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
Q: On April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on…
A: Date particulars amount amount Apr 2 petty cadh $370 Cash $370 Being cash paid…
Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…
A: Journal entry is the process of documenting commercial transactions for the first time in the books…
Q: the petty cash fund of the wee ones agency was established on may1, 2023, at $75. at the end of the…
A: Journal Entries to Record the Establishment of the Fund - Date May 1, 2023 1. Petty Cash A/c…
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: 1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund…
A: Given: Petty Cash fund:$230 Entertainment Expense:$42 Postage :$29 Printing:$27
Q: 1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund…
A: The petty cash fund is used for different small expenses and is replenished every month. it helps to…
Q: I NEED HELP WITH PART 3 1. Journalize the selected transactions. Assume 360 days per year. If no…
A: Bank Reconciliation Statement (BRS) BRS is prepared to reconcile the difference between the Bank…
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: 38. Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month,…
A: opening balance=10000 Closing balance=3557.4
Q: You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal…
A: A petty cash fund is a small amount of cash kept on hand by a business or organization to cover…
Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…
A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…
Q: a. On March 1, journalize the following transaction: Check is issued to establish a petty cash fund…
A: JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY…
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: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…
A: Petty Cash Fund: At times, every business finds it convenient to have small amounts of cash…
Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…
A: Cash Short and Over: A miscellaneous expense account used to record the difference between 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: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…
A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…
Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…
A: Petty cash is a little sum of money that is held on the premises of a business or firm to cover…
Q: On August 3, Sonar Sales decides to establish a $275 petty cash fund to relieve the burden on…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A.…
A: Petty cash funds are those funds which are established and maintained for small petty expenses in…
Q: On April 2, Granger Sales decides to establish a $350 petty cash fund to relieve the burden on…
A: Petty cash is a small quantity of money kept on hand to handle minor costs including repayments or…
Q: On April 2, Granger Sales decides to establish a $380 petty cash fund to relieve the burden on…
A: Petty cash seems to be a small quantity of money kept on hand to handle minor costs including such…
Q: The petty cash fund was established on April 10, 2020, in the amount of $300. These are the…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…
A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…
Q: On March 20, Bonita's petty cash fund of $113 is replenished when the fund contains $9 in cash and…
A: Petty cash refers to the small amount of cash in hand used to pay expenses that are too small to…
Q: The accountant for ABC established a petty cash fund of P2,000. During October. The fund was…
A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…
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
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.Record the following transactions: 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.
- On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.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 entryOn 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.
- On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $56, contributions and donations of $29, and meals and entertainment of $110. The remaining cash is $81 in the ending cash balance. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. c. On April 11, Granger Sales decides to increase petty cash by $160. Journalize this event.On April 2, Granger Sales decides to establish a $370 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 $40, contributions and donations of $13, and meals and entertainment of $94, and $219 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 $430. Journalize this event. If an amount box does not require an entry, leave it blank. Apr. 11On 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
- On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden on Accounting. (a) Journalize this event. (b) On April 11th, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00 and $9.75 in cash. Journalize the replenishment of the fund. (c) On April 12th, Snappy Sales decides to increase petty cash to $175.00. Journalize this event.11. The accountant for ABC established a petty cash fund of P2,000. During October. The fund was depleted by the following disbursements: Shipping expense, P850 Travel expense, P300 Postage expense, P190 Miscellaneous supplies, P195 In addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of P45 from the secretary handling the fund. The company uses a cash over and short expense account, as needed. The company decided to decrease the petty cash fund to P1,600. Determine the amount of cash short/ over. (sample answer – 100 short or 100 over) The correct answer is: 410 shortOn 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…