Basque Ltd. maintains a petty cash fund with a balance of $800. On December 31, Basque's petty cash account has a balance of $60. Basque replenishes the petty cash account, as it does at the end of every month, but also decides to increase the fund balance to $1,000. Basque classifies all petty cash transactions as miscellaneous expense. Required: What journal entry is made to record this activity? For those boxes in which no entry is required

Q: Palmona Co. establishes a $200 petty cash fund on January 1. Palmona uses the perpetual system in…

A: As per the accounting equation, all assets have a normal debit balance. It means that when we debit…

Q: Required information [The following information applies to the questions displayed below ] Fresh…

A: SOLUTION- REIMBURSE AMOUNT = PETTY CASH FUND -FUND BALANCE ON JAN 31.…

Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On March 20, Sheffield’s petty cash fund of $114 is replenished when the fund contains $12 in cash…

A: Petty cash refers to the small amount of cash in hand used to pay expenses that are too small to…

Q: Selected transactions completed by Kornett Company during its first fiscal year ended Dec. 31, 20Y8,…

A:

Q: PA1. On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash is a fixed amount set aside to meet day to day expense of small values. Petty cash fund…

Q: Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $16 cash…

A: Journal Entries Date Particulars LF Debit ($) Credit ($) 01st Aug Petty Cash   110…

Q: Kingery Ltd. maintains a balance of $3,000 in its petty cash fund for routine purchases such as…

A: Journal: Recording of a business transactions in a chronological order.

Q: A petty cash fund was originally established with a check for $180. On December 31, the petty cash…

A: Hey there, Since multiple questions are posted only the first question will be answered. Kindly…

Q: 8 MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of…

A: Petty cash fund is that fund in business that is established for small petty expenses in the…

Q: On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden…

A: Please find the answers to the above questions below:

Q: Oct 1 Established a RM1,000 petty cash fund by issuing cheque payment and appointed Ms. Chan to take…

A: Petty Cash Transactions - Journal Entries: Date Particulars Debit Credit Oct 1 Petty Cash…

Q: On March 1, a company established a $75 petty cash fund. On March 12, the petty cash fund contains…

A: Journal entries are the initial recording of all the monetary business transactions in a systematic…

Q: D. On September 29, the company determined that the petty cash fund needed to be increased lU E. On…

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

Q: Ignatius operates the imprest system for petty cash. At 1 July there was a float of $150, but it was…

A: Total cash available=Float 1 july+Received from staff+Cheque drawn=$150+$25+$500=$675

Q: I NEED HELP WITH PART 3 1.  Journalize the selected transactions. Assume 360 days per year. If no…

A: Bank Reconciliation Statement (BRS) BRS is prepared to reconcile the difference between the Bank…

Q: On December 1, Ken Company established an imprest petty cash fund of P10,000 by writing a check…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Cash Short and Over Entries Listed below are the weekly cash register tape amounts for service fees…

A: Journal entries form the basis for other accounting tasks such as ledger account preparation, trial…

Q: Petty Cash Fund Kingery Inc. maintains a balance of $3,000 in its petty cash fund for routine…

A: Petty cash: Petty cash is also called an imprest cash account. The accountant or cashier of an…

Q: petty cash fund

A: Petty cash fund means the fund created out of cash designated to meet the daily needs of business.

Q: Required information [The following information applies to the questions displayed below.] Fresh…

A: Cash over and short = Cash to be replenished - expenses recognized = (325-141.60)-(68.50+76+37.50) =…

Q: Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish…

A: Req-1       Date  General Journal   Debit   Credit  Oct 31, 2020  Cleaning expenses  $150…

Q: Selected transactions completed by Kornett Company during its first fiscal year ended December 31,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: EcoMart establishes a $2,000 petty cash fund on May 2. On May 30, the fund shows $840 in cash along…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Prepare the journal entries for August.

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: 38. Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month,…

A: opening balance=10000 Closing balance=3557.4

Q: The petty cash fund of Y Company at the end of the fiscal year ended Ju following: Currencies P3,800…

A: Petty cash is defined as the cash fund which is of small amount on hand and it is used for paying…

Q: Selected transactions completed by Kornett Company during its first fiscal year ended December 31,…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select…

A: A JOURNAL ENTRY IS RECORD OF BUSINESS TRANSACTION IN THE ACCOUNTING BOOKS OF BUSINESS AND THEY ARE…

Q: On March 20, Concord's petty cash fund of $119 is replenished when the fund contains $6 in cash and…

A: Balance of available cash and the total expenses goes to Cash over and short Account.

Q: A petty cash fund of 50,000 comprised of the following on June 30, 2021, the company's year- end…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: r audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021,…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: On 1 July, after reimbursement for June expenditures, the petty cash fund of Rocky Road had a…

A: The book which is used to record all the transactions, including the expenses, reimbursement of…

Q: Sheffield Company uses an imprest petty cash system. The fund was established on March 1 with a…

A: Petty cash is that fund which is used for payment of short expenses like postage expenses, travel…

Q: Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on…

A: On establishment of petty cash fund the cash will go to petty cash fund.

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

Q: Minsky Ltd. maintains a balance of $2,500 in its petty cash fund. On December 31, Minsky's petty…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: Loucks Company established a $200 petty cash fund on October 2, 2018. The fund is replenished at the…

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

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.