College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7, Problem 10SPA
1
To determine
Prepare the
2 & 3
To determine
Record the vouchers in the petty cash record and total and rules the petty cash record; Prepare journal entry to record to replenish the petty cash fund.
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PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The following vouchers were issued during May:
Required1. Prepare the journal entry to establish the petty cash fund.2. Record the vouchers in the petty cash record. Total and rule thepetty cash record.3. Prepare the journal entry to replenish the petty cash fund. Makethe appropriate entry in the petty cash record.
A petty cash fund was originally established with a cheque for $150. On December 31, you find the following items in the petty cash fund:
Postage
Office supplies
$43.50
51.85
Office equipment repair
Cash
49.00
4.25
Prepare the general journal entry to record the replenishment of the petty cash fund on December 31.
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Prepare (a) the journal entry to establish a petty cash fund and (b) the journal entry to replenish the petty cash fund.
Chapter 7 Solutions
College Accounting, Chapters 1-27
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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- 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 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_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_forward
- Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): A. On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.) Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated…arrow_forwardJournalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): a. On July 1, check No. 12-375 issued to establish a petty cash fund of $1,080. b. The amount of cash in the petty cash fund which is now $125. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $589; miscellaneous selling expense, $190; miscellaneous administrative expense, $150. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,080, record the discrepancy in the cash short and over account.)arrow_forwardJournalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,100. B. On April 1, the amount of cash in the petty cash fund is now $107. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $568; miscellaneous selling expense, $219; miscellaneous administrative expense, $173. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,100, record the discrepancy in the cash short and over account.) CHART OF ACCOUNTSGeneral Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment…arrow_forward
- Instructions Journalize the necessary entries for each of the following: Required: a. On March 1, issued a check to establish a petty cash fund of $1,410.* b. On April 1, the amount of cash in the petty cash fund is $440. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $850, and miscellaneous selling expense, $80. Record any missing funds in the cash short and over account.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal a. On March 1, issued a check to establish a petty cash fund of $1,410. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used…arrow_forwardOn February 1, Derrick Company establishes a $200 petty cash fund. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. View transaction list Journal entry worksheet < 1 On February 1, Derrick Company establishes a $200 petty cash fund. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Note: Enter debits before credits. Date Feb. 1 General Journal Debit Creditarrow_forwardJournalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,080. B. On April 1, the amount of cash in the petty cash fund is now $125. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $589; miscellaneous selling expense, $190; miscellaneous administrative expense, $150. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,080, record the discrepancy in the cash short and over account.)arrow_forward
- Dance Studio created a $200 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: Requirement 1. Make the general journal entry to create the petty cash fund. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $8. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Requirement 3. Assume that Louise's Dance Studio decides to decrease the petty cash fund to $100. Make the general journal entry to record this decrease. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts…arrow_forwardDuring October, Daylight Company experiences the following transactions in establishing a petty cash fund. Prepare journal entries in october that pertain to petty cash fund. Oct. A petty cash fund is established with a check for 150 issued to the petty cash custodian. 1 31 A check was written to reimburse the fund and increase the fund to 200. A count of the petty cash fund disclosed the following items: Currency 59.00 Coins 0.70 Expenditure receipts (vouchers): Supplies Telephone, Internet, and fax Postage Freight-Out 26.10 16.40 39.70 6.80arrow_forwardPost all petty transactionsarrow_forward
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