The petty cash fund of Pearl's Auto Repair Service, a sole proprietorship, contains the following. 1. 2. 3. 4. 5. Coins and currency Postage stamps An I.O.U. from Richie Cunningham, an employee, for cash advance Check payable to Pearl's Auto Repair from Pottsie Weber, an employee, marked NSF Vouchers for the following: Stamps Two Rose Bowl tickets for Nick Pearl Printer cartridge (Use the Office Supplies account) The general ledger account Petty Cash has a balance of $347. $23.40 195.00 17.75 $18.60 6.30 43.40 37.40 236.15 $341.85

The petty cash fund of Pearl's Auto Repair Service, a sole proprietorship, contains the following. 1. 2. 3. 4. 5. Coins and currency Postage stamps An I.O.U. from Richie Cunningham, an employee, for cash advance Check payable to Pearl's Auto Repair from Pottsie Weber, an employee, marked NSF Vouchers for the following: Stamps Two Rose Bowl tickets for Nick Pearl Printer cartridge (Use the Office Supplies account) The general ledger account Petty Cash has a balance of $347. $23.40 195.00 17.75 $18.60 6.30 43.40 37.40 236.15 $341.85

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section5.4: Petty Cash

Problem 1OYO

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On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
a. Why would a business use a Petty Cash Fund? b. Describe the entry needed to establish a 50 Petty Cash Fund and an entry to reimburse the fund.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
Record the following transactions: A. Started a petty cash fund in the amount of $340. B. Replenished petty cash fund using the following expenses: Auto $69, Office Expenses $77, Postage Expense $56, Miscellaneous Expenses $98. Cash on hand is $45. C. Increased petty cash by $65.
The petty cash fund of Fonzarelli’s Auto Repair Service, a sole proprietorship, contains the following. 1. Coins and currency $ 15.20 2. Postage stamps 2.90 3. An I.O.U. from Richie Cunningham, an employee, for cash advance 40.00 4. Check payable to Fonzarelli"s Auto Repair from Pottsie Weber, an employee, marked NSF 34.00 5. Vouchers for the following: Stamps $ 20.00 Two Rose Bowl tickets for Nick Fonzarelli 170.00 Printer cartridge 14.35 204.35 $296.45 The general ledger account Petty Cash has a balance of $300. Instructions Prepare the journal entry to record the reimbursement of the petty cash fund.
A company established a petty cash fund for minor day-to-day expenses. Following are activities related to this fund. Prepare the necessary journal entries for petty cash and even for over and short cash in petty cash fund. a. Assume that RO 1500 cheque is issued to establish a petty cash fund. b. The petty cash custodian has receipts totaling RO 1,350 and RO 150 in currency remaining in the petty cash box. The receipts consist of the following: delivery charges RO 455, RO 395 for postage, and office supplies of RO 500. The petty cash custodian submits the receipts to the accountant who records the following entry and issues a cheque for RO 1,350. c. Assume the same information above except that the coin and currency remaining in the petty cash locked box was RO 130. This amount plus the receipts for RO 1,350 equals RO 1,488 and not RO 1,500, indicating a shortage in the petty cash box. The entry at the time of reimbursement will be.