Ovy Inc. established a $175 petty cash fund on August 15, 2012. On August 31, 2012, the fund  contained receipts for the following: newspaper advertising $62, postage $26, office supplies $47. A  cheque was prepared to reimburse the fund and increase the balance to $200. Required: 3. Record the journal entry on August 15 to establish the fund. 4. Record the journal entry on August 31 assuming there was $35 cash in the petty cash box. 5. Record the journal entry on August 31 assuming there was $45 cash in the petty cash box

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: On April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on…

A: Date particulars amount amount Apr 2  petty cadh $370     Cash   $370   Being cash paid…

Q: On July 1, 2014, Acting Company established an imprest (petty Cash) fund in the amount of $800.00 in…

A: Imprest (Petty Cash) System is an accounting system that is created for tracking and documenting how…

Q: n December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021,…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the…

A: The petty cash fund is created for day to day cash transactions of the business.

Q: On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden…

A: Please find the answers to the above questions below:

Q: In your count of petty cash fund in the morning of January 5, 2022 revealed the following: Bills…

A: Petty cash fund  P10,000 Payment:   Paid vouchers dated Dec 2021 P2,140 Paid vouchers dated…

Q: During March, Anderson Company engaged in the following transactions involving its pettycash fund:a.…

A: To keep track of financial transactions, journal entries are utilised.  Your journal entries are…

Q: On November 2, 2010 Resort established a petty cash fund of RO On November 31, 2018, the amount…

A: Answer: As we can see in the question that the opening balance in petty cash fund was RO 750 and the…

Q: A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: The cash account of Kikay company on December 31, 2017 has a balance of P750,000 which includes the…

A:

Q: You are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021. The contents…

A: Petty cash fund refers to the fund which is used for paying off the little or small expenses of the…

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

A: 1. Date Account Titles and Explanation Debit Credit June 1, 2019 Petty Cash RO 750…

Q: On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash…

A:

Q: On September 1, ATP Enterprises has decided to initiate a petty cash fund in the amount of $800.…

A:

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is…

A: Correct balance of petty cash = Currencies + Coins

Q: On April 1, 2021, Adobo Co. established a petty cash fund for P80,000 by writing a check drawn…

A: Solution: Amount of replenishment under the imprest fund system = Receipts for office supplies +…

Q: Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish…

A: Req-1       Date  General Journal   Debit   Credit  Oct 31, 2020  Cleaning expenses  $150…

Q: EcoMart establishes a $2,000 petty cash fund on May 2. On May 30, the fund shows $840 in cash along…

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

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: All the answer  you did are correct  But you  should  mention  narration also.

Q: In your count of petty cash fund in the morning of January 5, 2022 revealed the following: Bills…

A: Particulars Amount Petty cash fund P10,000 Less:   Bills and coins P3,560 Paid vouchers…

Q: The Marnie Department produced the following data for Amy Company as of December 31, 2021:…

A: Cash is the highly liquid asset one can ever have. The items having the second higher liquidity are…

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

A: Cash Short and Over: A miscellaneous expense account used to record the difference between the…

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash fund is created by the business in which little amount of cash is placed so as to meet…

Q: ABC LLC started a petty cash fund with opening balance of RO 500. During the month the receipts were…

A: Petty cash fund is prepared to do the small expense from the petty cash fund and not from the main…

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: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Cash shortage (overage) = Petty cash fund - Bills and coins - Transportation  - Supplies - Envelope…

Q: On 1 July, after reimbursement for June expenditures, the petty cash fund of Rocky Road had a…

A: The book which is used to record all the transactions, including the expenses, reimbursement of…

Q: Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

A: Date Account Titles and Explanation Debit Credit June 1, 2019 Petty cash RO 750…

Q: On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the…

A: Date Account Titles and Explanation Debit Credit   Postage expense RO 150…

Q: The following information were taken from Bach Co.: Bach established a petty cash fund on May 2,…

A: Petty Cash - It refers to the amount of money which are keeps on hand for small outflows into the…

Q: Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on…

A: On establishment of petty cash fund the cash will go to petty cash fund.

Q: Retusto Company closed the accounts on June 30. The entity provided the following transactions: May…

A: Imprest Fund system is one the major aspects in petty cash terms of accounting as it basically gives…

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: The petty cash fund was established on April 10, 2020, in the amount of $300. These are the…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

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: A small company maintains a petty cash fund for minor expenditures. The followingtransactions…

A: Journal entries: 1. Date  Particulars Debit ($) Credit($) June 1 Petty cash…

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

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

Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Petty cash maintained to spend for the business related small expense on day-to-day basis.

Q: Crown Company established a petty cash fund of $600 for incidental expenditures on January 2 , 2019…

A: Any excess expense for which the invoice is missing goes to cash short and over.

Q: On July 1, 2014, Acting Company established an imprest (petty cash) fund in the amount of $800.00 in…

A: Petty Cash Dr   $800             To Cash          $800

Q: Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400.…

A: The petty cash fund is a current asset for the business. It is established by business to maintain…

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.