Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: etty Cash Fund Entries Journalize the entries to record the following: Check is issued to establish…

A: a) Journal entry to establish the petty cash fund Date Accounts title and explanation Debit…

Q: Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of…

A: The petty cash fund is maintained by business to provide cash for day to day minor cash transactions…

Q: On July 1, 2014, Acting Company established an imprest (petty Cash) fund in the amount of $800.00 in…

A: Imprest (Petty Cash) System is an accounting system that is created for tracking and documenting how…

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: n December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021,…

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

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: Swifty Company established a petty cash fund on May 1, cashing a check for $125. The company…

A: Journal entry is a record of financial transaction in the books of accounts of a business. It…

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,400. A. On…

A: Petty cash spent in a.=$1,400-$234=$1,166

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: 1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund…

A: Given: Petty Cash fund:$230 Entertainment Expense:$42 Postage :$29 Printing:$27

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Petty cash book :- Petty cash book is a book that records small small expenses that are incurred in…

Q: Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts…

A: Journal entry: Journal is the day book in which daily transactions are recorded in the chronological…

Q: Cheyenne Company established a petty cash fund on May 1, cashing a check for $115. The company…

A: Petty cash account is debited if the established a petty cash fund or increases the a petty cash…

Q: 1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund…

A: The petty cash fund is used for different small expenses and is replenished every month. it helps to…

Q: Journalize the entries to record the following:a. Check is issued to establish a petty cash fund of…

A: a. Journal entry to create the petty cash fund:

Q: The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250,…

A: SOLUTION-   CASH ON HAND AND IN BANK - CASH ON HAND MEANS PHYSICAL CASH YOUR BUSINESS HAS IN ITS…

Q: ABSB established a $100 petty cash fund on January 1, 2021. On January 31, the fund had a $24 cash…

A: Petty cash or Petty cash fund is a tiny amount of money usable without writing a check to pay…

Q: On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies.…

A: Petty Cash Book seems to be an accounting book being used tracking little and low-value costs such…

Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: The journal entry are as follows.

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: establish a petty following information pertains to the fund. 1) On April 1, 2021, a petty cash fund…

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

Q: On September 1, Bartoletti Company established a petty cash fund for $100. On September 10, the…

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

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: The petty cahs fund is $800 On September 5, the petty cash fund needed replenishment, and the…

A:

Q: On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of…

A: Petty cash is a fund maintained by th business for the small payments to be made on daily basis.

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

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

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

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

A: Solution: Total petty cash receipts = 741.90 + 880 + 900 + 1421.40  + 837.60 = 4.780.90

Q: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

Q: The balance of the fund appeared in the books of the company at an amount of 200 dinars, and upon…

A: Balance of the fund  = 200 dinars   Actual Cash in the fund= 600 dinars   Difference = Actual Cash -…

Q: If a petty cash fund is established in the amount of $348 and contains $200 in cash and $134 in…

A: JOURNAL ENTRY FOR REPLENISHMENT :  PARTICULARS DEBIT CREDIT SUNDRY EXPENSE $134   CASH…

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

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

Q: Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $14 cash…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on…

A: Cash used=Petty cash fund-Cash in hand=$125-$13.55=$111.45

Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…

A: Under the imprest system of maintaining petty cash, Petty Cashier is reimbursed whatever amount he…

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: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

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

Q: Present entries to record the following transactions:                 (a) Established a petty cash…

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

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: Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company…

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

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A.…

A: Petty cash funds are those funds which are established and maintained for small petty expenses in…

Q: The Head of the Agency approves the establishment of a P30,000 petty cash fund. Here are the…

A: Petty cash is kind of source of cash fund which is used by businesses to make small amount payments…

Q: Based on the following information, prepare the weekly entries for cash receipts from service fees…

A: The petty cash book seems to be a chronological record of small cash expenditures. In most…

Q: Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company…

A: Petty cash fund will be used for petty expenses.  First, we take some amount from the bank account…

Q: Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the…

A: Lets understand the meaning of petty cash. Petty cash is a established to pay small amount of daily…

Q: Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of…

A: Cash  = Petty cash fund - reimbursed fund Cash = $200 - $15 Cash = $185…

Q: Crown Company established a petty cash fund of $600 for incidental expenditures on January 2 , 2019…

A: Any excess expense for which the invoice is missing goes to cash short and over.

Q: On July 1, 2014, Acting Company established an imprest (petty cash) fund in the amount of $800.00 in…

A: Petty Cash Dr   $800             To Cash          $800

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

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

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.