The Journal entries for the establishment of the petty cash fund

Question

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Answer 1

Question

Chapter 8, Problem 3APSA

Requirement-1:

To determine

To prepare:

The Journal entries for the establishment of the petty cash fund

Requirement-1:

Expert Solution

Explanation of Solution

The Journal entry for the establishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 2	Petty cash	$ 400.00
	Cash		$ 400.00
	(Being Petty cash fund established)

Requirement-2:

To determine

To prepare:

The Petty Cash payments report for the month of February

Requirement-2:

Expert Solution

Explanation of Solution

The Petty Cash payments report for the month of February is as follows:

Nakashima Gallery
Petty Cash Payments Report
For the month of February

		Reconciliation	Replenish Amount
Fund Total (A)		$ 400.00
Payments:
Office Supplies Expenses (14.15+67.77)	$ 81.92
Merchandise Inventory (32.5+13.10)	$ 45.60
Delivery Expenses	$ 7.95
Mileage Expenses	$ 68.00
Postage Expenses (20+54)	$ 74.00
Total Payments (B)		$ 277.47	$277.47
Recorded Amount on Hand (C) =A-B =		$ 122.53
Actual Amount on Hand (D)		$ 120.42
Cash Short/Over (E) = (C-D)		$ 2.11	$ 2.11
Amount to replenish = C+E=			$279.58

Requirement-3(a):

To determine

To prepare:

The journal entry for the replenishment of the petty cash fund

Requirement-3(a):

Expert Solution

Explanation of Solution

The journal entry for the replenishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Office Supplies Expenses (14.15+67.77)	$ 81.92
	Merchandise Inventory (32.5+13.10)	$ 45.60
	Delivery Expenses	$ 7.95
	Mileage Expenses	$68.00
	Postage Expenses (20+54)	$ 74.00
	Cash Short/Over (Balancing Figure)	$ 2.11
	Cash (400-120.42)		$ 279.58
	(Being Petty cash fund replenished)

Requirement-3(b):

To determine

To prepare:

The journal entry for the increase in the petty cash fund

Requirement-3(b):

Expert Solution

Explanation of Solution

The journal entry for the increase in the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Petty cash	$ 100.00
	Cash		$ 100.00
	(Being Petty cash fund raised)

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Answer 2

Question

Chapter 8, Problem 3APSA

Requirement-1:

To determine

To prepare:

The Journal entries for the establishment of the petty cash fund

Requirement-1:

Expert Solution

Explanation of Solution

The Journal entry for the establishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 2	Petty cash	$ 400.00
	Cash		$ 400.00
	(Being Petty cash fund established)

Requirement-2:

To determine

To prepare:

The Petty Cash payments report for the month of February

Requirement-2:

Expert Solution

Explanation of Solution

The Petty Cash payments report for the month of February is as follows:

Nakashima Gallery
Petty Cash Payments Report
For the month of February

		Reconciliation	Replenish Amount
Fund Total (A)		$ 400.00
Payments:
Office Supplies Expenses (14.15+67.77)	$ 81.92
Merchandise Inventory (32.5+13.10)	$ 45.60
Delivery Expenses	$ 7.95
Mileage Expenses	$ 68.00
Postage Expenses (20+54)	$ 74.00
Total Payments (B)		$ 277.47	$277.47
Recorded Amount on Hand (C) =A-B =		$ 122.53
Actual Amount on Hand (D)		$ 120.42
Cash Short/Over (E) = (C-D)		$ 2.11	$ 2.11
Amount to replenish = C+E=			$279.58

Requirement-3(a):

To determine

To prepare:

The journal entry for the replenishment of the petty cash fund

Requirement-3(a):

Expert Solution

Explanation of Solution

The journal entry for the replenishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Office Supplies Expenses (14.15+67.77)	$ 81.92
	Merchandise Inventory (32.5+13.10)	$ 45.60
	Delivery Expenses	$ 7.95
	Mileage Expenses	$68.00
	Postage Expenses (20+54)	$ 74.00
	Cash Short/Over (Balancing Figure)	$ 2.11
	Cash (400-120.42)		$ 279.58
	(Being Petty cash fund replenished)

