Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 34BE
To determine
Concept Introduction:
Petty Cash Fund:
Petty cash fund the amount of money provided for day to day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash fund.
To Prepare:
The
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Petty Cash Fund
Kingery Ltd. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2022. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense.
Required:
Prepare a journal entry to record the replenishment of the petty cash fund.
Petty Cash Fund
Kingery Inc. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2013. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense.
Required:
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Prepare a journal entry to record the replenishment of the petty cash fund.
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Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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- un.3arrow_forwardeBook Petty Cash Transactions (Appendix 6.1) Instructions Chart of Accounts General Journal Instructions Crown Company established a petty cash fund of $600 for incidental expenditures on January 2, 2019. At the end of the month, the count of cash on hand indicated that $58.35 remained in the fund. A sorting of petty cash vouchers disclosed that the following expenses had been incurred during the month, and the fund was replenished. Postage Expense $240.40 Office Supplies Expense 170.90 Miscellaneous Expense 122.05 Required: Prepare the joumal entries necessary to record Crown's petty cash transactions during January. K Points: 8.83/ 16arrow_forwardProblem 8 JAJA Company, provided the following information pertaining to its petty cash fund during the year: The company established a P40,000 petty cash fund on November 12, 2021. On November 30, 2021, the PCF was replenished, and the accountant recorded the replenishment as follows: Various expenses 14,000Loss on petty cash shortage 1,000Cash in bank 15,000 At year-end the petty cash fund was not replenished, and the random cash count at December 31, 2021 revealed the following: Bills and coins 6,000 Paid expense vouchers Transportation 2,000Fuel and gasoline 3,000Office supplies 1,500IOUs 10,000 Unpaid expense vouchers Representation fees 9,000Payment for parking 4,500 Postdated checks of the following: Company officers 10,000Petty cash custodian 5,000Customers 12,000 How much is the (net shortage)/net overage during the year ended December 31, 2021? (If net shortage, use the "-" symbol, if net overage positive sign)arrow_forward
- Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.arrow_forwardShort Case 1 On October 1, 2012, Al Zahra Trading Co. established a petty cash fund for OMR 175 and a cheque is written for the same amount and made out to Ms. Fatma, the petty cash custodian. At the end of each month the fund is to be replenished. At the end of the month, Fatma has the receipts for the following: Office supplies OMR 60 Delivery expenses OMR 50 Postage OMR 20 Entertainment OMR 30 Required: Write relevant journal entries.arrow_forwardPetty Cash with Change in Fund Balance Basque Ltd. maintains a petty cash fund with a balance of $800. On December 31, Basque's petty cash account has a balance of $60. Basque replenishes the petty cash account, as it does at the end of every month, but also decides to increase the fund balance to $1,000. Basque classifies all petty cash transactions as miscellaneous expense. Required: What journal entry is made to record this activity? For those boxes in which no entry is requiredarrow_forward
- Exercise 6-9: Dension Corp. established a petty cash fund at the beginning of the current month. At the end of the month, the amount of coin and currency on hand was $65.50. Dension recorded the following entry at the end of the current month to replenish the petty cash fund:Jan. 31 Postage expense 44.00Delivery expense 49.70Entertaining expense 22.40Office supplies expense 66.20Cash over and short 2.20Cash 184.50Determine the amount of the check written at the beginning of the month to establish the fund.arrow_forwardView Policies Current Attempt in Progress Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 (a) 15 16 31 Established the petty cash fund by writing a check payable to the petty cash custodian for $225. Replenished the petty cash fund by writing a check for $220.30. On this date, the fund consisted of $4.70 in cash and these petty cash receipts: freight-out $96, entertainment expense $48.70, postage expense $41.70, and miscellaneous expense $32.50. Increased the amount of the petty cash fund to $325 by writing a check for $100.00. Replenished the petty cash fund by writing a check for $309.30. On this date, the fund consisted of $15.70 in cash and these petty cash receipts: postage expense $139.80, entertainment expense $96.40, and freight-out $71.80. Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is…arrow_forwardProblem 1 (Petty Cash) George Corp sets up a petty cash fund to pay for relatively small amounts of expenses. George Corp., where the petty cash account amount remains in its original amount and the transaction is determined for petty cash balance under $ 1,000. The following are available data for the month of July 2020 On July 4, the company will set a petty cash fund of $ 1,000 Summary of expenses, petty cash is $ 250 on file by the company. on July 14 are as follows: Payroll Check S83 Dividends $ 49 Commission S64 Travel and Entertainment Expense $ 23 Advertising $ 31 On July 25, George purchased, the equipment for S1800 George Corp decided to increase the cash amount to the petty cash fund by $ 500 on July 31 Requested: Make a number of entries on petty cash transactions using the impress and fluctuating method during July. Problem 2 (Receivables) PT CAHAYA's Receivables Balance as of December 31, 2019 was IDR 1,350,000,000, allowance for uncollectible accounts was IDR…arrow_forward
- Nonearrow_forwardSubject: acountingarrow_forwardCornerstone Exercise 4-23 (Algorithmic)Petty Cash Fund Murphy, Inc., maintains a balance of $2,400 in its petty cash fund. On December 31, Murphy's petty cash account has a balance of $202. Murphy replenishes the petty cash account to bring it back up to $2,400. Murphy classifies all petty cash transactions as miscellaneous expense. What entry is made to record the replenishment of the petty cash fund?arrow_forward
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