On 1 July, after reimbursement for June expenditures, the petty cash fund of Rocky Road had a balance of $300. Payments to and from the fund, including GST, for the month of July are listed below. Assume all amounts include GST unless stated otherwise. Date Petty Cash Voucher No. Particulars 24 July 02 001 Taxi fare 16.50 06 002 Stationery 38.50 08 003 Coffee and tea ( No GST) 28.60 10 004 Cleaning 44.00 12 005 Newspapers and magazines 23.10 18 006 Taxi fare 11.00 22 Paper and pens Taxi fare 007 15.95 23 008 8.80 24 009 Cleaning 44.00 26 Cheque no 03680 Increase petty cash float by 100.00 28 010 Stationery 10.45 The fund was reimbursed on 31 July. Required: a. Petty Cash Book for July (total the journal for reimbursement cheque)

On 1 July, after reimbursement for June expenditures, the petty cash fund of Rocky Road had a balance of $300. Payments to and from the fund, including GST, for the month of July are listed below. Assume all amounts include GST unless stated otherwise. Date Petty Cash Voucher No. Particulars 24 July 02 001 Taxi fare 16.50 06 002 Stationery 38.50 08 003 Coffee and tea ( No GST) 28.60 10 004 Cleaning 44.00 12 005 Newspapers and magazines 23.10 18 006 Taxi fare 11.00 22 Paper and pens Taxi fare 007 15.95 23 008 8.80 24 009 Cleaning 44.00 26 Cheque no 03680 Increase petty cash float by 100.00 28 010 Stationery 10.45 The fund was reimbursed on 31 July. Required: a. Petty Cash Book for July (total the journal for reimbursement cheque)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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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 May 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 $80. 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 $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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.
Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $5.55. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90. July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00. On July 10, Swifty increased the fund from $125.00 to $155.Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date                                                          May 1June 1July 1July 10 enter an account title enter a debit amount…
Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.55. Receipts: delivery expense $27.05, postage expense $38.30, and miscellaneous expense $29.90. July 1: Cash in fund $4.05. Receipts: delivery expense $22.50, entertainment expense $47.50, and miscellaneous expense $25.95. On July 10, Skysong increased the fund from $100 to $130.Prepare journal entries for Skysong Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit choose a transaction date                                                          enter an account title enter a debit amount enter a…
Crane Company established a petty cash fund on May 1, cashing a check for $100.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $4.50. Receipts: delivery expense $26.25, postage expense $36.25, and miscellaneous expense $33.00. July 1: Cash in fund $3.00. Receipts: delivery expense $18.75, entertainment expense $46.25, and miscellaneous expense $32.00. On July 10, Crane increased the fund from $100.00 to $130.Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date                                                          May 1June 1July 1July 10 enter an account title enter a debit amount…
Cheyenne Company established a petty cash fund on May 1, cashing a check for $115. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.45. Receipts: delivery expense $30.05, postage expense $36.45, and miscellaneous expense $42.90. July 1: Cash in fund $6.00. Receipts: delivery expense $21.75, entertainment expense $50.50, and miscellaneous expense $36.75. On July 10, Cheyenne increased the fund from $115 to $145.Prepare journal entries for Cheyenne Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit choose a transaction date May 1, June 1, July 1, July 10 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…
The following are data of Taehyung Inc.: The petty cash fund was established on May 2, 2019, in the amount of P10,000. The expenditures from the fund by the custodian as of May 31, 2019, were evidenced by approved petty cash vouchers for the following: various office supplies- P3,920; IOUs from employees- P1,200; shipping charges- P2,298; miscellaneous expenses- P1,526. On May 31, 2019, the petty cash fund was replenished and increased to P12,000; currency and coins in the fund at that time totaled P756. The journal entry to record the replenishment of and increase in petty cash fund includes a credit to
Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in cash along with receipts for the following expenditures: postage, $39; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $28. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $350 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.55. Receipts: delivery expense $27.05, postage expense $38.30, and miscellaneous expense $29.90. July 1: Cash in fund $4.05. Receipts: delivery expense $22.50, entertainment expense $47.50, and miscellaneous expense $25.95. On July 10, Sheridan increased the fund from $100 to $130.00.Prepare journal entries for Sheridan Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
VKS Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,757.10 remained in the fund. A review of the petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies – 741.90; Postage – 880; Representation – 900; Transportation – 1,421.40; Miscellaneous – 837.60 Other items found in the petty cash drawer were as follows:A sympathy envelope containing P3,500, representing employee’s contributions for the death of the father of the company’s janitor. An employee’s check for P900 dated August 15, 2021. The given information indicates that there is a _________________ A. cash shortage of P562.00 B. cash overage of P538.00 C. cash overage of P562.00 D. cash shortage of P538.00
Cash Short and Over Entries Listed below are the weekly cash register tape amounts for service fees and the related cash counts during the month of July. A change fund of $100 is maintained. Date Change Fund Cash RegisterReceipt Amount Actual CashCounted July 2 $100 $280.70 $377.00 9 100 312.30 412.30 16 100 303.60 407.30 23 100 319.40 417.00 30 100 290.20 394.30 Determine the ending balance of the cash short and over account.$ Does it represent an expense or revenue?