Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts represent $62 for delivery expenses, $203 for merchandise inventory, and $31 for miscellaneous expenses. The fund has a balance of $94. The journal entry to record the reimbursement of the account includes a:
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A: The petty cash balance is maintained for day to day cash transactions of the business.
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A: Petty cash is the type of cash which is kept in the firm to pay for day to day expenses or those…
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A: Petty Cash means A small amount of money kept in an office to pay for small items.
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A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
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A: Replenish Amount of Petty Cash = Petty Cash - Petty Cash Balance Replenish Amount of Petty Cash = RO…
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A:
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…
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A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
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: s established at $100. After the first month, the cash in the petty cash box amounted to $21. The…
A: A Petty cash fund is established to take care of the daily small expenses of a firm. This is…
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A: Introduction: A journal entry is used to capture a business transaction in the accounting records of…
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Q: petty cash fund
A: Petty cash fund means the fund created out of cash designated to meet the daily needs of business.
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A: Req-1 Date General Journal Debit Credit Oct 31, 2020 Cleaning expenses $150…
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A: Petty cash fund is a fund which is setup for small petty cash expenses of the business
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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
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A: The question is based on the concept of Financial Accounting.
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A: JOURNAL ENTRY FOR REPLENISHMENT : PARTICULARS DEBIT CREDIT SUNDRY EXPENSE $134 CASH…
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A: The establishment of a petty cash fund is making cash available for small expenses that occur for…
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Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…
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A: Balance of available cash and the total expenses goes to Cash over and short Account.
Q: Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
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: Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in…
A: About Petty cash is a little amount of money that is keep on the company premises to pay for…
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Q: ber 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense…
A: 1. On September 5 to reimburse the expense Petty cash a/c..(Dr) 748 To cash a/c 748 2. On…
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…
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A: Petty cash fund will be used for petty expenses. First, we take some amount from the bank account…
Q: Fresh Foods established a petty cash fund of $325 on January 2. On January 31, the fund contained…
A: The petty cash fund can be defined as the small cash on hand that is set by the firm to spend on its…
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: 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: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…
A: Lets understand the basics. Petty cash is created from the cashbook. It is a cash which will going…
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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: 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: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…
A: SOLUTION PETTY CASH IS A SMALL AMOUNT OF CASH THAT IS KEPT ON THE COMPANY PREMISES TO PAY FOR THE…
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- 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.On June 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 June 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 June 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 $220. C. On June 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 June 29, the company determined that the petty cash fund needed to be increased 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 $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.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.
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?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 March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.Enter the following transactions in a cash payments journal like the one illustrated in the chapter: Aug. 2 Issued Check No. 193 in payment of August rent (Rent Expense), 2,200. 6 Issued Check No. 194 to Mason Hardware in payment of merchandise purchased on account, 1,700, less 2% discount. The check was written for 1,666. 10 Issued Check No. 195 to Augies Wholesale for cash purchase of merchandise, 2,730.The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?