The petty cash fund had an initial imprest balance of $100. It currently has $20 and petty cash tickets totaling $75 for office supplies. The entry to replenish the fund would contain Credit to Cash Short & Over for $5. A credit to Petty Cash for $80. A debit to Cash Short & Over for $5. A debit to Petty Cash for $80.

Q: The petty cash fund had an initial imprest balance of $220. It currently has $17 in​ cash, $5 in…

A: Cash balance and petty cash tickets = $17 + $5 + $192 Cash balance and petty cash tickets = $214

Q: On March 20, Coronado's petty cash fund of $120 is replenished when the fund contains $5 in cash and…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

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: On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden…

A: Please find the answers to the above questions below:

Q: Crunchy Co. established a P3,000 petty cash fund. You found the following items in the fund:  Cash…

A: Cash short or (Over) = petty cash fund - (Cash and currency + Expense vouchers + Advance to salesman…

Q: On March 1, a company established a $75 petty cash fund. On March 12, the petty cash fund contains…

A: Journal entries are the initial recording of all the monetary business transactions in a systematic…

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: A count of the petty cash fund having an imprest balance of P10,000 of Reyes Corp. showed its…

A: Petty cash shortage = Petty cash fund - Currency and coins - Paid vouchers - Check drawn - Unused…

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

A: Cash and cash equivalents is one of the items recorded as a current asset in the balance sheet of an…

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: Assume that the custodian of a $465 petty cash fund has $67.50 in coins and currency plus $391.50 in…

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

Q: A. Started a petty cash fund in the amount of $400. B. Replenished petty cash fund using the…

A: Petty Cash - it is basically a loan from treasury management. Petty cash is day to day expenses that…

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: A $150 petty cash fund has cash of $54 and receipts of $83.  The journal entry to replenish the…

A: Cash Short (Over) = Petty cash fund - cash - receipts = $150 - 54 - 83 = $13

Q: On October 1, 20--, a check was written in the amount of $300 to establish a petty cash fund. During…

A: Part a ) Journal Entry to establish a petty cash fund Date Account Debit Credit Jan-01 Petty…

Q: A Petty Cash fund is being set up for $1,300. The journal entry would be: O A. Cash 1,300 Petty Cash…

A: Given, Petty cash fund set up for $1,300.   Increase in assets should be debited and decrease in…

Q: The petty cahs fund is $800 On September 5, the petty cash fund needed replenishment, and the…

A:

Q: A petty cash fund was originally established with a cheque for $150. On December 31, you find the…

A: Introduction:- petty cash fund is used to pay for small expenses for everyday. Examples:- postage…

Q: Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance…

A: Solution: Petty cash fund is established to provide business with sufficient to cash to meet minor…

Q: The petty cash fund had an initial imprest balance of $100. It currently has $20 and petty cash…

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

Q: XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash…

A: The asset account is debited when there is an increase and credited with there is a decrease.

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

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

Q: Hawk Company establishes a $350 petty cash fund on Septomber 9. The journal entry to establish the…

A: Since you have specifically asked for question 14, so we are solving the same for you.

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Journal entries in the books of Kellie Company Date Particulars   LF Dr. Cr. 02-Jun Petty…

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: Petty cash fund  It is a certain amount of fund which is kept aside for meeting small and day to day…

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: record the following transactions: A. Started a petty cash fund in the amount of $500 B.…

A: Solution- S no Particular Amount DR Amount CR 1 Petty cash --------------------------------DR…

Q: The following data relates to ABC Corp's petty cash fund at Dec 31, 20X1: Bills and coins P 1,456…

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

Q: A $65 petty cash fund has cash of $20 and receipts of $60. The journal entry to replenish the…

A: Petty cash book  is the cash books in which we include small expenses, It is sorted by date, we can…

Q: A. Started a petty cash fund in the amount of $300. B. Replenished petty cash fund using the…

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

Q: A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the…

A: The petty cash fund should be replenished every month. So that accounts can be maintained easily and…

Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…

A: Under the imprest system of maintaining petty cash, Petty Cashier is reimbursed whatever amount he…

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: All the answer  you did are correct  But you  should  mention  narration also.

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: A $250 petty cash fund has cash of $15 and receipts of $230. The journal entry to replenish the…

A: Particulars  Debit (in $) Credit (in $) Expenses  Cash short and over [250 - (230+15)]…

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: 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…

Q: Record the following transactions: A. Started a petty cash fund in the amount of $ 1,500. B.…

A: Introduction: Internal controls are rules and processes that a company implements to achieve…

Q: System company needs to replenish its $1000 petty cash fund. Its petty cash box has $150 cash and…

A: Petty cash means small amount of cash transfer received from the cash book to the petty cash book…

Q: A. Started a petty cash fund in the amount of $250. B. Replenished petty cash fund using the…

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

Q: Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company…

A: Petty cash fund will be used for petty expenses.  First, we take some amount from the bank account…

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

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…

Q: A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: What is the journal entry to replenish the petty cash fund if expenses were Auto Expense $75, Office…

A: Petty cash is the money that a entity keeps on hand to make small payments, purchases, and…

Q: ash on hand at this time was $132. B. On June 14, the petty cash fund needed replenishment, and the…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

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.