash kept in the company premises to meet minor expenses in the…

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: Answer:- Petty cash is a small amount of cash that is kept on hand by a business or organization to…

Q: Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The…

A: Petty cash fund is the cash kept aside for petty/ small expenses. Petty cash is replenished by…

Q: Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows…

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

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in…

A: Petty cash is a small amount of cash that is kept on hand and used for these types of expenditures…

Q: Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is…

A: A petty cash fund is a fund created or cash kept aside to maintain small expenses. It is prepared by…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Journal entry is a process of recording and classifying business transactions into books of accounts…

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.