College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 6, Problem 2PB
1.
To determine
Journalize the issue of check for petty cash fund establishment.
2.
To determine
Prepare a petty cash payments report of Company S for the month of March.
3.
To determine
Journalize the transaction for reimbursement of petty cash fund.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash transactions took place during the month:
May Transactions:
May
1
Cashed check no. 956 for $150 to establish a Petty Cash Fund, and put the $150 in a locked drawer in the office.
3
Bought postage stamps, $8.80, voucher no. 1 (Miscellaneous Expense).
4
Issued voucher no. 2 for taxi fare, $12 (Miscellaneous Expense).
6
Issued voucher no. 3 for delivery charges on outgoing parts, $15.
9
B. Ellsworth, the owner, withdrew $25 for personal use, voucher no. 4.
13
Paid $8.29 for postage, voucher no. 5 (Miscellaneous Expense).
19
Bought pens for office, $6, voucher no. 6.
23
Paid $3.59 for a box of staples, voucher no. 7.
28
Paid $15 for window cleaning service, voucher no. 8 (Miscellaneous Expense).
29
Paid $2 for pencils for office, voucher no. 9.
31
Issued for cash check no. 1098 for $95.68 to reimburse Petty Cash Fund.
Required:
1.…
The following petty cash transactions were made by the Freeman Corporation during the month
of September. Record the transactions in the journal provided in the account order that they appear below.
Sep 1
Established a petty cash fund of $300.
Sep 15
Reimbursed the petty cash fund for the following:
Stapler, staples, and tape
$55
Pizza for the office party (meals)
$85
Maintenance/Janitorial
$112
The cash in the box before reimbursement was $40.
Sep 16
Realized the petty cash fund should be increased to $400.
Sep 30
Reimbursed the petty cash fund for the following:
Delivery charges
$85
Toner and paper for office printer
$115
Lunch for the customer
$130
The…
Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year).
May 1
Prepared a company check for $400 to establish the petty cash fund.
May 15
Prepared a company check to replenish the fund for the following expenditures made since May 1.
May 15
a. Paid $124.80 for janitorial expenses.
May 15
b. Paid $101.88 for miscellaneous expenses.
May 15
c. Paid postage expenses of $69.60.
May 15
d. Paid $91.44 to Facebook for advertising expense.
May 15
e. Counted $30.68 remaining in the petty cashbox.
May 16
Prepared a company check for $200 to increase the fund to $600.
May 31
The petty cashier reports that $401.19 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15.
May 31
f. Paid postage expenses of $64.48.
May 31
g. Reimbursed the office manager for mileage expense, $51.33.…
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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.arrow_forwardOn September 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 September 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 September 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 $210. C. On September 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 September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.arrow_forwardOn 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.arrow_forward
- 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.arrow_forwardKiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $250 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures nade since May 1. May 15 a. Paid $78.00 for janitorial expenses. May 15 b. Paid $63.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $43.50. May 15 d. Paid $57.15 to Facebook for advertising expense. May 15 e. Counted $19.17 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $450. May 31 The petty cashier reports that $303.39 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $48.36. May 31 g. Reimbursed the office manager for mileage expense, $38.50. May 31 h. Paid $39.75 in…arrow_forwardKiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $88 for janitorial expenses. May 15 b. Paid $53.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $53.50. May 15 d. Paid $47.15 to Facebook for advertising expense. May 15 e. Counted $62.15 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $288.20 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $147.36. May 31 g. Reimbursed the office manager for mileage expense, $23.50. May 31 h. Paid $34.75 in…arrow_forward
- Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $88 for janitorial expenses. May 15 b. Paid $53.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $53.50. May 15 d. Paid $47.15 to Facebook for advertising expense. May 15 e. Counted $62.15 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $288.20 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $147.36. May 31 g. Reimbursed the office manager for mileage expense, $23.50.…arrow_forwardKiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $93.60 for janitorial expenses. May 15 b. Paid $76.41 for miscellaneous expenses. May 15 c. Paid postage expenses of $52.20. May 15 d. Paid $68.58 to Facebook for advertising expense. May 15 e. Counted $23.01 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $319.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $53.73. May 31 g. Reimbursed the office manager for mileage expense, $42.78. May 31 h. Paid $44.17 in…arrow_forwardKiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $93.60 for janitorial expenses. May 15 b. Paid $76.41 for miscellaneous expenses. May 15 c. Paid postage expenses of $52.20. May 15 d. Paid $68.58 to Facebook for advertising expense. May 15 e. Counted $23.01 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $349.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $53.73. May 31 g. Reimbursed the office manager for mileage expense, $42.78.…arrow_forward
- Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $350 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $109.20 for janitorial expenses. May 15 b. Paid $89.15 for miscellaneous expenses. May 15 c. Paid postage expenses of $60.90. May 15 d. Paid $80.01 to Facebook for advertising expense. May 15 e. Counted $26.84 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $550. May 31 The petty cashier reports that $365.27 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $59.10. May 31 g. Reimbursed the office manager for mileage expense, $47.05. May 31 h. Paid $48.58 in…arrow_forwardT. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) $ 435 44 59 630 Required: Record the establishment of the petty cash fund on April 3, all expenditures made during the month, and the replenishment of the petty cash fund on April 30. The credit card balance is paid in full on April 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)arrow_forwardVishunuarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage