Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. 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 $450 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…

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

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: Palmona Co. establishes a $290 petty cash fund on January 1. On January 8, the fund shows $189 in…

A: Petty cash has already been made for $290 and it has been increased to $340. So Petty cash should be…

Q: Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash fund is used to manage the daily basis of small expenses. In this, a certain amount of…

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to record a business deal in a company's financial records. A…

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Crane Company established a petty cash fund on May 1, cashing a check for $125. The company…

A: Cash and cash equivalents is one of the items recorded as a current asset in the balance sheet of an…

Q: 1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund…

A: Given: Petty Cash fund:$230 Entertainment Expense:$42 Postage :$29 Printing:$27

Q: Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash is the type of cash which is kept in the firm to pay for day to day expenses or those…

Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty cash book is the accounting book prepared for the recording of outlays of miscellaneous…

Q: Sohar Aluminium Company established a petty cash fund of RO 5,700 on January 1st. Assume that on…

A: Replenish Amount of Petty Cash = Petty Cash - Petty Cash Balance Replenish Amount of Petty Cash = RO…

Q: On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of…

A: Petty cash is a fund maintained by th business for the small payments to be made on daily basis.

Q: Waupaca Company establishes a $390 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance…

A: Solution: Petty cash fund is established to provide business with sufficient to cash to meet minor…

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

Q: Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to capture a business transaction in the accounting records of…

Q: During March, Anderson Company engaged in the following transactions involving its petty cash fund:…

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

Q: Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund…

A: Petty cash: It can be defined as the small amount of money that is kept separately to be spent at…

Q: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Journal: Recording of a business transactions in a chronological order.

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: Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows…

A: The question is based on the concept of Financial Accounting.

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

A: Established  petty  cash = 400 Petty cash  debit  400

Q: are (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the…

A: The establishment of a petty cash fund is making cash available for small expenses that occur for…

Q: waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the…

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

Q: On March 20, Concord's petty cash fund of $119 is replenished when the fund contains $6 in cash and…

A: Balance of available cash and the total expenses goes to Cash over and short Account.

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: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

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

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

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

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: The question is multiple choice question. Required  Choose the Correct Option.

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: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

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

Q: On August 3, Sonar Sales decides to establish a $275 petty cash fund to relieve the burden on…

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

Q: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal entries related to petty cash are as under:

Q: Sheffield Company uses an imprest petty cash system. The fund was established on March 1 with a…

A: Petty cash is that fund which is used for payment of short expenses like postage expenses, travel…

Q: Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the…

A: Petty Cash Fund: It is common for small businesses to keep a modest amount of money on hand (for…

Q: Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows…

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

Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…

A: Petty Cash Account is created o meet sundry and recurring expenses by an entity that are of small…

Q: Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the…

A: Lets understand the meaning of petty cash. Petty cash is a established to pay small amount of daily…

Q: Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows…

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

Q: CPA Company established a petty cash fund of P10,000 on July 1, 2021.  At the end of the month, the…

A: Solution: Total petty cash receipts = P741.90 + P880 +P900 + P1,421.40 + P837.60 = P4,780.90…

Q: Waupaca Company establishes a $310 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash is relatively the small amount of cash kept on hand for small cash payments. Petty cash…

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 October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty Cash fund: It is a fund established to meet the tiny cash expenses of the business. An amount…

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to record a business deal in a company's accounting records.…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…

A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…

Q: Concord Company uses an imprest petty cash system. The fund was established on March 1 with a…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

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.