Clooney Corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. By the end of the month, employees made one expenditure from the petty cash fund (entertainment, $25) and three expenditures with the credit card (postage, $60; delivery, $85; supplies expense, $50). Separately record employee credit card expenditures and employee petty cash expenditures. The credit card balance will be paid later.

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

A: Petty Cash is the amount which is kept aside by the entities for meeting up the routine outlays of…

Q: Al-Yahya Enterprise has established a petty cash fund for its small expenditures. The following…

A: The journal entries are prepared to keep the record of day to day transactions of the business. The…

Q: Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small…

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

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: The petty cash fund of Bianca Company on December 31, 2019 is composed of the following: Coins and…

A: Bianca Company's On 31.12.2019, Coins and currencies = P17000 Petty cash vouchers of Gasoline =…

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

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

Q: A first-year co-op student is trying to determine the amount of cash and cash equivalents that…

A: Introduction: Cash and cash equivalents: The individual unit on a company's balance sheet that shows…

Q: You are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021. The contents…

A: Petty cash fund refers to the fund which is used for paying off the little or small expenses of the…

Q: Record the establishment of the petty cash fund on August 3.  On August 31, record the petty cash…

A: Petty Cash: It is the fund which is kept in hand by business units to cover minor expenses (postage,…

Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

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

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: 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: On September 1, ATP Enterprises has decided to initiate a petty cash fund in the amount of $800.…

A:

Q: When a company's bookkeeper started to prepare the monthly bank reconciliation, the cash account…

A: Solution:  Correct cash balance shown on the bank reconciliation should be = Unadjusted cash balance…

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

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

Q: On April 1, 2021, Adobo Co. established a petty cash fund for P80,000 by writing a check drawn…

A: Solution: Amount of replenishment under the imprest fund system = Receipts for office supplies +…

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: Peterson Company's general ledger shows a cash balance of $7,450 on May 31. May cash receipts of…

A: Bank reconciliation statement is prepared to reconcile the entity's bank account with its financial…

Q: petty cash fund

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

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: On April 1, 2021, CPA Co. established a petty cash fund for P80,000 by writing a check drawn against…

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

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

A: Journal entries in the books of Kellie Company Date Particulars   LF Dr. Cr. 02-Jun Petty…

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: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: Petty cash fund  It is a certain amount of fund which is kept aside for meeting small and day to day…

Q: A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's…

A: Bank Reco Statement  :-…

Q: Moya Co. establishes a petty cash fund for payments of small amounts. The following transactions…

A: Petty Cash: Petty cash or a petty cash fund is a small amount of money available for paying small…

Q: ts checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a…

A:

Q: During the month a company paid $27 for office supplies and $13 for miscellaneous expenses from the…

A: Fund used=Office supplies+Miscellaneous=$27+$13=$40

Q: Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash…

A: Petty cash expenses are used to record small business expenditure by separately setting up a petty…

Q: Damon Company receives its monthly bank statement, which reports a balance of $2,000. After…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: Assume that the custodian of a $500 petty cash fund has $62 in currency plus $412 in receipts at the…

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

Q: Consider the following independent situations:1. John Smith is the petty-cash custodian. John…

A: Weaknesses and suggest alternative procedures to eliminate the weakness: 1) A weakness is created by…

Q: On September 30, Hector’s petty cash fund of $100 is replenished. At the time, the cash box…

A: Companies replenish the petty cash fund at the end of the accounting period, or sooner if it becomes…

Q: On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against…

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: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Cash shortage (overage) = Petty cash fund - Bills and coins - Transportation  - Supplies - Envelope…

Q: The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:…

A: Petty cash or petty cash fund is the amount that is kept in hand by a company or individual for day…

Q: On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company…

A: Bank is a financial institution that carries two primary functions as accepting deposits from…

Q: Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during…

A: Journalize the petty cash transactions:

Q: Fresh Foods established a petty cash fund of $325 on January 2. On January 31, the fund contained…

A: The petty cash fund can be defined as the small cash on hand that is set by the firm to spend on its…

Q: The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:…

A: A petty cash fund can be described as a fund established by the company to meet small expenses like…

Q: The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins,…

A: It used in expenses like foods, postage stamp ,fare ,food expense etc.

Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash…

A: Petty cash is a small sum of money kept on hand to cover unexpected expenses such as reimbursements…

Q: BAT LLC had an opening balance of RO 400 in the petty cash fund. During the month the receipts were…

A: Amount required to be refilled = Petty cash fund required per month - balance in petty cash box

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: Goldie and Kate operate a small clothing store that has annual revenues of about $100,000. The…

A: Internal control systems are designed to put in numerous procedures and processes to have an effect…

Q: The petty cash custodian reported the following transactions during the month. Prepare the…

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

Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

A: SOLUTION PETTY CASH IS A SMALL AMOUNT OF CASH THAT IS KEPT ON THE COMPANY PREMISES TO PAY FOR THE…

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.