Stephanie Jo Company established a petty cash fund of $300 on May 1. At the end of the month, the petty cash fund has $42 in cash and receipts for postage, $39; entertainment, $146; and office supplies, $70. Journalize the necessary entries related to petty cash. Record any discrepancy in the cash short and over account.

Q: At the end of the day, the cash register tape lists $1,021.18 as total income from services. Cash on…

A:

Q: On March 20, Sheffield’s petty cash fund of $114 is replenished when the fund contains $12 in cash…

A: Petty cash refers to the small amount of cash in hand used to pay expenses that are too small to…

Q: Cottage Co. deposits all cash receipts on the day when they are recelved and It makes all cash…

A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book in…

Q: On July 1, 2014, Acting Company established an imprest (petty Cash) fund in the amount of $800.00 in…

A: Imprest (Petty Cash) System is an accounting system that is created for tracking and documenting how…

Q: The following information is available to reconcile Branch Company’s book balance of cash with its…

A: A journal entry is a summary of a company's financial activities held in its accounting records.

Q: A petty cash fund was originally established with a check for $180. On December 31, the petty cash…

A: Hey there, Since multiple questions are posted only the first question will be answered. Kindly…

Q: 8 MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of…

A: Petty cash fund is that fund in business that is established for small petty expenses in the…

Q: Stephanie Jo Company established a petty cash fund of $300 on May 1. At the end of the month, the…

A: Any shortfall in cash or petty cash account shall be charged to P/L.

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

A: Total expenses =  Office supplies + Postage +Representation +Transportation +Miscellaneous  =…

Q: On March 20, Crane's petty cash fund of $113 is replenished when the fund contains $12 in cash and…

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

Q: During March, Anderson Company engaged in the following transactions involving its pettycash fund:a.…

A: To keep track of financial transactions, journal entries are utilised.  Your journal entries are…

Q: vailable to reconcile Branch Company’s book balance of cash with its bank statement cash balance as…

A: Bank reconciliation is a statement prepared for the purpose of reconciling the differences between…

Q: Prepare journal entries for the following transactions, using the following accounts as needed:…

A:

Q: The following information is available to reconcile Branch Company's book balance of cash with its…

A: Bank reconciliation statement is a statement prepared at the end of the reporting period to…

Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash…

A:

Q: Journalize the entries to record the following: Required: a. On March 1, check is issued to…

A: Petty cash funds are those funds which are maintained for small petty expenses of the business.…

Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…

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

Q: Prepare the general journal entry to set up the petty cash fund  on January 2, and to replenish the…

A: The following computations are done to evaluate the ending balance of the petty cash book of Swartz…

Q: The following information is available to reconcile Branch Company’s book balance of cash with its…

A: Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement is to know…

Q: Record the following transactions into the general journal.  Be sure to include explanations.  When…

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

Q: Required: 1. Prepare the journal entry to establish the petty cash fund. 2 Prepare a petty cash…

A: Preparing the petty cash fund and petty cash report form.

Q: The following information is available to reconcile Gucci’s book balance of cash with its bank…

A:

Q: Selected transactions completed by Kornett Company during its first fiscal year ended December 31,…

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

Q: On March 1, the actual cash received from cash sales was $25,538, and the amount indicated by the…

A: The practice of recording financial activity for the first time in the books of accounts is known as…

Q: The following information is available to reconcile Branch Company's book balance of cash with its…

A: Bank reconciliation is a statement prepared to compare the bank balance and cash book balance. The…

Q: Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $14 cash…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Prepare the necessary journal entries for each of the following:         (a) On March 1, issued a…

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

Q: Assume that the custodian of a $500 petty cash fund has $62 in currency plus $412 in receipts at the…

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

Q: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,500. Prepare…

A: Petty cash fund is used by the organizations to fund the small cash payments for utilities, office…

Q: Awy Company has a petty cash fund for small expenses. The following transactions occurred over a…

A: Petty cash is a nominal amount that is readily accessible for paying expenses too small by writing a…

Q: On September 1, a company established a petty cash fund of $120. On September 10, the petty cash…

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

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: On May 1, a petty cash fund was established for $200 by the owner, Ilika Cash. The following…

A: A petty cash reserve is a limited sum of money which has been kept for the payment of expenses of…

Q: Instructions   Journalize the necessary entries for each of the following: Required: a. On March 1,…

A: Petty Cash Fund is created to meet recurring cash expenses by an entity. It works on imprest system…

Q: Your tasks are to do the​ following: a. Record the appropriate entries in the general journal as…

A: Petty cash is also known as petty cash fund denoting the fund utilized for making small payments or…

Q: Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Cottage Co. deposits all cash receipts on the day when they are received and it makes all cash…

A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…

Q: ABC co established a Petty cash fund with RO 1000 and appointed  Mr. Ahmed as custodian. At the end…

A: Given that: Petty cash fund balance = RO 1000 Receipts for postage = RO 250 Office supplies = RO 256…

Q: The following petty cash transactions were made by the Freeman Corporation during the month…

A: Introduction: A transaction is any financial business event that affects the financial statements of…

Q: Carson's Bakery requires $500 cash to be on hand in the petty cash fund. During the month of October…

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

Q: At the end of the day, the cash register tape lists $1,147.42 as total income from services. Cash on…

A: Cash short and over = Income from services + Change Fund - coins - currency - traveler's checks -…

Q: On July 1, 2014, Acting Company established an imprest (petty cash) fund in the amount of $800.00 in…

A: Petty Cash Dr   $800             To Cash          $800

Q: At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on…

A: Total cash = coins + currency + traveler's checks + customers' checks = 18.25+433.60+100.00+427.00 =…

Q: Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an…

A: Petty cash: Petty cash fund is established to pay insignificant amount small expenses like office…

Q: The following information is available to reconcile Branch Company’s book balance of cash with its…

A: Bank reconciliation statements are referred as a statement which is made by the company/organisation…

Q: McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making…

A: (a) Assuming that no errors have occurred during journalizing and posting the unusual balance of the…

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.