Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $750. Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Petty Cash = No Effect + No Effect fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Statement of Cash Flows Income Statement No effect fill in the blank 10 No effect fill in the blank 12 b. The amount of cash in the petty cash fund is now $188. Replenished the fund, based on the following summary of petty cash receipts: office supplies, $262; miscellaneous selling expense, $131; miscellaneous administrative expense, $169. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Office Supplies = No Effect + Retained Earnings fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Statement of Cash Flows Income Statement Operating fill in the blank 22 Miscellaneous selling expense fill in the blank 24 Miscellaneous administrative expense fill in the blank 26
Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Established a petty cash fund of $750. Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Petty Cash = No Effect + No Effect fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Statement of Cash Flows Income Statement No effect fill in the blank 10 No effect fill in the blank 12 b. The amount of cash in the petty cash fund is now $188. Replenished the fund, based on the following summary of petty cash receipts: office supplies, $262; miscellaneous selling expense, $131; miscellaneous administrative expense, $169. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Office Supplies = No Effect + Retained Earnings fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Statement of Cash Flows Income Statement Operating fill in the blank 22 Miscellaneous selling expense fill in the blank 24 Miscellaneous administrative expense fill in the blank 26
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.9MCE
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Question
Recording Petty Cash Fund Transactions
Illustrate the effect on the accounts and financial statements of the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and
a. Established a petty cash fund of $750.
Balance Sheet | |||||||
Assets | = | Liabilities | + | ||||
Cash | + | Petty Cash | = | No Effect | + | No Effect | |
fill in the blank 5 | fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | ||||
Statement of |
Income Statement | ||||||
No effect | fill in the blank 10 | No effect | fill in the blank 12 |
b. The amount of cash in the petty cash fund is now $188. Replenished the fund, based on the following summary of petty cash receipts: office supplies, $262; miscellaneous selling expense, $131; miscellaneous administrative expense, $169. Enter account decreases and cash outflows as negative amounts.
Balance Sheet | |||||||
Assets | = | Liabilities | + | Stockholders' Equity | |||
Cash | + | Office Supplies | = | No Effect | + | ||
fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | ||||
Statement of Cash Flows | Income Statement | ||||||
Operating | fill in the blank 22 | Miscellaneous selling expense | fill in the blank 24 | ||||
Miscellaneous administrative expense | fill in the blank 26 |
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