Requirement-3(b):

To determine

To prepare:

The journal entry for the increase in the petty cash fund

Requirement-3(b):

Expert Solution

Explanation of Solution

The journal entry for the increase in the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Petty cash	$ 100.00
	Cash		$ 100.00
	(Being Petty cash fund raised)

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Answer 3

Question

Chapter 8, Problem 3APSA

Requirement-1:

To determine

To prepare:

The Journal entries for the establishment of the petty cash fund

Requirement-1:

Expert Solution

Explanation of Solution

The Journal entry for the establishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 2	Petty cash	$ 400.00
	Cash		$ 400.00
	(Being Petty cash fund established)

Requirement-2:

To determine

To prepare:

The Petty Cash payments report for the month of February

Requirement-2:

Expert Solution

Explanation of Solution

The Petty Cash payments report for the month of February is as follows:

Nakashima Gallery
Petty Cash Payments Report
For the month of February

		Reconciliation	Replenish Amount
Fund Total (A)		$ 400.00
Payments:
Office Supplies Expenses (14.15+67.77)	$ 81.92
Merchandise Inventory (32.5+13.10)	$ 45.60
Delivery Expenses	$ 7.95
Mileage Expenses	$ 68.00
Postage Expenses (20+54)	$ 74.00
Total Payments (B)		$ 277.47	$277.47
Recorded Amount on Hand (C) =A-B =		$ 122.53
Actual Amount on Hand (D)		$ 120.42
Cash Short/Over (E) = (C-D)		$ 2.11	$ 2.11
Amount to replenish = C+E=			$279.58

Requirement-3(a):

To determine

To prepare:

The journal entry for the replenishment of the petty cash fund

Requirement-3(a):

Expert Solution

Explanation of Solution

The journal entry for the replenishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Office Supplies Expenses (14.15+67.77)	$ 81.92
	Merchandise Inventory (32.5+13.10)	$ 45.60
	Delivery Expenses	$ 7.95
	Mileage Expenses	$68.00
	Postage Expenses (20+54)	$ 74.00
	Cash Short/Over (Balancing Figure)	$ 2.11
	Cash (400-120.42)		$ 279.58
	(Being Petty cash fund replenished)

Requirement-3(b):

To determine

To prepare:

The journal entry for the increase in the petty cash fund

Requirement-3(b):

Expert Solution

Explanation of Solution

The journal entry for the increase in the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Petty cash	$ 100.00
	Cash		$ 100.00
	(Being Petty cash fund raised)

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Answer 4

Question

Chapter 8, Problem 3APSA

Requirement-1:

To determine

To prepare:

The Journal entries for the establishment of the petty cash fund

Requirement-1:

Expert Solution

Explanation of Solution

The Journal entry for the establishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 2	Petty cash	$ 400.00
	Cash		$ 400.00
	(Being Petty cash fund established)

Requirement-2:

To determine

To prepare:

The Petty Cash payments report for the month of February

Requirement-2:

Expert Solution

Explanation of Solution

The Petty Cash payments report for the month of February is as follows:

Nakashima Gallery
Petty Cash Payments Report
For the month of February

		Reconciliation	Replenish Amount
Fund Total (A)		$ 400.00
Payments:
Office Supplies Expenses (14.15+67.77)	$ 81.92
Merchandise Inventory (32.5+13.10)	$ 45.60
Delivery Expenses	$ 7.95
Mileage Expenses	$ 68.00
Postage Expenses (20+54)	$ 74.00
Total Payments (B)		$ 277.47	$277.47
Recorded Amount on Hand (C) =A-B =		$ 122.53
Actual Amount on Hand (D)		$ 120.42
Cash Short/Over (E) = (C-D)		$ 2.11	$ 2.11
Amount to replenish = C+E=			$279.58

Requirement-3(a):

To determine

To prepare:

The journal entry for the replenishment of the petty cash fund

Requirement-3(a):

