Willard Company established a $500 petty cash fund on September 9, 2020. On September 30, the fund had $199.40 in cash along with receipts for these expenditures: transportation-in, $40.50, office supplies, $14170, and repairs expense, $11.40 Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $700 shortage in the fund a. Prepare the September 9 entry to establish the fund. View transaction list View journal entry worksheet No 1 Date Sep 09, 2020 Petty cash Cash General Journal Debit 500 Credit 500

Willard Company established a $500 petty cash fund on September 9, 2020. On September 30, the fund had $199.40 in cash along with receipts for these expenditures: transportation-in, $40.50, office supplies, $14170, and repairs expense, $11.40 Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $700 shortage in the fund a. Prepare the September 9 entry to establish the fund. View transaction list View journal entry worksheet No 1 Date Sep 09, 2020 Petty cash Cash General Journal Debit 500 Credit 500

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section5.4: Petty Cash

Problem 1OYO

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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.
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.
Record the following transactions: A. Started a petty cash fund in the amount of $200. B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81, Miscellaneous Expenses $66. Cash on hand is $10. C. Increased petty cash by $75.
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.