f the Agency approves the establishment of a P30,000 petty cash fund. Here are the following information for the monthly petty expenses as well as the cash count: Coins and Currencies 7,800 Office Supplies Expense 3,400 Fuel and

Q: Consider the following events: 1. A petty cash fund of $75 was established on April 1, Year 1. 2.…

A: Petty Cash Fund - It is kind of small of cash funds kept on hand to pay for mirror expenses which…

Q: Agency XYZ established a petty cash fund for P5,000. During the year, out of the petty cash fund,…

A: solution : statement showing calculation of MOOE (maintenance and other operating expense)…

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: Problem 1 (Petty Cash) George Corp sets up a petty cash fund to pay for relatively small amounts of…

A: Hello, since your question has multiple parts we will solve the first question for you. If you want…

Q: 7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200.…

A: The company maintains availability of small amount to pay daily expenses in the form of petty cash.

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: Crunchy Co. established a P3,000 petty cash fund. You found the following items in the fund:  Cash…

A: Cash short or (Over) = petty cash fund - (Cash and currency + Expense vouchers + Advance to salesman…

Q: 1. A petty cash fund of $75 was established on April 1, Year 1. 2. Employees were reimbursed when…

A: Petty cash fund is established for the petty business expenses.

Q: AJA Company, provided the following information pertaining to its petty cash fund during the year:…

A: Net overage refers to the inventory or cash surplus which is greater or more than the amount in the…

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

A: Petty cash is kept for meeting day-to-day expenses. Petty cash is kept in physical form in a…

Q: The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash…

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: VKS Company reported an imprest petty cash fund of P51,100 with the following details ·…

A: The items that should be included are: - Currencies - Coins - Petty cash vouchers (these will be…

Q: 28. On April 2020, Grapes Company established an imprest petty cash fund for P20,000 by writing a…

A: The petty cash fund is established to pay small and regular expenses of the business.

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

A: Petty Cash is a type of cash available in the company to be used as payment for small amount of…

Q: The petty cash fund of ABC Corp consisted of the following: Currency and coins, P2,000 Employees…

A: Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than…

Q: At year-end, Slamdunk Company reported cash and cash equivalents which comprised the following:…

A:

Q: 1. Prepare journal entries to record the transactions. 2. How much is the petty cash on January31,…

A: A petty cash fund is a fund created to pay small expenses. No journal entry is passed for each…

Q: The petty cash fund is established in the amount of P5,000 and contains P4,000 in cash and P950 in…

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

Q: Jungkook Builders Inc. reported petty cash fund which comprised the following: Coins and currencies…

A: Petty cash fund is the small amount of cash kept by the company's accountant in order to meet up the…

Q: BTS Company provided the following information on December 31, 2021: 500,000 20,000 Cash on hand…

A: Cash and cash equivalents refer to the amount held by a business organization in the form of hard…

Q: ABC Co established a petty cash fund of P40,000. Fund disbursements during the period was P27,363.…

A: At the end of the period, petty cash fund should stand at P40,000.

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

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

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: 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: record the following transactions: A. Started a petty cash fund in the amount of $500 B.…

A: Solution- S no Particular Amount DR Amount CR 1 Petty cash --------------------------------DR…

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

A: Petty Cash The cash book is the most important subsidiary book which is used to record all receipts…

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

A: Petty cash book is the recording of petty cash expenditures which is sorted by the date. It is…

Q: n addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of…

A: Preparation of Petty Cash Book

Q: How much is the cash overage (shortage)?

A: Petty cash refers to the amount of cash kept by the company in small quantity to make the payment of…

Q: Required:P A. Proof of cash statement B. Adjusting journal entries

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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: Indicate (Yes or No) whether each of the following is properly included in Cash and…

A:

Q: Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in…

A: About Petty cash is a little  amount of money that is keep on the company premises to pay for…

Q: Record the following transactions: A. Started a petty cash fund in the amount of $ 1,500. B.…

A: Introduction: Internal controls are rules and processes that a company implements to achieve…

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: Kiona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: A journal is a book in which a business records its transaction according to chronological order. A…

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

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

Q: The following data pertains to ABC Co: Petty cash fund, 5,000 (2,000 is in the form of petty cash…

A: Cash represents the most liquid asset for the company reported under the head current assets in the…

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

A: The petty cash fund is established for day to day cash expenses of the business.

Q: Superior Cabinets maintains a petty cash fund for minor business expenditures. The petty…

A: Requirement 1: The journal entries are as follows:

Q: ash on hand at this time was $132. B. On June 14, the petty cash fund needed replenishment, and the…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: The accountant for ABC established a petty cash fund of P2,000. During October. The fund was…

A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…

Q: F. Hai – Co is reviewing the cash accounting for Hei – Co. Hai – Co's review will focus on the petty…

A: Decrease in cash balance = Petty cash fund - Available cash and coins

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

A: Accounting is essential to operating a company since it allows businesses to track income and…

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.