Short Answer. Colgate Co. establishes a $200 petty ceah fund on Jeruary 1. On Jaruary 8, the fund shows $38 in conh elong with receipts for the followingexpenditurea:Postage:$74ansportation-in:$29$16cellaneous expenses:$43$162ate Co. uses the perpetual system in accounting for merchandise inventory.7.Prepare the journal entry to establish the fund on JanuaryPrepare the journal entry to reimburse the fund on January 8.toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).IUSParagraphArial14pxA vit to save and submit. Click Save All Answers to save all answers.T.

Petty cash or imprest system is used to manage petty/small day to day expenses

Short Answer. Colgate Co. estalblishes a $200 petty caoh fund on Jerary 1. On Jaruery B, the fund shvows 30 in cnsh olong with receipts for the follow axpenditures: atage: naportation-in: very oxpensos: allaneous expenses: $74 $20 $18 $43 $162 to Co. uses the perpetual system in accounting for merchandise inventory. Prepare the journal entry to establish the fund on January Prepare the journal entry to reimburse the fund on January 8.

Short Answer. Colgate Co. estalblishes a $200 petty caoh fund on Jerary 1. On Jaruery B, the fund shvows 30 in cnsh olong with receipts for the follow axpenditures: atage: naportation-in: very oxpensos: allaneous expenses: $74 $20 $18 $43 $162 to Co. uses the perpetual system in accounting for merchandise inventory. Prepare the journal entry to establish the fund on January Prepare the journal entry to reimburse the fund on January 8.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 3PB

See similar textbooks

Similar questions

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.
EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369; and miscellaneous expenses, $240. The company uses the perpetual system in accounting for merchandise inventory. What is the journal entry to record the establishment of the fund on May 2? A. Debit Petty Cash $1,050; credit Cash $1,050 B. Debit Miscellaneous Expense $1,050; credit Cash $1,050 C. Debit Cash $1,050; credit Accounts Payable $1,050 D. Debit Petty Cash $1,050; credit Accounts Payable $1,050
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. The journal entry to reimburse the petty cash fund on January 8 will include: A. Credit to Petty Cash for $162 B. Debit to Cash short and over for $ 38 C. Credit to Merchandise Inventory for $29 D. Debit miscellaneous expenses for $43
Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows $187 in cash along with receipts for the following expenditures: transportation-in, $54; postage expenses, $77; and miscellaneous expenses, $144. The petty cashier could not account for a $8 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $515.
Waupaca Company establishes a $310 petty cash fund on September 9. On September 30, the fund shows $37 in cash along with receipts for the following expenditures: transportation-in, $58; postage expenses, $76; and miscellaneous expenses, $128. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $345. Please place answers on journal sheet as requested in the assignment instructions.
Waupaca company establishes a $350 petty cash fund on September 9. On September 30, The phone shows $92 in cash along with receipts for the following expenditures: transportation-in, $50; postage expenses, $71; and miscellaneous expenses, $130. The petty cash I could not account for a seven dollar shortage in the fund. The company uses very perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $385
Palmona Co. establishes a $200 petty cash fund on January 1. Palmona uses the perpetual system in accounting for merchandise inventory. What is the journal entry to record the increase in the fund balance to $450 on January 8? A. Debit Cash $250; credit Petty Cash $250 B. Debit Petty Cash $250; credit Cash $250 C. Debit Petty Cash $250; credit Accounts Payable $250 D. Debit Miscellaneous Expense $250; credit Cash $250
EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369; and miscellaneous expenses, $240. The petty cashier could not account for a $5 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint: Credit Cash Over and Short for $5 and credit Cash for $724], and (3) June 1 entry to increase the fund to $1,200.
On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
on March 20, bramble's petty cash fund of $113 is replenished when fund contains $13 in cash, and reciepts for postage $46 freight out of $12 and travel expense of $37. Make an accounting journal entry for this
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…