The Petty Cash box of Mini Book Store as of December 31, 2022 contains the following: receipt for transportation P800; receipt for photocopying P300; invoice for various expenses P1,500. Also included are bills and coins for 3,500. The general ledger account of PCF has a balance of 6,000. The company uses the imprest system. If the company replenished the PCF on December 31, 2022, how much is cash to be paid to the PCF custodian?

Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…

A: Petty cash: Expenses like postage , transport charges , Fuel , power bill, Etc are to be recorded in…

Q: n December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021,…

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

Q: On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the…

A: The petty cash fund is created for day to day cash transactions of the business.

Q: The following information is needed to reconcile the cash balance for Discount Dry Cleaning, Inc. *A…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the difference between…

Q: The petty cash custodian of Barbie Inc presented the following on December 31, 2015, the end of the…

A: The general ledger shows an imprest petty cash fund balance of 16,000. Coins and Currency - 825…

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

A: The petty cash book is prepared for day to day small cash transactions of the business.

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

A: The journal entry are as follows.

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: B. The cash accounts of Ria on December 31,2021 has balance of P151,000 and it consist of the…

A: The cash which is a current asset also includes those treated as a cash equivalent in its balance.…

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: Your count of the undeposited receipts under the custody of the cashier of Abaca Company on…

A: Sometimes there is a difference between cash balance as per books and cash balance as per physical…

Q: A new accountant at Splish Brothers Inc. is trying to identify which of the amounts shown below…

A: Cash and cash equivalent are the short term cash sources for the business.

Q: Lakeland's Business Department completed the following petty cash transactions during luly 2020: 5…

A: A petty cash book is used to record the minor cash transaction of the business.

Q: The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is…

A: Correct balance of petty cash = Currencies + Coins

Q: On April 1, 2021, CPA Co. established a petty cash fund for P80,000 by writing a check drawn against…

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

Q: Global Fiter Corp. completed the following petty cash transactions during May and June in 2014 May…

A: Imprest System of Petty Cash The general ledger account Petty Cash will remain inactive at a fixed…

Q: The cash account of Ria on December 31,2021 has an balance of P151,000 and it consists of the…

A: Introduction:  The most liquid current assets on a company's balance sheet are cash and cash…

Q: The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020, with an Imprest…

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

Q: teinert Company has the following items at year-end: Cash in bank $45k Petty Cash 500 Short-term…

A: Cash and Cash Equivalents It includes, Cash in hand Balance with banks Cheques, drafts on hand Petty…

Q: You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash…

A: Adjusted balance Adjusted balance refers to the balance which is obtained after making all the…

Q: The petty cash box, upon investigation, showed the following items: bills- P450, coins- P50;…

A: Petty cash fund =  bills +  coins + vouchers for taxi fare + voucher for supplies

Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…

A: Formula: Total petty cash payments = delivery expense + mileage expense + postage expense +…

Q: On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against…

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

Q: The trial balance of MasqueCompany at December 31, 2021includes the following accounts: Petty cash…

A:

Q: How much is the petty cash short or over? b. What is the adjusted balance of the petty cash fund at…

A: Petty cash is the cash which is set by the company in order to make the small payments like the tea,…

Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Cash shortage (overage) = Petty cash fund - Bills and coins - Transportation  - Supplies - Envelope…

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 cash account in the morning of January 2, 2020 showed the following items in the petty cash of…

A: Correct amount of petty cash on the balance sheet as of December 31, 2020 = Currencies and coins…

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: The Petty Cash box of Poultry Feeds Co. as of December 31, 2020 contains the following: receipt for…

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

Q: The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash…

A: Correct amount of petty cash fund for financial reporting purposes = Currencies and Coins + Currency…

Q: Milner Department Store has one cash register on which it performs daily cash counts. Recently, the…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: 3. RDO Company reported a cash balance of P192,500 on December 31, 2020 which consisted of the…

A: 3) Cash and cash equivalents is one of the components in the balance sheet of a business…

Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…

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

Q: Love Company reported the follówing to cash on December 31, 2020: Checkbook balance, P4,000,000. *…

A: Cash balance refers to the desired sum of money present in the account, it is computed by adding up…

Q: The following items were included in the cash accounts of Regal Co. at December 31, 2017: Checking…

A: Cash and cash equivalents refers to the most liquid assets that can be easily converted into cash.…

Q: Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items…

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

Q: Blues Music Center had the following petty cash transactions in March of the current year. Blues…

A: Petty Cash: It is a small amount of cash kept on hand for small cash payments. It is used for…

Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…

A: Petty cash fund: this fund is created in order to reflect the expenses of nominal amounts like bills…

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

A: The petty cash fund is established for day to day cash expenses of the business.

Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Petty cash maintained to spend for the business related small expense on day-to-day basis.

Q: Crown Company established a petty cash fund of $600 for incidental expenditures on January 2 , 2019…

A: Any excess expense for which the invoice is missing goes to cash short and over.

Q: A new accountant at Splish Brothers Inc. is trying to identify which of the amounts shown below…

A: Cash and cash equivalent is the part of current assets which is reported on the balance sheet. Cash…

Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…

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

Q: Sheridan Company has the following items at year-end: Cash in bank $34700 Petty cash $290…

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

Q: You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY: Cash…

A: 1) Cash on Hand   Particulars Amount   Balance as on 31/12/20 500,000 Less Cheque Uncleared…

Q: As of December 31.,2020, based on a physical count conducted, the following are the items included…

A: Cash shortage (overage) = Petty cash fund - Bills and coins - Transportation  - Supplies - Envelope…

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.