Petty cash system: Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements. Journal Entries : Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order. Accounting rules for journal entries : To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. 1. To prepare: Journal entries in the books of BM Center during the month of March.

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Answer 1

Question

Chapter 6, Problem 3PSB

To determine

Petty cash system:

Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements.

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To prepare: Journal entries in the books of BM Center during the month of March.

2.

To determine

To prepare: Petty cash payments report for the month of March.

3.

To determine

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

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Answer 2

Question

Chapter 6, Problem 3PSB

To determine

Petty cash system:

Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements.

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To prepare: Journal entries in the books of BM Center during the month of March.

2.

To determine

To prepare: Petty cash payments report for the month of March.

3.

To determine

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 3PSB

To determine

Petty cash system:

Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements.

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To prepare: Journal entries in the books of BM Center during the month of March.

2.

To determine

To prepare: Petty cash payments report for the month of March.

3.

To determine

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 3PSB

To determine

Petty cash system:

Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements.

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To prepare: Journal entries in the books of BM Center during the month of March.

2.

To determine

To prepare: Petty cash payments report for the month of March.

3.

To determine

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 3PSB

To determine

Petty cash system:

Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements.

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To prepare: Journal entries in the books of BM Center during the month of March.

2.

To determine

To prepare: Petty cash payments report for the month of March.

3.

To determine

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

Answer 6

Chapter 6, Problem 3PSB

To determine

Petty cash system:

Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements.

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To prepare: Journal entries in the books of BM Center during the month of March.

Answer 7

Chapter 6, Problem 3PSB

To determine

Petty cash system:

Petty cash system is a system which is used for making payments for small day to day expenses. It facilitates ease to deal with small cash disbursements.

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

1.

To prepare: Journal entries in the books of BM Center during the month of March.

Answer 8

2.

To determine

To prepare: Petty cash payments report for the month of March.

Answer 9

2.

To determine

To prepare: Petty cash payments report for the month of March.

Answer 10

3.

To determine

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

Answer 11

3.

To determine

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ

Solution Summary: The author explains the petty cash system, which is used for making payments for small day to day expenses.

Concept explainers

To prepare: Petty cash payments report for the month of March.

To Prepare: Journal entries for above part 2 to (a) reimburse and (b) increase the fund amount.

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Chapter 6 Solutions