list entry worksheet <> entry to recognize expenditures from the petty cash fund. bits before credits. General Journal Debit Credit entry Clear entry View general journal
Q: The adjusting entries for a bank reconciliation Select the correct response: May include a debit to…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Required: You expected to prepare a cash book
A: Cash book is the book in which all the transactions of the business which are in cash means all the…
Q: The sales journal is used to record a. Credit sales. d. Cash purchases. b. Cash sales. e. Credit…
A: Sales journal is one of the kind of special journal. Special journals are used, when a company has…
Q: While examining cash receipts information, the accounting department determined the following…
A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…
Q: Indicate whether each transaction would require an adjustment to the bank balance or the book…
A: Amounts that are omitted in the bank statement but appear in the books requires to be adjusted in…
Q: Which of the following considered cash receipt control principles: Select one: O a. Cash receipt can…
A: Cash receipt control principles means those principle which help business to control the receipts of…
Q: When a petty cash fund is used, which of the following is true? * A. The petty cashier’s…
A: Solution: "The reimbursement of the petty cash fund should be credited to the cash account" this is…
Q: Describe and use the cash receipts journal. List theree items of information about each cash receipt…
A: Cash Receipts Journal: It is a special book where only cash receipts transactions that are…
Q: The purchases journal is used to record O Credit sales O Cash sales O Cash receipts O Cash purchases…
A: Subsidiary books are maintained in order to support the primary book of entries. Subsidiary books…
Q: When a petty cash fund is first established and reimbursed, the journal entries to record the…
A: when Petty cash Fund is First Establish the journal entry is Petty cash A/c Dr. To Cash…
Q: Calculator Entries are made to the petty cash account when Oa. replenishing the petty cash fund Ob.…
A: Petty cash account is opened to meet daily routine expenses which are very small.
Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…
A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…
Q: Which one of these principles is considered for cash disbursement control: Select one: a. Rarely…
A: Cash disbursement control is a technique usually used for cash management that helps organizations…
Q: Journal entries commonly processed as part of the purchases and cash disbursements can include: A…
A: Purchases of the business includes goods and services purchased for the business. It can be on cash…
Q: describe the internal control weekness in Two symbols cash disbursement system and discuss the risk…
A: Internal Control Weakness: It refers to failure in the implementation or effectiveness of internal…
Q: Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an…
A: a. Record entry to issue petty cash fund as shown below:
Q: A characteristic that all entries recorded in a cash receipts journal have in common is Select one:…
A: Correct option is C i.e. a debit to the cash account
Q: Notification by the bank that a deposited customer check was returned NSF requires that the company…
A: Bank A/c Dr To Account receivables A/c 1. here bank balance will increase when cheque is…
Q: Identify the type of activity by choosing the best answer for each question. Select each item listed…
A: Introduction:- first we need to understand the following basic terms as follows under:-…
Q: pare Journal Entry to establish Petty Cash Fund
A: Meaning of Petty Cash book: It is the subsidiary book of main cash book where all the small day to…
Q: The cash receipts journal is used to record all transactions that include a debit to the Cash…
A: A cash account is a trading account that mandates the account holder to pay for all securities…
Q: •Pass the journal entries and •Show the discount and interest and rebate on bills discounted account…
A: (i) October 20: all 2 months fall in the year 2017, hence no rebate on bills discounted. (ii)…
Q: Accompanying the bank statement was a debit memo for bank service charges. What entry is required in…
A: Bank service charges: Bank service charges are generally directly debited by bank in the bank…
Q: The journal entry to record lending money on a note receivable is… what?
A: Journal book is the book where all the transactions of the company will be recorded in a…
Q: Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry,…
A: Step 1 Journal is the part of the book keeping.
Q: The entry to establish a petty cash fund includes: Multiple Choice A debit to Cash and a credit to…
A: Entry to Establish Petty cash is PARTICULAR DEBIT CREDIT PETTY CASH TO…
Q: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…
A: Internal control is an important part of every organization. It helps in maintaining the efficiency…
Q: From the following information which is "NOT TRUE" about the Cash Payment Journal under perpetual…
A: Cash payment journal record various cash disbursement like loan payment, cash payment, accounts…
Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…
A: Journal is the recording of financial transactions according to the dual entity concept and it helps…
Q: A cash book is used to record
A: A cash book contains all cash receipts and payments transactions in detail, including bank deposits…
Q: The discount column of a threecolumn cash book records?
A: A three-column cash book is an exhaustive form that records cash receipts on the debit side and cash…
Q: The entry to establish the Change Fund includes which of the following?
A: The entry to establish the Change Fund includes a debit to change fund and credit to cash.
Q: Describe an entry needed to establish a $50 petty cash fund and an entry to reimburse the fund
A: Petty cash is the amount that is to be kept aside for the reimbursement of routine and minor…
Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned…
A: answer c Account Payable is right answer.
Q: Explain the effect of adjusting journal entries on cash.
A: Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the…
Q: Record the transactions in the cash receipts and cash payments journals. Foot and crossfoot the…
A: Cash receipt and cash payment journals are the specific types of journals prepared during the entire…
Q: Management uses a voucher system to help control and monitor cash payments. Which one or more of the…
A:
Q: record entry for petty cash found.
A: Petty cash is the cash allocated to meet the expenses related to running of affairs of the entity on…
Q: Voucher is prepared for:(i) Cash received and paid(ii) Cash/Credit sales(iii) Cash/Credit…
A: A voucher is a primary source document in which the transactions of the business is recorded for the…
Q: Indicate whether each transaction would require an adjustment to the bank balance or the book…
A: The balance per bank and books can differ due to various reasons. Omission of a record in books or…
Q: The sales journal is used to record______. cash sales on account debit…
A: Sales journal is used to record all the account sales entries but it does not includes cash sales…
Q: Indicate with Yes or No whether each of items should be included in the cash balance presented on…
A: 1. NFS check means check returned for Insufficient Funds. After returned form bank it no longer…
Q: The debit recorded in the journal to reimburse the petty cash fund is to Oa. Petty Cash Оb. Сash Oc.…
A: The debit recorded in the journal to reimburse the petty cash fund is to : Various accounts for…
Q: Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by…
A: Bank reco is a statement showing difference between bank balance…
Q: Cash payments journal Sale on account General journal Collection on account Purchases journal…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: 1. A special journal contains columns for Cash, Purchases Discounts and Accounts Payable. This…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Listed below are ten items that may be found on a balance sheet. Required: Indicate with Yes or No…
A: Here in the problem the list of 10 items is tobe classified into cash…
Q: The debit recorded in the journal to reimburse the petty cash fund is to Select one: A. Cash B.…
A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…
Step by step
Solved in 2 steps
- 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.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 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.
- Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
- A company has decided to start a petty cash fund for $150. Which of the following is the correct journal entry? A. B. C. No entry is required. D.The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?