How much is the petty cash short or over? b. What is the adjusted balance of the petty cash fund at December 31, 2015? c. The adjusting entry at December 31, 2015 would include a?
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The petty cash custodian of Barbie Inc presented the following on December 31, 2015, the end of the company's business year:
Coins and Currency - 825
Petty Cash Vouchers
Postage - 210
Office Supplies - 450
Transportation Expense - 170
Computer Repairs - 400
Advance to office staff - 750
A check drawn by Barbie Inc payable to the petty cash custodian - 3,600
Postage Stamps - 150
An employuee's check, returned by bank, marked as NSF - 1,000
An envelope containing currency of 1,890 for a gift for a retiring employee - 1,890
The general ledger shows an imprest petty cash fund balance of 16,000.
a. How much is the petty cash short or over?
b. What is the adjusted balance of the petty cash fund at December 31, 2015?
c. The
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- The petty cash custodian of Barbie Inc presented the following on December 31, 2015, the end of the company's business year: Coins and Currency - 825 Petty Cash Vouchers Postage - 210 Office Supplies - 450 Transportation Expense - 170 Computer Repairs - 400 Advance to office staff - 750 A check drawn by Barbie Inc payable to the petty cash custodian - 3,600 Postage Stamps - 150 An employuee's check, returned by bank, marked as NSF - 1,000 An envelope containing currency of 1,890 for a gift for a retiring employee - 1,890 The general ledger shows an imprest petty cash fund balance o The petty cash custodian of Barbie Inc presented the following on December 31, 2015, the end of the company's business year: Coins and Currency - 825 Petty Cash Vouchers Postage - 210 Office Supplies - 450 Transportation Expense - 170 Computer Repairs - 400 Advance to office staff - 750 A check drawn by Barbie Inc payable to the petty cash custodian - 3,600 Postage Stamps - 150 An employuee's…The petty cash custodian of Barbie Inc presented the following on December 31, 2015, the end of the company's business year: Coins and Currency - 825 Petty Cash Vouchers Postage - 210 Office Supplies - 450 Transportation Expense - 170 Computer Repairs - 400 Advance to office staff - 750 A check drawn by Barbie Inc payable to the petty cash custodian - 3,600 Postage Stamps - 150 An employuee's check, returned by bank, marked as NSF - 1,000 An envelope containing currency of 1,890 for a gift for a retiring employee - 1,890 The general ledger shows an imprest petty cash fund balance of 16,000. a. How much is the petty cash short or over? b. What is the adjusted balance of the petty cash fund at July 31, 2018? c. The adjusting entry at July 31, 2018 would include a?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
- The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is composed of the following: Currencies P3,800 Coins 1,200 Paid vouchers for Office Supplies 1,750 Postage stamps 2,000 Loans to employees 6,000 Customer's check returned by bank marked NSF 2,750 Check payable to an employee dated 1/5/17 4,000 How much is the correct balance of petty cashThe imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash drawer of the custodian had the following items on hand: Currencies and coins - P8,200Employee's advance receipts - P1,800Currency in an envelope marked collection for "abuloy" to an employee's family, with employees' names attached - P2,000Unreplenished petty cash vouchers - P2,240Replenishment check drawn by Jackie Company payable to the petty cashier - P2,320How much is the correct amount of the petty cash fund for financial reporting purposes?On July 1, 2024, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made out to the petty cash custodian. During July, the petty cash custodian paid the following bills from the petty cash fund: Office supplies $ 36 Postage 22 Delivery charges 40 Bottled water 28 Total $ 126 At the end of July the petty cash fund was replenished. The journal entry to establish the petty cash fund includes:
- Callaho Inc. completed the following petty cash transactions during May and June in 2014 May 1: Drew a $300.00 cheque, cashed it, and gave the proceeds and the petty cash box to Linda Champion, the petty cashier May 6: Paid $47.90 for minor computer repairs. May 13: Paid $47.45 for postage expenses. May 14: Purchased office supplies for $36.55, to be used this month May 19 Paid $49.10 to mail a contract to a client. May 19: Purchased ink for the office photocopier, $24.60, to be used this month. May 19: Purchased office file folders, $42.90, to be used this month. May 31 Linda Champion sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $55.00 in cash in the fund June 4: Paid $26.40 for postage expenses. June 5: Reimbursed the manager for business auto, $22.05. June 5: Purchased paper for the office copier, $42.35, to be used this month. June 30: Linda Champion sorted the petty cash receipts by…On January 31, Jema hardware received a check from a customer for payment of an invoice. The 6,000 invoice was dated May 22, and included credit terms of 1/10, n/45. On January 25, the customer returned P600 of the merchandise because it was defective. How would this transaction be recorded in Jema's cash receipts journal?Lakeland's Business Department completed the following petty cash transactions during luly 2020: 5 Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash box over to Cassandra Kirkland, the petty cashier. 6 Paid $35 COD charges on merchandise purchased for resale. Lakeland uses the perpetual method to account for merchandise inventory. 11 Paid S46 delivery charges on merchandise sold to a customer. 12 Purchased file folders, $38. 18 Purchased paper for printer, $62. 27 Paid $28 COD charges on merchandise purchased for resale. 28 Purchased stamps, $52. 30 Reimbursed John Turvey $125 for business car expenses. 31 Cassandra Kirkland sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $105 in cash in the fund. In addition, the size of the petty cash fund was decreased to $400. July Required: 1. Prepare a general journal entry to record establishing the petty cash fund. 2.…
- On January 1, 2018, Keiasia Company’s Accounts Receivable and the Allowance for Uncollectible Accounts showed balances of $24,000 and $1,200 respectively. During the year, the company reported $64,000 of credit sales, and cash collections of receivables amounted to $58,000. During the year, the company wrote of $1,400 of delinquent accounts. The company estimates that it will be unable to collect 5% of the year-end accounts receivable balance. The amount of bad debts expense recognized in the 2018 income statement will be: A. $1,230 B. $1,630 C. $230 D. $500 Answer is B, how do you get to 1,630The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on October 1. On October 15, the petty cash fund was replenished and increased to $1,500. The contents of the petty cash fund prior to the October 15 replenishment were: Currency and coins $112 Petty cash receipts for: Transportation-in Delivery expense $137 240 Repairs to office equipment 153 Postage 230 Entertainment of customers 130 890 Total $1,002 Prepare the general journal entry to record the reimbursement and increasing of the fund on October 15.Balance of the Cash account of Isofac Company on 31 August 2022 was $42,650, while balance of its bank statement on the same day was $40,400. Isofac adjusts its book monthly. Below is some additional information for August: There were no outstanding checks and deposit in transit at the end of 31 July 2022 (1) The Company has correctly issued and recorded a check no.113 in the amount of $8,600 to purchase inventories from a supplier. But the bank statement showed the bank has cleared this check incorrectly as $6,800. (2) The total deposit shown in the bank statement was $158,000 while the accounting records of Isofac showed the total deposit made in August was $183,000. (3) Papal, a customer of Isofac, directly deposited $500 to Isofac’s bank account to settle its outstanding account. (4) Three checks no. 54, $100; no.56, $200; no.60, $800, issued by Isofac were not found on the bank statement. (5) A$1,500checkissuedbyacustomerShineLtd.infavourofIsofacwasreturnedbythebankbecause of…