How to solve 7-10 A P 7-10A (LO3)/ Replenishment: Cr. Cash, $149PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund wasestablished for $150. The following vouchers were issued during May:DateVoucher No.PurposeAmount$ 3.50Postage dueOffice suppliesAuto repair (miscellaneous)Drawing (Joy Adams)Donation (Red Cross)Travel expensesMay 113211.0000043.007425.001110.00156.28.00227Postage stampsPhone call3.50268.5.003096.Donation (Boy Scouts)20.00REQUIRED1. Prepare the journal entry to establish the petty cash fund.2. Record the vouchers in the petty cash record. Total and rule the petty cashrecord.3. Prepare the journal entry to replenish the petty cash fund. Make theappropriate entry in the petty cash record.

PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The following vouchers were issued during May: Date Voucher No. Purpose Amount Postage due Office supplies Auto repair (miscellaneous) Drawing (Joy Adams) Donation (Red Cross) Travel expenses Postage stamps Phone call $ 3.50 May 1 3 1 11.00 5 3 43.00 4 25.00 11 5 10.00 15 28.00 22 3.50 26 5.00 30 Donation (Boy Scouts) 20.00 REQUIRED 1. Prepare the journal entry to establish the petty cash fund. 2. Record the vouchers in the petty cash record. Total and rule the petty record. cash 3. Prepare the journal entry to replenish the petty cash fund. Make the appropriate entry in the petty cash resord 6799

PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The following vouchers were issued during May: Date Voucher No. Purpose Amount Postage due Office supplies Auto repair (miscellaneous) Drawing (Joy Adams) Donation (Red Cross) Travel expenses Postage stamps Phone call $ 3.50 May 1 3 1 11.00 5 3 43.00 4 25.00 11 5 10.00 15 28.00 22 3.50 26 5.00 30 Donation (Boy Scouts) 20.00 REQUIRED 1. Prepare the journal entry to establish the petty cash fund. 2. Record the vouchers in the petty cash record. Total and rule the petty record. cash 3. Prepare the journal entry to replenish the petty cash fund. Make the appropriate entry in the petty cash resord 6799

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 15RE

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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 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.
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.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
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.
Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.
On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden on Accounting. (a) Journalize this event. (b) On April 11th, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00 and $9.75 in cash. Journalize the replenishment of the fund. (c) On April 12th, Snappy Sales decides to increase petty cash to $175.00. Journalize this event.
On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $56, contributions and donations of $29, and meals and entertainment of $110. The remaining cash is $81 in the ending cash balance. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. c. On April 11, Granger Sales decides to increase petty cash by $160. Journalize this event.
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
On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Petty Cash 135 Cash 135 On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 in cash. Journalize the replenishment of the fund. Round your answers to two decimal places. Mail and Postage expense 32.75contributions and donations 25.25meals and entertainment 68.00Cash short or over 0.75 Cash                                                                                     125.25 On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. If an amount box does not require an entry, leave it blank. Petty cash 40Cash                          40 Please let me know if I did it right?
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May   1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
29. CPA 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