Answer with complete solution/explanation KURDAPIA COMPANYYou are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021.The contents of the fund are listed below. The custodian of the fund is Annie Bakalbato (OfficeSecretary). The balance of the petty cash fund per the company's general ledger is P60,000.Such fund is being maintained on an imprest basis.➤ BillsFive hundred-peso bills; 26One hundred-peso bills; 40Fifty-peso bills; 88Twenty-peso bill; 60➤ CoinsOne-peso coins; 24 rolls of 20 and 20 loose▸ An I.O.U. signed by the company treasurer for P7,500.Postage stamps of various denominations - P1,500(The voucher is also for P1,500.)➤ A receipted bill from Balita Express newspaper for advertising - P840.A receipted bill from Bukbok Bookstore for copy paper - P1,320.➤ A receipted bill from Petrox Gas Station for gas and oil for the company's delivery truck -P13,080.➤ A check signed by Burgudol, an employee, dated December 28, 2021 - P2,100.➤ A check signed by Char Char, sales manager, dated January 20, 2022 - P1,980.A notation on a sheet of paper as follows: Proceeds of employees' donations for officeparty - P7,260.A receipted bill from Fresco Restaurant for refreshment served at employees' part,December 24, 2021 - P4,020.How much is the cash shortage/overage?

Petty cash fund refers to the fund which is used for paying off the little or small expenses of the…

You are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021. The contents of the fund are listed below. The custodian of the fund is Annie Bakalbato (Office Secretary). The balance of the petty cash fund per the company's general ledger is P60,000. Such fund is being maintained on an imprest basis. ➤ Bills Five hundred-peso bills; 26 One hundred-peso bills; 40 Fifty-peso bills; 88 Twenty-peso bill; 60

You are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021. The contents of the fund are listed below. The custodian of the fund is Annie Bakalbato (Office Secretary). The balance of the petty cash fund per the company's general ledger is P60,000. Such fund is being maintained on an imprest basis. ➤ Bills Five hundred-peso bills; 26 One hundred-peso bills; 40 Fifty-peso bills; 88 Twenty-peso bill; 60

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 2PB

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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.
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 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.
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.