Required information PA5-4 (Algo) (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO 5-S1] [The following information applies to the questions displayed below.] Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. I established the fund by cashing a check from HHC for $265 made payable to me. b. Tom Canuck provided a $79 receipt for repairs to the club's computer, so I paid $79 cash to him. c. Kim Harra provided a receipt for $59 for various supplies she planned to use to decorate the arena later this year. I paid $59 cash to her. d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $89. e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $227, placing the cash into a locked cash box. f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $134 cash to her. g. Destiny Hook provided a phone bill showing she had paid $39 for telephone calls made to contact referees for the annual tournament. I paid her $39 cash. h. Gutty McTavish submitted a receipt for $44 for a haircut he received. I did not pay him. i. On the last day of the month, I received and cashed a check from HHC for $173, placing the cash into the locked cash box.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![Required information
PA5-4 (Algo) (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO 5-S1]
[The following information applies to the questions displayed below.]
Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne
Crosby, describes the events that occurred during the last two months:
a. I established the fund by cashing a check from HHC for $265 made payable to me.
b. Tom Canuck provided a $79 receipt for repairs to the club's computer, so I paid $79 cash to him.
c. Kim Harra provided a receipt for $59 for various supplies she planned to use to decorate the arena later this year. I paid
$59 cash to her.
d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I
paid him $89.
e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received
and cashed a check from HHC for $227, placing the cash into a locked cash box.
f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $134 cash to her.
g. Destiny Hook provided a phone bill showing she had paid $39 for telephone calls made to contact referees for the
annual tournament. I paid her $39 cash.
h. Gutty McTavish submitted a receipt for $44 for a haircut he received. I did not pay him.
i. On the last day of the month, I received and cashed a check from HHC for $173, placing the cash into the locked cash
box.
PA5-4 (Algo) Part 1
Required:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb76c74f-33f9-4776-941a-47446e3aad13%2Fb5beb6db-14d0-4fa9-a824-8a530118c8b7%2Fijhlxwj_processed.jpeg&w=3840&q=75)
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