Define current assets. What basis is used for arranging individual items within the current assets section?

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: 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: 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: 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: On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the…

A: The petty cash fund is created for day to day cash transactions of the business.

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

A: Total expenses =  Office supplies + Postage +Representation +Transportation +Miscellaneous  =…

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

A: The petty cash book is prepared for day to day small cash transactions of the business.

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: 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: 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: 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 June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

A: 1. Date Account Titles and Explanation Debit Credit June 1, 2019 Petty Cash RO 750…

Q: EFG Company established a petty cash fund of P90,000 on December 1, 2021.As of December 31, 2021,…

A: Solution:- Calculation of the cash (shortage)/overage as follows under:- Introduction:- The petty…

Q: СР 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a…

A: Petty Cash Fund Petty cash fund is used for recording the transaction of the expenses of petty…

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

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

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: Willard Company established a $500 petty cash fund on September 9, 2020. On September 30, the fund…

A: Petty cash refers to the small amount of cash maintained by cashier of company in order to meet…

Q: Chen Company established a $1,350 petty cash fund on January 1, Year 1. Required a. Is the…

A: Establishment of Petty Cash Fund is made to ensure seamless disbursement of petty expenses i.e.…

Q: Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund…

A: Petty cash: It can be defined as the small amount of money that is kept separately to be spent at…

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: 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: Prepare the journal entries to record the following transactions using Imprest Fund System and…

A: For small expenses, these funds are created.

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

A: Established  petty  cash = 400 Petty cash  debit  400

Q: The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020, with an Imprest…

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

Q: Willard Company established a $330 petty cash fund on September 9, 2020. On September 30, the fund…

A: A journal entry is a document of a business arrangement in the accounting system of a company.…

Q: Chen Company established a $500 petty cash fund on January 1, Year 1. Required a. Is the…

A: Petty cash: Petty cash is a small amount of cash in hand that were used for small amounts of  day to…

Q: Presented below are transactions of MM Company related to petty cash for the last 2 months of year…

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

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

A: Introduction: Journals: Recording of  a business transactions in a chronological order. First step…

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

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

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: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

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

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

A: Date Account Titles and Explanation Debit Credit June 1, 2019 Petty cash RO 750…

Q: Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is…

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

Q: Lang Company completed the following petty cash transactions during April 2022 Date Receipt # For…

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

Q: On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the…

A: Petty cash fund is a fund maintained by the cashier of an organization to pay the small and…

Q: The following information were taken from Bach Co.: Bach established a petty cash fund on May 2,…

A: Petty Cash - It refers to the amount of money which are keeps on hand for small outflows into the…

Q: On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the…

A: Date Account Titles and Explanation Debit Credit June 1, 2019 Petty cash RO 750…

Q: ABC Company established a petty cash fund for small expenses of the offices of the main building…

A: Petty Cash refers to the cash that is kept aside for day-to-day expenses and has a small amount.

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: 2021 June 1- A petty cash of P10,000 was established. 5- Disbursements were: Supplies Transportation…

A: The journal entries for the above question is attached in the next step:-

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: Record entries in general journal form to record the following: Established a Petty Cash Fund,…

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

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

A: Petty cash maintained to spend for the business related small expense on day-to-day basis.

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: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…

A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…

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

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

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.