The Head of the Agency approves the establishment of a P30,000 petty cash fund. Here are the following information for the monthly petty expenses as well as the cash count: Coins and Currencies 7,800 Office Supplies Expense 3,400 Fuel and Oil 10,500 Postage and Courier Expenses 1,900 Maintenance and Operating Expenses 4,000 a. Give the journal entries pertaining to the establishment of the PCF. b. Give the journal entries when the PCF is replenished. c. The journal entries if the PCF is not replenished. d. The journal entries if the PCF is closed. e. How much is the cash shortage(overage)? f. How is the shortage or overage accounted? g. The journal entries for the cash shortage(overage).

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: The entry to replenish the petty cash fund will include A a credit to Cash for $412. B a credit to…

A: Given information is: Petty Cash fund = $500 Receipts at the end of the month = $412 Currency = $62

Q: The accountant of Meema Inc. established a petty cash fund of P1,400.  During September, the fund…

A: The petty cash fund is created to maintain the cash balance for day to day transactions of the…

Q: Agency XYZ established a petty cash fund for P5,000. During the year, out of the petty cash fund,…

A: solution : statement showing calculation of MOOE (maintenance and other operating expense)…

Q: 2. Agency XYZ established a petty cash fund for P5,000. During the year, out of the petty cash fund,…

A: solution : calculation of MOOE (maintenance and operating expenditure) Office supplies 1000…

Q: Crane Company established a petty cash fund on May 1, cashing a check for $125. The company…

A: Petty Cash is the amount which is kept aside by the entities for meeting up the routine outlays of…

Q: Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Oct 1 Established a RM1,000 petty cash fund by issuing cheque payment and appointed Ms. Chan to take…

A: Petty Cash Transactions - Journal Entries: Date Particulars Debit Credit Oct 1 Petty Cash…

Q: At year-end, Mariz Company reported cash and cash equivalent comprising: cash on hand P 500,000,…

A: Cash : Cash is a legal tender that are used as an exchange for goods , debt or service. Sometimes…

Q: Clooney Corp. establishes a petty cash fund for $225 and issues a credit card to its office manager.…

A:

Q: Lyle Company maintains a petty cash fund for small expenditures. These transactions occurred during…

A: Petty cash is kept for meeting day-to-day expenses. Petty cash is kept in physical form in a…

Q: You were assigned to account for the Cash account of Dragon Ball, Inc. for the year ended December…

A: Petty Cash Fund It is important to manage the petty cash fund into the business entity which can be…

Q: A first-year co-op student is trying to determine the amount of cash and cash equivalents that…

A: Introduction: Cash and cash equivalents: The individual unit on a company's balance sheet that shows…

Q: Cheyenne Company established a petty cash fund on May 1, cashing a check for $115. The company…

A: Petty cash account is debited if the established a petty cash fund or increases the a petty cash…

Q: 1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund…

A: The petty cash fund is used for different small expenses and is replenished every month. it helps to…

Q: VKS Company reported an imprest petty cash fund of P51,100 with the following details ·…

A: The items that should be included are: - Currencies - Coins - Petty cash vouchers (these will be…

Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: > >Petty Cash fund is created out of cash account to pay off certain small and petty…

Q: Vaughn Company maintains a petty cash fund for small expenditures. These transactions occurred…

A: Petty Cash is a type of cash available in the company to be used as payment for small amount of…

Q: EFG Company established a petty cash fund of P90,000 on December 1, 2021.As of December 31, 2021,…

A: Solution:- Calculation of the cash (shortage)/overage as follows under:- Introduction:- The petty…

Q: On September 1, ATP Enterprises has decided to initiate a petty cash fund in the amount of $800.…

A:

Q: Agency M established a petty cash fund (PCF) with the following estimated expenses for one (1)…

A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…

Q: Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1)…

A: Journal entry           Accounts…

Q: The petty cash fund of ABC Corp consisted of the following: Currency and coins, P2,000 Employees…

A: Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than…

Q: During March, Anderson Company engaged in the following transactions involving its petty cash fund:…

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

Q: Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund…

A: Petty cash: It can be defined as the small amount of money that is kept separately to be spent at…

Q: f the Agency approves the establishment of a P30,000 petty cash fund. Here are the following…

A: Petty cash fund is the fund created wherein small amount of cash is transferred and ownership of…

Q: Agency M established a petty cash fund (PCF) with the following estimated expenses for one (1)…

A:

Q: Sunland Company maintains a petty cash fund for small expenditures. These transactions occurred…

A: Petty cash book is the recording of petty cash expenditures which is sorted by the date. It is…

Q: Presented below are transactions of MM Company related to petty cash for the last 2 months of year…

A: The petty cash fund is established to maintain the cash for day to day cash transactions of the…

Q: Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund…

A: Petty cash is a fund which is created to meet day to day activities or expenses such as -small…

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: TRESE Co. provided the following information about the composition of its cash on December 31. 2020:…

A: Cash and cash equivalents refers to an item on the balance sheet which provides the details…

Q: ABC LLC started a petty cash fund with opening balance of RO 500. During the month the receipts were…

A: Petty cash fund is prepared to do the small expense from the petty cash fund and not from the main…

Q: r audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021,…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Journal entry is a process of recording and classifying business transactions into books of accounts…

Q: The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:…

A: Petty cash or petty cash fund is the amount that is kept in hand by a company or individual for day…

Q: Kiona Company set up a petty cash fund for payments of small amounts. The following transactions…

A: A journal is a book in which a business records its transaction according to chronological order. A…

Q: On August 3, Sonar Sales decides to establish a $275 petty cash fund to relieve the burden on…

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

Q: Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during…

A: Journalize the petty cash transactions:

Q: Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during…

A: The petty cash fund is created to maintain cash balance for day to day cash transactions of the…

Q: Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on…

A: On establishment of petty cash fund the cash will go to petty cash fund.

Q: ABC Company established a petty cash fund for small expenses of the offices of the main building…

A: Petty Cash refers to the cash that is kept aside for day-to-day expenses and has a small amount.

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: The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:…

A: A petty cash fund can be described as a fund established by the company to meet small expenses like…

Q: The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins,…

A: It used in expenses like foods, postage stamp ,fare ,food expense etc.

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: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash…

A: Petty cash is a small sum of money kept on hand to cover unexpected expenses such as reimbursements…

Q: Superior Cabinets maintains a petty cash fund for minor business expenditures. The petty…

A: Requirement 1: The journal entries are as follows:

Q: Raffy Tulfo In Action (RTIA) appointed Shelwyn as its petty cash custodian. As at December 31, 2020,…

A: Petty cash is the fund of cash which includes the payments and receipts of minor expenses to be made…

Q: Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of…

A: Cash  = Petty cash fund - reimbursed fund Cash = $200 - $15 Cash = $185…

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.