petty cash fund f
Q: Describe about petty cash fund.
A:
Q: Control risk in cash
A: Risk is referred as uncertainty or loss. Financial risk is referred as the variability of actual…
Q: Ina bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit…
A: Bank Reconcilation Statement Bank reconciliation is the process of reconciling of cash balance as…
Q: cash and cash equivalents include
A: Introduction: Cash is used to buy goods and services and to pay off debts. Items that do not qualify…
Q: What is the correct cash in bank balance?
A: Bank Reconciliation statement:- Bank reconciliation statement is a statement made by analyzing the…
Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.
A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…
Q: The determination of cash requirements is closely associated with a bank’s liquidity requirements.…
A: The ease with which an asset, or security, can be turned into cash without impacting its market…
Q: Define cash larceny.
A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…
Q: The bank reconciliation can be used to control cash in a bank account. A) True B) False
A: Lets understand the basics. Bank reconciliation statement is a statement prepared to match cash…
Q: e petty cash we
A: Correct Answer is D :- 19
Q: "recorded cash sales" what accounts are used
A: When we sell anything to the customer in cash then cash account debits and revenue of an entity will…
Q: (Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished?
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: Define cash disbursements journal.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: e bank reconciliation
A: Bank reconciliation statement is an important part of accounting to reconcile the differences…
Q: Proof of Cash
A: as stated in question
Q: Define cash receipts journal.
A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…
Q: petty cash fund. Di
A: 1.Establish petty cash fund 2.Record petty cash expenses 3.Replenish petty cash fund
Q: Sub Classification Statement (CA, NCA, CL, NCL, C/s, OPEX) Financial Line items Trading Securities…
A: SFP stands for the statement of financial statement that shows the balance sheet of the company. It…
Q: What are the sources and uses of Bank funds?
A: Whatever wealth in a bank's possession is referred to as bank funds. Bank funds primarily comprise…
Q: Define Restricted Cash and Compensating Balances.
A: Restricted Cash: Restricted cash is defined as cash which is held for a certain purpose in future…
Q: average cash balance (ro
A: Average cash balance refers to the amount determined by an officer of a company dividing by the…
Q: True (t) or False (f) ______ Savings accounts are usually classified as cash on the balance sheet.
A: Savings accounts are considered as cash equivalents item such as easily convertible into cash.
Q: er bank statement
A: Kaydianna is in Debt $ 403.54 . If she deposit s a cheque for $101.32. Net impact on her bank…
Q: 4. Define the following bank reconciliation terms: Deposit in transit: Outstanding check:
A: Bank reconciliation is a statement which is prepared to reconcile the difference between bank…
Q: Cash Receipts
A: As stated in question
Q: Transactions for petty cash, cash short and over
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: What is bank resolution?
A: Resolution takes place on the identical time whilst the authorities decides that the economic…
Q: prepare a bank reconciliation.
A: Bank Reconciliation is process in accounting in which company compare or match their bank statements…
Q: Prepare Cash Disbursement for purchases
A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…
Q: Distinguish between cash book and bank balance.
A:
Q: cash payments journal.
A: Cash payments journal is an accounting record to update the cash payments made during a particular…
Q: cash and cash equivalents
A: Cash and cash equivalents are assets in balance sheet that can be converted into cash quickly.
Q: ) Briefly explain the meaning of cash discount.
A: Cash discount is the discount offered by the seller of a product to the buyer at the time of…
Q: Petty Cash Fund Entries
A: Petty cash fund is the amount of cash set aside for meeting the daily expenses.
Q: Reasons ot Motives of holding cash
A: Holding Cash: When a person or organisation holds cash, it refers to money that is kept immediately…
Q: What is a bank reconciliation?
A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…
Q: What Petty Cash involves, choose the best answer: Select one: O a. Borrow the fund, making payment…
A: Petty cash, also known as the petty cash reserve, is a small sum of cash on hand that is used to pay…
Q: In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a…
A: Bank Reconciliation Statement - Business firms record the transaction which help them to maintain…
Q: What is the use of a petty cash fund?
A: A petty cash fund is a fund created to pay small expenses. No journal entry is passed for each…
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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 June 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 June 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 June 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 $220. C. On June 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 June 29, the company determined that the petty cash fund needed to be increased 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 $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
- 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.Catherines 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?On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
- Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?18 MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of the month there is OMR 10 cash and currency in the cash box along with the receipts equal to OMR92. The receipts consist of delivery charges OMR 50, OMR 20 for postage, and office supplies of OMR 22. The petty cash custodian submits the receipts to the accountant and the accountant replenished the funds. Identify the journal entry recorded by the accountant while issuing the check to the custodian. a. Dr Delivery charges OMR 50, Dr Postage charges OMR 20 Dr Office supply charges and Cr Cash A/C OMR92 b. Dr Cash short expenses OMR2, Dr Cash A/C OMR 90 and Cr Delivery charges OMR 50, Cr Postage charges OMR 20, Cr Office supply expenses OMR22 c. Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22, Dr Cash short expenses OMR2 and Cash A/C OMR 94 d. Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22 and Cr Over cash…25. On October 1, 2012, Al Zahra Trading Co. established a petty cash fund for OMR 175 and a cheque is written for the same amount and made out to Ms. Fatma, the petty cash custodian. At the end of each month the fund is to be replenished. At the end of the month, Fatma has the receipts for the following: Office supplies OMR 60 Delivery expenses OMR 50 Postage OMR 20 Entertainment OMR 30 Required: Write relevant journal entries