The journal entry to record the issuance of the initial check to establish a petty cash fund of $750 is as follows: Debit Petty cash fund and Credit Cash. True or False?

Q: On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of…

A: Journal entry       date explanation debit credit 1-Jul petty cash 1125…

Q: Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by…

A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…

Q: Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by…

A: SOLUTION- BANK RECONCILIATION STATEMENT-  IT IS A SUMMARY OF BANKING AND BUSINESS ACTIVITY THAT…

Q: Petty cash fund entries Journalize the entries to record the following: a. Check No. 12-375 is…

A: Petty cash fund is the fund created by the entity to fund set out from the cash balance to bear the…

Q: The cash account in a company's ledger showed a balance at December 31, 1998 of P44,150 which was…

A: Cash and cash equivalents are the balance-sheet line items that represent the value of a company's…

Q: Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of…

A: The petty cash fund is maintained by business to provide cash for day to day minor cash transactions…

Q: When a petty cash fund is used, which of the following is true? *       A. The petty cashier’s…

A: Solution: "The reimbursement of the petty cash fund should be credited to the cash account" this is…

Q: the following bank information: cash balance per bank $8,070, outstanding checks $722, deposits in…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: a.  Journalize the entry to establish the petty cash fund. If an amount box does not require an…

A: Petty cash book:- Petty Cash book is the book that records all the day to day petty cash (small and…

Q: Petty Cash Fund Prepare journal entries for each of the following: a. Issued a check to establish a…

A: A petty cash fund account is maintained by an organization and different departments of the…

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: Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: Journalize the entries to record the following:a. Check is issued to establish a petty cash fund of…

A: a. Journal entry to create the petty cash fund:

Q: Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an…

A: a. Record entry to issue petty cash fund as shown below:

Q: Which of the following entries would be required to account for a reimbursement to the petty cash…

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

Q: a.  Journalize the entry to establish the petty cash fund.   Petty Cash        Cash        Feedback…

A: Requirement a: Journal entry to create the petty cash fund:

Q: Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an…

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

Q: A company established a petty cash fund for minor day-to-day expenses. Following are activities…

A: The petty cash balance is maintained by business for day to day cash transactions.

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: If a petty cash fund is established in the amount of $200, and contains $119 in cash and $86 in…

A: Petty cash fund is a fund that is established for small petty expenses in your business.

Q: The following is the description of cash disbursements system of Two symbols limites: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

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: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

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

Q: Given the following information, determine the adjusted cash balance per books from the following…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Which of the following best describes a voucher? A supporting document prepared for each cash…

A: A voucher checks are commonly used by a company's payroll department and are referred to as payroll…

Q: A company established a petty cash fund for minor day-to-day expenses. Following are activities…

A: SOLUTION- A PETTY CASH IS THE SMALL AMOUNT OF CASH ON HAND MAINTAINED BY COMPANIES TO PAY THE SMALL…

Q: During October, Daylight Company experiences the following transactions in establishing a petty cash…

A: Various small expenses are incurred for day to day activities of the entity can be managed…

Q: If a petty cash fund is established in the amount of $348 and contains $200 in cash and $134 in…

A: JOURNAL ENTRY FOR REPLENISHMENT :  PARTICULARS DEBIT CREDIT SUNDRY EXPENSE $134   CASH…

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

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

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: Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: - transportation, P600 - gasoline, P400 - office supplies, P500

A: A petty cash fund is a small amount of corporate cash that is usually maintained on hand (for…

Q: Petty Cash Fund Entries Journalize the entries to record the following: Check is issued to…

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

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

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

Q: Which of the following can be considered as an effective control of cash? A. One person handles the…

A: Option A is incorrect because Segregation of duties is an effective control of cash. Option B is…

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: a) Prepare the journal entries to establish the petty cash fund on March 5. b) Prepare the journal…

A: (a) Journal entries to establish the petty cash fund on March 5. March 5 Petty Cash $250.00…

Q: A company established a petty cash fund for minor day-to-day expenses. Following are activities…

A: Introduction:- For minor day-to-day needs, a corporation established a petty cash pool. This fund's…

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: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

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

Q: Hyacinth Company established an imprest petty cash fund for P10,000 by writing a check drawn against…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Which of the following states the entries required to account for a reimbursement to the petty cash…

A: Journal is a primary book where transactions are originally recorded. Further, a journal entry is…

Q: he company records a deposit of $34,956 as $33,956 in the book. What is the entry to correct the…

A: Solution: Actual deposit = $34,956 Recorded amount = $33,956 Short amount recorded in books =…

Q: The debit recorded in the journal to reimburse the petty cash fund is to Oa. Petty Cash Оb. Сash Oc.…

A: The debit recorded in the journal to reimburse the petty cash fund is to : Various accounts for…

Q: A deposit of $25,000 made by Federal Trading appeared on the bank statement of Fidel Trading. tell…

A: Ideally cash balance as per cash book and bank balance as bank statement should tally of reconcile…

Q: When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are…

A: Bank Reconciliation statement is prepared to match the cash balances of cash book and pass book.

Q: Which of the following journal entries is recorded as a result of the bank reconciliation process to…

A: In bank reconciliation , NSF check is to be reduced from unadjusted cash balance in order to arrive…

Q: The debit recorded in the journal to reimburse the petty cash fund is to Select one: A. Cash B.…

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

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.