You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal year, $30 in currency and coin remain in the fund. The expenditures from the fund up to this point were $105 for office supplies and $65 for delivery expense (ignore HST). You do not have the fund replenished until January 6, 20-3. (A-8) Explain why the petty cash fund should have been replenished on December 31, 20-2. Quote the above situation in detail and do the journal entry

You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal year, $30 in currency and coin remain in the fund. The expenditures from the fund up to this point were $105 for office supplies and $65 for delivery expense (ignore HST). You do not have the fund replenished until January 6, 20-3. (A-8) Explain why the petty cash fund should have been replenished on December 31, 20-2. Quote the above situation in detail and do the journal entry

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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The custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency plus $ 472.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
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…
a. Started a petty cash fund in the amount of $1,000.b. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30.c. The company has decided to reduce the petty cash fund to $600.
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You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal year, $30 in currency and coin remain in the fund. The expenditures from the fund up to this point were $105 for office supplies and $65 for delivery expense (ignore HST). You do not have the fund replenished until January 6, 20-3. (A-8) Explain why the petty cash fund should have been replenished on December 31, 20–2. Quote the above situation in detail and do the journal entry
On September 29, the company determined that the petty cash fund needed to be increased to $1,000. What is the correct journal entry?
answer in text form please (without image), Note: .Every entry should have narration please
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket: On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense .