Petty cash fund : Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Debit and credit rules: Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts. Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts. To journalize : The petty cash fund transactions in the books of Company K

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Answer 1

Question

Chapter 7, Problem 7.3AP

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company K

(b)

To determine

To Post: The amounts of journal entries to Petty Cash account.

(c)

To determine

The internal control features which exist in a petty cash fund.

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Answer 2

Question

Chapter 7, Problem 7.3AP

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company K

(b)

To determine

To Post: The amounts of journal entries to Petty Cash account.

(c)

To determine

The internal control features which exist in a petty cash fund.

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Answer 3

Question

Chapter 7, Problem 7.3AP

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company K

(b)

To determine

To Post: The amounts of journal entries to Petty Cash account.

(c)

To determine

The internal control features which exist in a petty cash fund.

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Answer 4

Question

Chapter 7, Problem 7.3AP

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company K

(b)

To determine

To Post: The amounts of journal entries to Petty Cash account.

(c)

To determine

The internal control features which exist in a petty cash fund.

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Answer 5

Chapter 7, Problem 7.3AP

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company K

(b)

To determine

To Post: The amounts of journal entries to Petty Cash account.

(c)

To determine

The internal control features which exist in a petty cash fund.

Answer 6

Chapter 7, Problem 7.3AP

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company K

Answer 7

Chapter 7, Problem 7.3AP

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company K

Answer 8

(b)

To determine

To Post: The amounts of journal entries to Petty Cash account.

Answer 9

(b)

To determine

To Post: The amounts of journal entries to Petty Cash account.

Answer 10

(c)

To determine

The internal control features which exist in a petty cash fund.

Answer 11

(c)

To determine

The internal control features which exist in a petty cash fund.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Concept explainers

To Post: The amounts of journal entries to Petty Cash account.

The internal control features which exist in a petty cash fund.

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Chapter 7 Solutions