Which one of these principles is considered for cash disbursement control: Select one: a. Rarely compare checks to invoices O b. Print check amount by machine c. Same staff approve and make payment d. Reconcile bank statement annually
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- EB3. LO 8.5Record the following transactions: Started a petty cash fund in the amount of $340. Replenished petty cash fund using the following expenses: Auto $69, Office Expenses $77, Postage Expense $56, Miscellaneous Expenses $98. Cash on hand is $45. Increased petty cash by $65. Prepare the correcting journal entry.EB2. LO 8.5Record the following transactions: Started a petty cash fund in the amount of $260. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81, Miscellaneous Expenses $104. Cash on hand is $37. Increased petty cash by $80.PA8. LO 8.6Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Transaction No Journal Entry Needed Journal Entry Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
- PA1. LO 8.5 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: 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. 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. 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. On September 29, the company determined that the petty cash fund needed to…H6. 31 P XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Choc entry to create the account from the following. O Petty Cash is debited for $100. O Cash is debited for $100. O Petty Cash is credited for $100. O Miscellaneous Expense is debited for $100.28 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 320 SELLERS XXX 103 CHECKS GIVEN XXX Which transaction does the journal entry belong to?A) The check has been returnedB) Check ReceivedC) Check turnoverD) Sellers have been given checksE) Check has been paid
- Item2 Time Remaining 3 hours 41 minutes 7 seconds 03:41:07 ItemSkipped Check my workCheck My Work button is now enabled Item 2 Time Remaining 3 hours 41 minutes 7 seconds 03:41:07 Exercise 5-11 (Static) Bank reconciliation adjustment LO 5-3 Refer to the information given below: The June 30 cash balance in the general ledger is $1,940. The June 30 balance shown on the bank statement is $1,168. Checks issued but not returned with the bank statement were Number 712 for $33 and Number 723 for $160. A deposit made late on June 30 for $800 is included in the general ledger balance but not in the bank statement balance. Returned with the bank statement was a notice that a customer's check for $120 that was deposited on June 24 had been returned because the customer's account was overdrawn. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $72 but that in the company's records supporting the general…1. the cash balance shown in your general ledger is P2,000,000, while the cash balance shown in your bank statement is P800,000. You will likely feel relieved if the reconciling items include... A. a P1,200,000 deposit in transit B. a P1,200,000 outstanding check C. a P1,200,000 debit memo D. a P1,200,000 book error 2. A check correctly written and paid by the bank for P517 is incorrectly recorded on the company's book for P571, what would be the appropriate treatment on the bank reconciliation? A. add P54 to the book balance B. add P54 to the bank balance C.subtract P54 to the book balance D. subtract P54 to the bank balanceUn.10 BE7.8 (LO 3) AP Video On March 2, Pugh Company established a petty cash fund of $100. On March 27 , the fund was replenished when it had $18 in cash and receipts for supplies $20, postage for $27, and repairs expense $35. a. Prepare the journal entries to establish the petty cash fund on March 2. b. Prepare the journal entry to replenish the petty cash fund on March 27. Record entry to replenish a petty cash fund.
- EX.08.160.ALGO The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Journalize the transactions for each of the two days of cash receipts from sales. a. Actual cash in cash register, $5,086 cash receipts per cash register tally, $5,087.b. Actual cash in cash register, $5,896 cash receipts per cash register tally, $5,770. If an amount box does not require an entry, leave it blank. a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 b. fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18Q2 Additional info ii) Cheque no. 299513 in the bank statement was wrongly debited by the bank. The cheque actually belongs to Sweet Sdn Bhd. Required: a) Prepare an Adjusted Cash Book. b) Prepare a Bank Reconciliation Statement for Sentosa Sdn Bhd as at 30 June 2020.Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,266. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,781 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. The bank erroneously cleared a $510 check against the company account in March that S.Rey did not issue. The check was actually issued by Business Systems. On March 25, the bank statement lists a $49 charge for the safety deposit box. Santana has not yet recorded this expense. On March 26, the bank statement lists a $113 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. On March 31, the bank statement lists $34 interest earned on Business Solutions’s checking account for the month of…