Expert Solution

Explanation of Solution

The journal entry for the replenishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Office Supplies Expenses (14.15+67.77)	$ 81.92
	Merchandise Inventory (32.5+13.10)	$ 45.60
	Delivery Expenses	$ 7.95
	Mileage Expenses	$68.00
	Postage Expenses (20+54)	$ 74.00
	Cash Short/Over (Balancing Figure)	$ 2.11
	Cash (400-120.42)		$ 279.58
	(Being Petty cash fund replenished)

Requirement-3(b):

To determine

To prepare:

The journal entry for the increase in the petty cash fund

Requirement-3(b):

Expert Solution

Explanation of Solution

The journal entry for the increase in the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Petty cash	$ 100.00
	Cash		$ 100.00
	(Being Petty cash fund raised)

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Answer 5

Chapter 8, Problem 3APSA

Requirement-1:

To determine

To prepare:

The Journal entries for the establishment of the petty cash fund

Requirement-1:

Expert Solution

Explanation of Solution

The Journal entry for the establishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 2	Petty cash	$ 400.00
	Cash		$ 400.00
	(Being Petty cash fund established)

Requirement-2:

To determine

To prepare:

The Petty Cash payments report for the month of February

Requirement-2:

Expert Solution

Explanation of Solution

The Petty Cash payments report for the month of February is as follows:

Nakashima Gallery
Petty Cash Payments Report
For the month of February

		Reconciliation	Replenish Amount
Fund Total (A)		$ 400.00
Payments:
Office Supplies Expenses (14.15+67.77)	$ 81.92
Merchandise Inventory (32.5+13.10)	$ 45.60
Delivery Expenses	$ 7.95
Mileage Expenses	$ 68.00
Postage Expenses (20+54)	$ 74.00
Total Payments (B)		$ 277.47	$277.47
Recorded Amount on Hand (C) =A-B =		$ 122.53
Actual Amount on Hand (D)		$ 120.42
Cash Short/Over (E) = (C-D)		$ 2.11	$ 2.11
Amount to replenish = C+E=			$279.58

Requirement-3(a):

To determine

To prepare:

The journal entry for the replenishment of the petty cash fund

Requirement-3(a):

Expert Solution

Explanation of Solution

The journal entry for the replenishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Office Supplies Expenses (14.15+67.77)	$ 81.92
	Merchandise Inventory (32.5+13.10)	$ 45.60
	Delivery Expenses	$ 7.95
	Mileage Expenses	$68.00
	Postage Expenses (20+54)	$ 74.00
	Cash Short/Over (Balancing Figure)	$ 2.11
	Cash (400-120.42)		$ 279.58
	(Being Petty cash fund replenished)

Requirement-3(b):

To determine

To prepare:

The journal entry for the increase in the petty cash fund

Requirement-3(b):

Expert Solution

Explanation of Solution

The journal entry for the increase in the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Petty cash	$ 100.00
	Cash		$ 100.00
	(Being Petty cash fund raised)

Answer 6

Chapter 8, Problem 3APSA

Requirement-1:

To determine

To prepare:

The Journal entries for the establishment of the petty cash fund

Requirement-1:

Expert Solution

Explanation of Solution

The Journal entry for the establishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 2	Petty cash	$ 400.00
	Cash		$ 400.00
	(Being Petty cash fund established)

Answer 7

Chapter 8, Problem 3APSA

Requirement-1:

To determine

To prepare:

The Journal entries for the establishment of the petty cash fund

Answer 8

Requirement-1:

Expert Solution

Explanation of Solution

The Journal entry for the establishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 2	Petty cash	$ 400.00
	Cash		$ 400.00
	(Being Petty cash fund established)

Answer 9

Requirement-1:

Expert Solution

Answer 10

Requirement-1:

Expert Solution

Answer 11

Expert Solution

Answer 12

Requirement-2:

To determine

To prepare:

The Petty Cash payments report for the month of February

Requirement-2:

Expert Solution

Explanation of Solution

The Petty Cash payments report for the month of February is as follows:

