A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. 2. 3. 4. 5. The cash float for the cash registers totals $530. The balance in the Petty Cash account is $300. At year end, the fund had $125 cash and receipts totalling $175. The balance in the company's chequing account is $24,500. The company also has a U.S. bank account, which contained the equivalent of $16,300 Canadian at year end. The company has overdraft protection of $10,000 on its chequing account. The company has a separate bank account with a balance of $4,250. This special account consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $14,800 of postdated cheques from customers for payment of accounts receivable.

A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. The cash float for the cash registers totals $950. 2. The balance in the Petty Cash account is $300. At year end, the fund had $47 cash and receipts totalling $253. 3. The balance in the company's chequing account is $9,900. The company also has a U.S. bank account, which contained the equivalent of $17,300 Canadian at year end. 4. The company has overdraft protection of $12,100 on its chequing account. 5. The company has a separate bank account with a balance of $9,900. This consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $15,700 of postdated cheques from customers for payment of accounts receivable. 6. 7. The company has the following short-term…

Indicate the impact each transaction had on net income.Prepare the journal entries for each of the petty cash transactions.This is a 2 part question. Clark Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $450 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $160 for janitorial services. May 15 b. Paid $120 for miscellaneous expenses. May 15 c. Paid postage expenses of $80. May 15 d. Paid $ 41 to Facebook for advertising expense. May 15 e. Counted $63 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $600. May 31 The petty cashier reports that $ 240 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $205. May…

Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund is: O Dr petty cash expense account and Cr petty cash account, 350 Dr petty cash account and Cr petty cash expense account, 350 Dr cash account and Cr petty cash account, 350 Dr petty cash account and Cr cash account; 350

On July 31, 2022, Carla Vista Co. had a cash balance per books of $6,335.00. The statement from Dakota State Bank on that date showed a balance of $7,885.80. A comparison of the bank statement with the Cash account revealed the following facts. 1.   The bank service charge for July was $19.00. 2.   The bank collected $1,715.00 from a customer for Carla Vista Co. through electronic funds transfer. 3.   The July 31 receipts of $1,394.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4.   Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00. 5.   Checks outstanding on July 31 totaled $2,046.10. 6.   On July 31, the bank statement showed an NSF charge of $770.00 for a check received by the company from W. Krueger, a customer, on account.…

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Carson's Bakery requires $500 cash to be on hand in the petty cash fund. During the month of October the following receipts were provided to the accountant in charge of petty cash; Gas $50, Supplies $100, Stamps $75. The petty cash fund now has a current balance of $270. How much cash needs to be withdrawn from the bank in order to replenish he petty cash fund? Record your answer as a numeric value without a $ sign. Type your answer..

On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $372, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $132. 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 $180. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $252, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $192. 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…

The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $24,869 debit balance, but its July bank statement shows a $27,258 cash balance. b. Check No. 3031 for $1,520, Check No. 3065 for $536, and Check No. 3069 for $2,288 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been…

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