Question Completion Status:QUESTTONJAssume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the end of the month. The entry to eglenish(reimburse) the petty cash fund will include:O A credit to Cash for $40A debit to Cash for $40A credit to Cash for $660A debit to Cash for $660QUESTION 6Thinkvision company has the following inventory15 units @ 7 BD each.20 units @ 8 BD each.The weighted average cost per unit for the above inventory is:7.50 BD8 BD7 BD7.57 BDClick Save and Submit to save and submit. Click Save All Answers to save all answers.

“Since you have asked multiple question, we will solve the first question for you. If you want any…

Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the end of the month The entry to mgeh (reimburse) the petty cash fund will include: A credit to Cash for $40 A debit to Cash for $40 A credit to Cash for $660 A debit to Cash for $660

Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the end of the month The entry to mgeh (reimburse) the petty cash fund will include: A credit to Cash for $40 A debit to Cash for $40 A credit to Cash for $660 A debit to Cash for $660

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3AP

See similar textbooks

Related questions

Q: At November 30, Mazaya Company has the following bank information. cash balance per book RO4.600,…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: The entry to replenish the petty cash fund will include A a credit to Cash for $412. B a credit to…

A: Given information is: Petty Cash fund = $500 Receipts at the end of the month = $412 Currency = $62

Q: The following selected transactions relate to cash collections for a firm that maintains a $100…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Journalize the entries to record the following: Apr. 1 Established a petty cash fund of $350. 10…

A: Journal: Recording of a business transactions in a chronological order.

Q: At the end of the day, the cash register tape lists $885.69 as total income from services. Cash on…

A: Journal entry: The record of business transactions in a chronological order in the journal is…

Q: 8 MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of…

A: Petty cash fund is that fund in business that is established for small petty expenses in the…

Q: A surprise count of the petty cash fund of Jing Trading on July 4, 2021 showed the following:…

A: Correct amount of petty cash fund at June 30, 2021 = Currencies + Coins + Company check representing…

Q: Clooney Corp. establishes a petty cash fund for $225 and issues a credit card to its office manager.…

Q: Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts…

A: Journal entry: Journal is the day book in which daily transactions are recorded in the chronological…

Q: Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: Assume that the custodian of a $465 petty cash fund has $67.50 in coins and currency plus $391.50 in…

A: The petty cash balance is maintained for day to day cash transactions of the business.

Q: At April 30, Novak Corp. has the following bank information: Cash balance per bank $4400…

A: The bank reconciliation has two parts, namely bank balance and book balance. Both of these balances…

Q: A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash…

A: Date Accounts title and Explanation Debit ($) Credit ($) Aug 01 Petty Cash $100…

Q: The petty cash fund had an initial imprest balance of $100. It currently has $20 and petty cash…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book…

Q: Record the following transactions into the general journal. Be sure to include explanations. When…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: petty cash fund

A: Petty cash fund means the fund created out of cash designated to meet the daily needs of business.

Q: Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish…

A: Req-1 Date General Journal Debit Credit Oct 31, 2020 Cleaning expenses $150…

Q: Prepare the journal entries for August.

A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…

Q: CAT LLC had an opening balance of RO 200 in petty cash. During the month the receipts were RO 65…

A: Petty Cash: Petty cash, also known as cash, is a small sum of money kept on hand for paying costs…

Q: At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600;…

A: Particulars Amount Cash balance per books RO 4,600 Add: interest RO 10 Less: Bank charges RO…

Q: You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash…

A: Cash on hand is the amount of accessible cash held by the company. Petty cash fund can be defined as…

Q: The petty cash fund of Y Company at the end of the fiscal year ended Ju following: Currencies P3,800…

A: Petty cash is defined as the cash fund which is of small amount on hand and it is used for paying…

Q: ts checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a…

Q: You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash…

A: Adjusted balance Adjusted balance refers to the balance which is obtained after making all the…

Q: Given the following information, determine the adjusted cash balance per books. a. Balance per books…

Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…

A: Under the imprest system of maintaining petty cash, Petty Cashier is reimbursed whatever amount he…

Q: A $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of…

A: The petty cash fund has a receipt of $180 thus a Petty Cash Fund A/c was debited for $180 and Cash…

Q: Black Water Company established a $75 petty cash fund on August 1. On August 31, the fund had $10…

A: Petty cash means a small amount of cash is transfer from the cash book to the petty cash book for…

Q: If cash on hand is $20, prepare the entry to replenish the petty cash on December 31. (Record debits…

A: Formulas: Cash Short and Over = Petty Cash Fund replenished – Petty Cash Vouchers

Q: A $250 petty cash fund has cash of $15 and receipts of $230. The journal entry to replenish the…

A: Particulars Debit (in $) Credit (in $) Expenses Cash short and over [250 - (230+15)]…

Q: A petty cash fund of 50,000 comprised of the following on June 30, 2021, the company's year- end…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund…

A: These are part of current assets which are short-term commitments that can be converted into cash…

Q: Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in…

A: About Petty cash is a little amount of money that is keep on the company premises to pay for…

Q: Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the…

A: Lets understand the meaning of petty cash. Petty cash is a established to pay small amount of daily…

Q: The December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand…

A: The term cash and cash equivalents mean the cash the company is having or such assets held by the…

Q: debit memoranda accompany the bank statement: one for $9 was for service charges for the month; the…

A: BRS is the reconciliation of Pass book balance and Cash book balance.