Nakashima Gallery
Petty Cash Payments Report
For the month of February

		Reconciliation	Replenish Amount
Fund Total (A)		$ 400.00
Payments:
Office Supplies Expenses (14.15+67.77)	$ 81.92
Merchandise Inventory (32.5+13.10)	$ 45.60
Delivery Expenses	$ 7.95
Mileage Expenses	$ 68.00
Postage Expenses (20+54)	$ 74.00
Total Payments (B)		$ 277.47	$277.47
Recorded Amount on Hand (C) =A-B =		$ 122.53
Actual Amount on Hand (D)		$ 120.42
Cash Short/Over (E) = (C-D)		$ 2.11	$ 2.11
Amount to replenish = C+E=			$279.58

Answer 13

Requirement-2:

To determine

To prepare:

The Petty Cash payments report for the month of February

Answer 14

Requirement-2:

Expert Solution

Explanation of Solution

The Petty Cash payments report for the month of February is as follows:

Nakashima Gallery
Petty Cash Payments Report
For the month of February

		Reconciliation	Replenish Amount
Fund Total (A)		$ 400.00
Payments:
Office Supplies Expenses (14.15+67.77)	$ 81.92
Merchandise Inventory (32.5+13.10)	$ 45.60
Delivery Expenses	$ 7.95
Mileage Expenses	$ 68.00
Postage Expenses (20+54)	$ 74.00
Total Payments (B)		$ 277.47	$277.47
Recorded Amount on Hand (C) =A-B =		$ 122.53
Actual Amount on Hand (D)		$ 120.42
Cash Short/Over (E) = (C-D)		$ 2.11	$ 2.11
Amount to replenish = C+E=			$279.58

Answer 15

Requirement-2:

Expert Solution

Answer 16

Requirement-2:

Expert Solution

Answer 17

Expert Solution

Answer 18

Requirement-3(a):

To determine

To prepare:

The journal entry for the replenishment of the petty cash fund

Requirement-3(a):

Expert Solution

Explanation of Solution

The journal entry for the replenishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Office Supplies Expenses (14.15+67.77)	$ 81.92
	Merchandise Inventory (32.5+13.10)	$ 45.60
	Delivery Expenses	$ 7.95
	Mileage Expenses	$68.00
	Postage Expenses (20+54)	$ 74.00
	Cash Short/Over (Balancing Figure)	$ 2.11
	Cash (400-120.42)		$ 279.58
	(Being Petty cash fund replenished)

Answer 19

Requirement-3(a):

To determine

To prepare:

The journal entry for the replenishment of the petty cash fund

Answer 20

Requirement-3(a):

Expert Solution

Explanation of Solution

The journal entry for the replenishment of the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Office Supplies Expenses (14.15+67.77)	$ 81.92
	Merchandise Inventory (32.5+13.10)	$ 45.60
	Delivery Expenses	$ 7.95
	Mileage Expenses	$68.00
	Postage Expenses (20+54)	$ 74.00
	Cash Short/Over (Balancing Figure)	$ 2.11
	Cash (400-120.42)		$ 279.58
	(Being Petty cash fund replenished)

Answer 21

Requirement-3(a):

Expert Solution

Answer 22

Requirement-3(a):

Expert Solution

Answer 23

Expert Solution

Answer 24

Requirement-3(b):

To determine

To prepare:

The journal entry for the increase in the petty cash fund

Requirement-3(b):

Expert Solution

Explanation of Solution

The journal entry for the increase in the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Petty cash	$ 100.00
	Cash		$ 100.00
	(Being Petty cash fund raised)

Answer 25

Requirement-3(b):

To determine

To prepare:

The journal entry for the increase in the petty cash fund

Answer 26

Requirement-3(b):

Expert Solution

Explanation of Solution

The journal entry for the increase in the petty cash fund is as follows:

Nakashima Gallery
Petty Cash Fund
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Petty cash	$ 100.00
	Cash		$ 100.00
	(Being Petty cash fund raised)