During your audit of cash receipts of shift number 1 of a Burger Stand,the following details of inventories were submitted to you:UnitShift startsBeg. Invty.50 pieces80 pieces40 pieces60 pieces50 piecesShift endsSelling PriceDeliveries200 pieces150 pieces120 pieces150 pieces200 piecesOn Hand60 pieces90 pieces35 pieces50 pieces60 piecesItem23108.1012The total cash remittance of Shift 1 was P 10,650.How much is the cash shortage (overage) of Shift Number 1?O P 110 overageO None among the given answersO P 130 shortageO No shortage nor overageABCDE

Cash remittance: Cash remittance indicates a payment of money through cash instead of using any…

During your audit of cash receipts of shift number 1 of a Burger Stand, the following details of inventories were submitted to you: Shift starts Shift ends On Hand 60 pieces 90 pieces 35 pieces 50 pieces 60 pieces Unit Selling Price 23 Beg. Invty. 50 pieces 80 pieces 40 pieces 60 pieces 50 pieces Deliveries 200 pieces 150 pieces 120 pieces 150 pieces 200 pieces Item A 10 C 8 10 E 12 The total cash remittance of Shift 1 was P 10,650. How much is the cash shortage (overage) of Shift Number 1? O P 110 overage O None among the given answers P 130 shortage O No shortage nor overage

During your audit of cash receipts of shift number 1 of a Burger Stand, the following details of inventories were submitted to you: Shift starts Shift ends On Hand 60 pieces 90 pieces 35 pieces 50 pieces 60 pieces Unit Selling Price 23 Beg. Invty. 50 pieces 80 pieces 40 pieces 60 pieces 50 pieces Deliveries 200 pieces 150 pieces 120 pieces 150 pieces 200 pieces Item A 10 C 8 10 E 12 The total cash remittance of Shift 1 was P 10,650. How much is the cash shortage (overage) of Shift Number 1? O P 110 overage O None among the given answers P 130 shortage O No shortage nor overage

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7E

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On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
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During your audit of cash receipts of shift number 1 of a Burger Stand, the following details of inventories were submitted to you: The total cash remittance of Shift 1 was P 10,650. How much is the cash shortage (overage) of Shift Number 1? a. No shortage nor overage b. P 110 overage c. None among the given answers d. P 130 shortage
Scharf Company is a retailer located in a state without sales tax. The following data were given to you to complete the transactions for the day’s sales to be recorded. All cash drawers start with $100 in change. Reg. 1 Reg. 2 Reg. 3 Reg. 4 Cash in drawer $974.50 $1,383.66 $939.46 $1,137.91 Sales reading 879.50 1,298.16 839.46 1,030.33 Difference Required: Record the journal entries for EACH cash register to determine the cashier’s accuracy. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY: Cash on hand P 500,000 Petty cash fund 10,000 BPI current account 1,000,000 Security Bank current account No. 1 1,080,000 Security Bank current account No. 2 (80,000) PNB savings account 1,200,000 PNB current account 500,000 Cash on hand includes the following items: ∙ Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021 ∙ Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020 ∙ Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100 Included among the checks drawn by PPP against…
The following selected transactions relate to cash collections for a firm that uses a cash register. Present entries to record the transactions for each of the two days of cash receipts from sales. (a) Actual cash in cash register, $3,085 cash receipts per cash register tally, $3,107.(b) Actual cash in cash register, $3,542 cash receipts per cash register tally, $3,432. If an amount box does not require an entry, leave it blank. (a) fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 (b) fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
The following selected transactions relate to 2 days’ cash collections for a firm that maintains a $200 change fund at all times: (a) Actual cash in cash register, $5,412.36; cash receipts per cash register tally, $5,389.07. (b) Actual cash in cash register, $4,712.95; cash receipts per cash register tally, $4,722.16. Journalize the sales and cash receipts for each of the 2 days. (use correct journal format - no dates)
At year-end, Slamdunk Company reported cash and cash equivalents which comprised the following: Cash on hand PhP 600,000 Demand deposit 3,000,000 Certificate of deposit 2,500,000 Postdated customer check 250,000 Petty cash fund 100,000 Traveler’s check 250,000 Manager’s check…
You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY:Cash on hand P 500,000Petty cash fund 10,000BPI current account 1,000,000Security Bank current account No. 1 1,080,000Security Bank current account No. 2 (80,000)PNB savings account 1,200,000PNB current account 500,000 Cash on hand includes the following items: Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021 Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020 Postal money orders received from customers 30,000The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100 Included among the checks drawn by PPP against the BPI current…
Cash Over and Short At the end of each day, Spangle counts the cash in its cash registers. Spangle then compares the physical amount of cash to the amount of cash that the register tape indicates should be in the cash drawer. On a recent day, Spangle Company obtained the following data from its cash registers: Cash Sales per Register Tape Cash in Register After Removing Opening Change Register 1 $14,759.62 $14,757.98 Register 2 15,101.59 15,104.06 Register 3 14,802.18 14,798.87 Spangle deposits its cash receipts in its bank account daily. Required: Prepare a journal entry to record these cash sales. For those boxes in which no entry is required, leave the box blank. Round your answers to two decimal places, if necessary.