Q: Carson's Bakery requires $500 cash to be on hand in the petty cash fund. During the month of October…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…

A: Lets understand the basics. Petty cash is created from the cashbook. It is a cash which will going…

Q: At the end of the day, the cash register tape lists $1,147.42 as total income from services. Cash on…

A: Cash short and over = Income from services + Change Fund - coins - currency - traveler's checks -…

Q: Using Excel to Determine the Adjusted Cash Balance PROBLEM For the month of August, Pratt Company…

A: Adusted cash book is prepared to find the discrepancy in the transactions which may happen during…

Q: Sheridan Company has the following items at year-end: Cash in bank $34700 Petty cash $290…

A: Cash and cash equivalents are balance-sheet line items that represent the value of a company's cash…

Q: Bramble Corp. has the following items at year-end: Cash in bank $32800 Petty cash 390 Short-term…

A: Cash and cash equivalents are to be reported in assets side of balance sheet which are cash in form…

Q: You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY: Cash…

A: 1) Cash on Hand Particulars Amount Balance as on 31/12/20 500,000 Less Cheque Uncleared…

Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

A: SOLUTION PETTY CASH IS A SMALL AMOUNT OF CASH THAT IS KEPT ON THE COMPANY PREMISES TO PAY FOR THE…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Help Save & EXit Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Petty Cash for $385.00. A debit to Cash for $390.50. A credit to Cash for $390.50. here to search 5:03 PA 96% 3/7/202
Assume that the custodian of a $465 petty cash fund has $67.50 in coins and currency plus $391.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Cash for $386. A debit to Cash Over and Short for $6.00. A debit to Petty Cash for $391.50. A credit to Cash for $391.50. A credit to Cash Over and Short for $398.
Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts represent $66 for delivery expenses, $219 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $110. The journal entry to record the reimbursement of the account includes a: Multiple Choice Credit to Cash for $320. Credit to Cash Over and Short for $110. Debit to Cash Over and Short for $110. Credit to Inventory for $219. Debit to Petty Cash for $430.
Spencer Co. has a $390 petty cash fund. At the end of the first month the accumulated receipts represent $62 for delivery expenses, $203 for merchandise inventory, and $31 for miscellaneous expenses. The fund has a balance of $94. The journal entry to record the reimbursement of the account includes a: Debit to Cash Over and Short for $94. O Debit to Petty Cash for $390. Credit to Cash for $296. Credit to Cash Over and Short for $94. Credit to Inventory for $203.
Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? EA6. LO 7.3Record the following transactions in the sales journal: Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032 Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896
Catherine's cookies has a beginning balance in the account payable control total account of $8,200. In the cash disbursements journal, the account payable column has total debits of $6,800 for November. The accounts payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information what is the ending balance in the accounts payable account in the general ledger?
Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Record the following transactions in the sales journal: Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032 Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896
Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the end of the month. The entry to replenish (reimburse) the petty cash fund will include: 1 A debit to Cash for $660 2 A credit to Cash for $40 3 A debit to Cash for $40 4 A credit to Cash for $660
A v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLo... Assignment 6d: Chapter 22 Exercises eBook Print Item Schedule of Cash Collections of Accounts Receivable Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that 20% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $106,000 November 133,000 December 194,000 The Accounts Receivable balance on September 30 was $71,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash…
On February 1, Derrick Company establishes a $200 petty cash fund. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. View transaction list Journal entry worksheet < 1 On February 1, Derrick Company establishes a $200 petty cash fund. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Note: Enter debits before credits. Date Feb. 1 General Journal Debit Credit
EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369; and miscellaneous expenses, $240. The company uses the perpetual system in accounting for merchandise inventory. What is the journal entry to record the establishment of the fund on May 2? A. Debit Petty Cash $1,050; credit Cash $1,050 B. Debit Miscellaneous Expense $1,050; credit Cash $1,050 C. Debit Cash $1,050; credit Accounts Payable $1,050 D. Debit Petty Cash $1,050; credit Accounts Payable $1,050
A $100 petty cash fund has cash of $9 and receipts of $85. The journal entry to replenish the account would include a credit to Select one: a. Petty Cash for $85. b. Cash for $91. C. Cash Over and Short for $6. d. Cash for S85.