Petty cash fund : Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system. To prepare : A journal entry to create the petty cash fund. Date Accounts and Explanation Post Ref Debit ($) Credit ($) Petty Cash (A+) 750 Cash (A–) 750 (To record the creation of petty cash fund.) Table -1

Chapter 7 Solutions

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system.

To prepare: A journal entry to create the petty cash fund.

Date Accounts and Explanation Post Ref Debit ($) Credit ($)
Petty Cash (A+) 750
Cash (A–) 750
(To record the creation of petty cash fund.)

Table -1

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system.

To prepare: A journal entry to create the petty cash fund.

Date Accounts and Explanation Post Ref Debit ($) Credit ($)
Petty Cash (A+) 750
Cash (A–) 750
(To record the creation of petty cash fund.)

Table -1

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system.

To prepare: A journal entry to create the petty cash fund.

Date Accounts and Explanation Post Ref Debit ($) Credit ($)
Petty Cash (A+) 750
Cash (A–) 750
(To record the creation of petty cash fund.)

Table -1

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system.

To prepare: A journal entry to create the petty cash fund.

Date Accounts and Explanation Post Ref Debit ($) Credit ($)
Petty Cash (A+) 750
Cash (A–) 750
(To record the creation of petty cash fund.)

Table -1

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system.

To prepare: A journal entry to create the petty cash fund.

Date Accounts and Explanation Post Ref Debit ($) Credit ($)
Petty Cash (A+) 750
Cash (A–) 750
(To record the creation of petty cash fund.)

Table -1

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system.

To prepare: A journal entry to create the petty cash fund.

Date Accounts and Explanation Post Ref Debit ($) Credit ($)
Petty Cash (A+) 750
Cash (A–) 750
(To record the creation of petty cash fund.)

Table -1

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses. Therefore, companies maintain some minimum amount of funds in the hand for such daily expenses. These funds are called as petty cash funds. These funds are managed by custodian. This system is otherwise called as imprest system.

To prepare: A journal entry to create the petty cash fund.

Date Accounts and Explanation Post Ref Debit ($) Credit ($)
Petty Cash (A+) 750
Cash (A–) 750
(To record the creation of petty cash fund.)

Table -1

Solution Summary: The author explains that petty cash funds are established to pay insignificant amounts like postage, office supplies, and lunches.

To prepare: Journal entry to record petty cash fund replenishment.

To prepare: Journal entry to record petty cash fund replenishment.

To prepare: Journal entry to record petty cash fund replenishment.

To prepare: Journal entry to record petty cash fund replenishment.

To prepare: Journal entry to record petty cash fund replenishment.

To prepare: Journal entry to record petty cash fund replenishment.

To prepare: Journal entry to record petty cash fund replenishment.

To prepare: Journal entry to record petty cash fund replenishment.

Concept explainers

Question

H. Smith is employed at a rate of $35 (USD) PER HOUR FOR A FORTY HOUR WORK WEEK:any hour over the forty smith is paid an additional $5usd. during the month of march 2016 smith worked the following schedule: Work week hours worked benefits Value of benefits March 1-4 40 cell phone 15000.00TT$ March 7-11 45 Housing 40,000 March 14-18 42 Motor car 45,000 March 28-31 41 Cash Allowance 100,000 Tax Credits: Personal allowance 75,000, NIC 9% OF BASIC PAY, PAYE rate vv25%. using an exchange rate of $1.50tt$ for us $1, compute the net pay of mr smith formonth ending march 31,2016 in TT currency.

Answer 1

Question

Chapter 7, Problem 7.24EX

Requirement A:

To determine

Requirement B:

To determine

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H. Smith is employed at a rate of $35 (USD) PER HOUR FOR A FORTY HOUR WORK WEEK:any hour over the forty smith is paid an additional $5usd. during the month of march 2016 smith worked the following schedule: Work week hours worked benefits Value of benefits March 1-4 40 cell phone 15000.00TT$ March 7-11 45 Housing 40,000 March 14-18 42 Motor car 45,000 March 28-31 41 Cash Allowance 100,000 Tax Credits: Personal allowance 75,000, NIC 9% OF BASIC PAY, PAYE rate vv25%. using an exchange rate of $1.50tt$ for us $1, compute the net pay of mr smith formonth ending march 31,2016 in TT currency.

What is the average collection period in terms of days?

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Answer 2

Question

Chapter 7, Problem 7.24EX

Requirement A:

To determine

Requirement B:

To determine

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Chapter 7, Problem 7.24EX

Requirement A:

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Requirement B:

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Answer 4

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Chapter 7, Problem 7.24EX

Requirement A:

To determine

Requirement B:

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Chapter 7, Problem 7.24EX

Requirement A:

To determine

Requirement B:

To determine

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Chapter 7, Problem 7.24EX

Requirement A:

To determine

Answer 7

Chapter 7, Problem 7.24EX

Requirement A:

To determine

Answer 8

Requirement B:

To determine

Answer 9

Requirement B:

To determine

Answer 10

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Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - Prob. 3DQ Ch. 7 - Why should the responsibility for maintaining the...Ch. 7 - Assume that Brooke Miles, accounts payable clerk...Ch. 7 - Prob. 6DQ Ch. 7 - Prob. 7DQ Ch. 7 - Prob. 8DQ Ch. 7 - Prob. 9DQ Ch. 7 - Prob. 10DQ

Accounts and Explanation

Post Ref

Debit ($)

Credit ($)

Petty Cash (A+)

(To record the creation of petty cash fund.)