College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7, Problem 3CE
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On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of $40, and receipts for supplies of $55 and postage of $25. Prepare the journal entry to record the replenishment of the petty cash fund.
The custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency plus $ 472.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
The petty cash custodian reported the following transactions during the month. Prepare the journalentry to record the replenishment of the fund.A $10 cash payment is made to Starbucks to purchase coffee for a business client, a $40 cashpayment is made for supplies purchased from Office Depot, and a $30 cash payment is made toUPS to deliver goods to a customer
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 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
- In the cash payments journal, each amount in the General Debit column is posted (a) daily. (b) weekly. (c) at the end of the month. (d) at the end of the year.arrow_forwardThe petty cash fund for Sunflower Co. was established at $100. After the first month, the cash in the petty cash box amounted to $21. The receipts in the petty cash box included a receipt from Office Depot for $32, a receipt from a grocery store for $26, and a postage COD receipt for $16. Which of the following would be included in the journal entry to replenish the petty cash fund Credit to Supplies Expense; $32 Credit to Cash; $74 Debit to Cash Short (Over); $5 Credit to Cash Short (Over); $5arrow_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_forward
- On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund On June 30.arrow_forwardAssume that the custodian of a $450 petty cash fund has $57.10 in coins and curency plus $387.00 in recipts at the end of the month. The entry to replenish the petty cash fund will include:?arrow_forwardOn July 1 AAA Company established a petty cash fund with $200. During the first 15 days of July several payments totaling $192 were made for miscellaneous expenses using the petty cash fund. On July 15 replenishment of the fund was requested. at of Required 1) Prepare the necessary journal entry on July 1. DATE ACCOUNT TITLES DEBIT CREDIT July 1 $ 2) Prepare the necessary journal entry on July 15, in the following scenarios: a) cash balance on July 15 was $5. July 15 $ 2$ b) cash balance on July 15 was $8. DATE ACCOUNT TITLES DEBIT CREDIT July 15 24 $arrow_forward
- Prepare the necessary journal entries for each of the following: (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.arrow_forwardLoucks Company established a $200 petty cash fund on October 2, 2018. The fund is replenished at the end ofeach month. At the end of October 2018, the fund contained $37 in cash and the following receipts:Office supplies $76Lunch with client 48Postage 20Miscellaneous 19Required:Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish thefund on October 31.arrow_forwardJeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash fund of $750. 12. The cash sales for the day, according to the cash register records, totaled $11,494. The actual cash received from cash sales was $11,519. 31. Petty cash on hand was $157. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $398. 7. Express charges on merchandise sold, $32 (Delivery Expense). 9. Office supplies, $16. 13. Office supplies, $18. 19. Postage stamps, $13 (Office Supplies). 21. Repair to office file cabinet lock, $11 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $27 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $52 (Delivery Expense). 30. Office supplies, $8. Jan. 31. The cash sales for the day, according to the cash register records, totaled…arrow_forward
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