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Cornerstone Exercise 4-24 Petty Cash with Change in Fund Balance Basque Inc. maintains a petty cash fund with a balance of S800. On December 31, Basque’s petty cash account has a balance of $60. Basque replenishes the petty cash account, as it does at the end of every month, but also decides to increase the fund balance to $1,000. Basque classifies all petty cash transactions as miscellaneous expense. Required: What entry is made to record this activity?

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Chapter 4, Problem 24CE
Textbook Problem

Cornerstone Exercise 4-24 Petty Cash with Change in Fund Balance

Basque Inc. maintains a petty cash fund with a balance of S800. On December 31, Basque’s petty cash account has a balance of $60. Basque replenishes the petty cash account, as it does at the end of every month, but also decides to increase the fund balance to $1,000. Basque classifies all petty cash transactions as miscellaneous expense.

Required:

What entry is made to record this activity?

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Chapter 4 Solutions

Cornerstones of Financial Accounting
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Ch. 4 - Why does a company give particular attention to...Ch. 4 - Why is it important to segregate the duties for...Ch. 4 - Describe two advantages of performing...Ch. 4 - Describe the potential sources of difference...Ch. 4 - What kinds of bank reconciliation items require...Ch. 4 - Describe how cash over and short can be used for...Ch. 4 - Why do most companies have petty cash funds?Ch. 4 - What are cash equivalents?Ch. 4 - Why do companies invest their cash in short-term...Ch. 4 - What is the operating cycle?Ch. 4 - Describe the basic cash management principles.Ch. 4 - Why do companies hold short-term investments?Ch. 4 - What is the primary role of internal controls in...Ch. 4 - Which of the following is not one of the three...Ch. 4 - Which of the following is not one of the five...Ch. 4 - Which of the following is not one of the five...Ch. 4 - The internal audit function is part of what...Ch. 4 - Which of the following is not generally an...Ch. 4 - Allowing only certain employees to order goods and...Ch. 4 - Deposits made by a company but not yet reflected...Ch. 4 - Which one of the following would not appear on a...Ch. 4 - Which one of the following is not a cash...Ch. 4 - The operating cycle is best described as the time...Ch. 4 - High level cash management strategies include bank...Ch. 4 - Effective cash management and control includes all...Ch. 4 - Cash management principles do not include earning...Ch. 4 - Which one of the following statements is true?...Ch. 4 - Cornerstone Exercise 4-16 Bank Reconciliation...Ch. 4 - Cornerstone Exercise 4-17 Bank Reconciliation The...Ch. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Cornerstone Exercise 4-19 Adjusting Entry from...Ch. 4 - Cornerstone Exercise 4-20 Bank Reconciliation Tiny...Ch. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Cornerstone Exercise 4-23 Petty Cash Fund Murphy...Ch. 4 - Cornerstone Exercise 4-24 Petty Cash with Change...Ch. 4 - Brief Exercise 4-25 Role of Internal Control...Ch. 4 - Brief Exercise 4-26 Components of Internal Control...Ch. 4 - Brief Exercise 4-27 Bank Reconciliation Hula Corp....Ch. 4 - Brief Exercise 4-28 Adjusting Entry from Bank...Ch. 4 - Brief Exercise 4-29 Adjusting Entry from Bank...Ch. 4 - Brief Exercise 4-30 Bank Reconciliation Garrison...Ch. 4 - Brief Exercise 4-31 Bank Reconciliation Zing Corp....Ch. 4 - Brief Exercise 4-32 Cash Over and Short At the end...Ch. 4 - Brief Exercise 4-33 Cash Over and Short Milner...Ch. 4 - Brief Exercise 4-34 Petty Cash Fund Kingery Inc....Ch. 4 - Brief Exercise 4-35 Petty Cash With Change in Fund...Ch. 4 - Brief Exercise 4-36 Cash Reporting Richter...Ch. 4 - Brief Exercise 4-37 Operating Cycle Businesses...Ch. 4 - Brief Exercise 4-38 Cash Management Effective cash...Ch. 4 - Exercise 4-39 Internal Control System Required: A...Ch. 4 - Exercise 4-40 Internal Control Terminology...Ch. 4 - Exercise 4-41 Classifying Internal Control...Ch. 4 - Hannah Thacher, a longtime employee of a local...Ch. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Exercise 4-44 Bank Reconciliation OBJECTIVE a...Ch. 4 - Exercise 4-45 Bank Reconciliation (Partial)...Ch. 4 - OBJECTIVE 9 Exercise 4-46 Bank Reconciliation...Ch. 4 - OBJECTIVE 0 Exercise 4-47 Bank Reconciliation @...Ch. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Exercise 4-49 Recording Petty Cash Account...Ch. 4 - Exercise 4-50 Cash Reporting OBJECTIVE a Brown...Ch. 4 - Exercise 4-51 Components of Cash The office...Ch. 4 - OBJECTIVE 9 Exercise 4-52 Operating Cycle Business...Ch. 4 - OBJ ECTWE 6 Exercise 4-53 Operating Cycle A list...Ch. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Problem 4-55A Role of Internal Control Internal...Ch. 4 - Problem 4-56A Internal Control Procedures for Cash...Ch. 4 - Problem 4-5?A Internal Control for Cash After...Ch. 4 - OBJECTIVE Problem 4-53.11 Bank Reconfirmation E...Ch. 4 - OBJECTIVEG Problem 4-5944 Bank Reconciliation...Ch. 4 - Problem #6016; Bank Reconciliation OBJECTIVE The...Ch. 4 - OBJECTIVE Problem 4-6111 Recording Petty Cash...Ch. 4 - Problem 4-553 Role of Internal Control Internal...Ch. 4 - Problem 4-563 Internal Control Procedures for Cash...Ch. 4 - Problem 4-515 internal Control for Cash After...Ch. 4 - Problem 4-585 Bank Reconciliation OBJECTIVE o...Ch. 4 - OBJECTNE The items on the bank statement are...Ch. 4 - Problem 4-603 Bank Reconciliation OBJECTIVE o The...Ch. 4 - Problem 4-61 B Recording Petty Cash Transactions...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-63 The Operating Cycle There are two retail...Ch. 4 - Case 4-63 The Operating Cycle There are two retail...Ch. 4 - Case 4-64 Internal Controls for Cash Disbursements...Ch. 4 - Case 4-64 Internal Controls for Cash Disbursements...Ch. 4 - Case 4-65 Internal Controls for Collection of...Ch. 4 - Case 4-66 Cash Management Hollis Corporation has...Ch. 4 - Case 4-66 Cash Management Hollis Corporation has...Ch. 4 - Case 4-67 Cash and Internal Controls Identify a...Ch. 4 - Case 4-67 Cash and Internal Controls Identify a...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...

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