A petty cash fund is established by transferring a specified amount of cash from the company’s general checking account to an employee designated as _____________________. a. Petty cash custodian b. Accountant c. Financial Manager d. Cashier

Q: A petty cash system is designed to a. cash checks for employees b. handle cash sales c. pay small…

A: Petty Cash: This is the money that any business keeps aside for small expenses incurred in the…

Q: On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of…

A: Journal entry       date explanation debit credit 1-Jul petty cash 1125…

Q: Petty cash fund entries Journalize the entries to record the following: a. Check No. 12-375 is…

A: Petty cash fund is the fund created by the entity to fund set out from the cash balance to bear the…

Q: The following procedures were recently installed by Raspberry Creek Company: After necessary…

A:

Q: Entries are made to the petty cash account when Select one: A. establishing the fund B. recording…

A: Petty Cash is cash fund in the company to pay a small sum of money. It is needed in a company…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Match each of the following cash receipt activities to the internal control principle to which it…

A: 1. A list of checks received in the mail is prepared - D. Document Procedure. 2. Total cash receipts…

Q: The journal entry to record the issuance of the initial check to establish a petty cash fund of $750…

A: Petty cash: Petty cash fund is eastiblished to pay small amount expenses. Office supplies, postage…

Q: Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Required information [The following information applies to the questions displayed below.) Service…

A: Journal entries are made by the corporation for recording the day-to-day business-related…

Q: The purpose of a petty cash fund is toa. Provide a convenient form of payment for the company’s…

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: When a petty cash fund is first established and reimbursed, the journal entries to record the…

A: when Petty cash Fund is First Establish the journal entry is   Petty cash A/c Dr.          To Cash…

Q: Calculator Entries are made to the petty cash account when Oa. replenishing the petty cash fund Ob.…

A: Petty cash account is opened to meet daily routine expenses which are very small.

Q: Tott Company has the following internal control procedures over cash disbursements. Identify the…

A: Internal control refers to the policies and plans of the business organization along with other…

Q: Which one of these principles is considered for cash disbursement control: Select one: a. Rarely…

A: Cash disbursement control is a technique usually used for cash management that helps organizations…

Q: Majaan Company has the following internal control procedures over cash receipts. Instruction:…

A: Internal controls are the controls that are implemented for the purpose of maintaining operational…

Q: During March, Anderson Company engaged in the following transactions involving its pettycash fund:a.…

A: To keep track of financial transactions, journal entries are utilised.  Your journal entries are…

Q: Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an…

A: a. Record entry to issue petty cash fund as shown below:

Q: Which of the following is issued by a company to the responsible staff in order to establish a petty…

A: The petty cash fund is established for daily basis small cash expenses of the business.

Q: A petty cash system is designed to a. encash checks of selected employees. b. handle cash sales. c.…

A: Solution: Petty cash is a small amount of money for paying petty expenses that are too small to…

Q: safe is known only by the treasurer and assistant treasurer. Each month, the bank statement is…

A: Internal Control:- It is the process in which a company puts a check on their employees for each…

Q: Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an…

A: Petty cash fund: Petty cash fund is a fund set apart to pay insignificant amounts like postage,…

Q: Journalize the entries to record the following: Required: a. On March 1, check is issued to…

A: Petty cash funds are those funds which are maintained for small petty expenses of the business.…

Q: Marin, Inc. decided to establish a petty cash fund to help erisure internal control over its sma…

A: >Petty Cash fund is created out of Cash account. >It is created to pay out certain petty…

Q: During March, Anderson Company engaged in the following transactions involving its petty cash fund:…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: The treasurer preparing the October bank reconciliation identified the following items: Cash balance…

A: A bank reconciliation statement is prepared by almost every organization at a particular time. It is…

Q: Who is responsible for petty cash fund? a. Petty cash custodian b. Chief accountant c. Accounts…

A: A petty cash fund is small amount of company cash that is kept for day to day small expenses like…

Q: internal control principle

A: Internal control principles are standards to be adhered while performing organizational activities…

Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: - transportation, P600 - gasoline, P400 - office supplies, P500

A: A petty cash fund is a small amount of corporate cash that is usually maintained on hand (for…

Q: Which of the following items would normally be EXCLUDED from the amount to be reported as cash on a…

A: Statement of financial position is the one on which the company's assets and liabilities are…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…

A: Petty Cash Fund: At times, every business finds it convenient to have small amounts of cash…

Q: 57. Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty…

A: The system which is used to manage petty cash fund is called imprest system . Under this system ,at…

Q: Under the imprest system, which amount the following situations when accounting entry is/are made?

A: Petty cash fund under the Imprest system does not record any entries unless the account is being…

Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…

Q: The following control procedures are used in Parker Company for over-the-counter cash receipts.

A: Internal Control:   It refers to the rule and regulations adopted by an organization to ensure…

Q: financial statement assertion

A: Financial statement assertion is the claim like statement made by management regarding the…

Q: Which one of these principles is considered for cash disbursement control Select one: O a. Print…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Evaluate the following statements Statement 1: Under the punctuating system of petty cash…

A: Cash and cash equivalents is one of the items recorded as a current asset in the balance sheet of an…

Q: Evaluating Internal Control of Cash The following procedures were recently installed by Raspberry…

A: Internal control of cash: Internal control is used by the bank to protect its money so that there is…

Q: The debit recorded in the journal to reimburse the petty cash fund is to Select one: A. Cash B.…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of…

A: Internal controls are policies and procedures put in place to ensure the continued reliability of…