Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $53 in cash along withreceipts for the following expenditures: transportation-in, $51; postage expenses, $71; and miscellaneous expenses, $151. The pettycashier could not account for a $4 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 $400.View transaction listJournal entry worksheet123> The following annual account balances are from Armour Sports at December 31.Year 2Year 1Accounts receivable$59,568 $57,325Net sales1,167,533 1,090,531Complete the below table to calculate the number of days' sales uncollected for the years Year 1 and Year 2. (Do not roundintermediate calculations. Round your "Days' Sales Uncollected" to 1 decimal place.)Days' Sales UncollectedChoose Numerator:Choose Denominator:x DaysDays' Sales UncollectedDays' sales uncollectedYear 2:Year 1:daysdaysAccounts receivableCost of goods soldCurrent assetsCurrent liabilitiesNet sales

Petty cash fund is used to manage the daily basis of small expenses. In this, a certain amount of…

Answered: Waupaca Company establishes a $330…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $288. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $4297; miscellaneous selling expense, $123; miscellaneous administrative expense, $77. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. 88 b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.
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
On April 2, Granger Sales decides to establish a $350 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. April 2 b. On April 10, the petty cash fund has receipts for mail and postage of $65, contributions and donations of $39, and meals and entertainment of $97. Petty cash on hand is $147. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. April 10 c. On April 11, Granger Sales decides to increase petty cash to $460. Journalize this event. If an amount box does not require an entry, leave it blank. April 11
EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along with receipts for the following expenditures: transportation-in, $140; postage expenses, $479; and miscellaneous expenses, $340. The petty cashier could not account for a $9 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 $9 and credit Cash for $950], and (3) June 1 entry to increase the fund to $1,800. View transaction list Journal entry worksheet 2 3 > Record the May 30 entry to reimburse the fund. Note: Enter debits before credits. Date General Journal Debit Credit May 30 Record entry Clear entry View general journal G Search or type URL %23 24 & * 2 3 4. 6 8. T Y U S D H J K Z C V F. w/
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
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
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…
Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.55. Receipts: delivery expense $27.05, postage expense $38.30, and miscellaneous expense $29.90. July 1: Cash in fund $4.05. Receipts: delivery expense $22.50, entertainment expense $47.50, and miscellaneous expense $25.95. On July 10, Skysong increased the fund from $100 to $130.Prepare journal entries for Skysong Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a…
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
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 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Cred September 30 Record entry Clear entry View genera
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.
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:

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS