Prepare the journal entries for August.

Q: On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of…

A: Journal entry       date explanation debit credit 1-Jul petty cash 1125…

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: Selected transactions completed by Kornett Company during its first fiscal year ended Dec. 31, 20Y8,…

A:

Q: AI March 31, Cummins Company had a balance in its cash account of $10.500. At the end of March, the…

A: Given:Balance in Cash account = $10,500   Adjustments:   Explanation Difference Remark…

Q: Ellie Harrod, owner of Harrod’s Dry Cleaners, makes bank deposits in the night depository at the…

A: Cash is asset account. Since the cash collected from sales revenue is recorded, the asset value…

Q: Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $16 cash…

A: Journal Entries Date Particulars LF Debit ($) Credit ($) 01st Aug Petty Cash   110…

Q: Journalize the selected transactions. Based on the following data, prepare a bank reconciliation…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: rown Company's bank statement for September 30 showed ank slatement balance Book balance of cash…

A: Bank reconciliation statement is prepared by the customers. it is a statement which is prepared for…

Q: The Cash in Bank account balance on April 30 was $13,991. In reviewing checks returned by the bank,…

A: a. Calculation of Bank reconciliation statement : Given, cash account balance as on April 30 =…

Q: On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden…

A: Please find the answers to the above questions below:

Q: On March 1, a company established a $75 petty cash fund. On March 12, the petty cash fund contains…

A: Journal entries are the initial recording of all the monetary business transactions in a systematic…

Q: D. On September 29, the company determined that the petty cash fund needed to be increased lU E. On…

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

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: During July the cash transactions and cash balances of Rapid Harvest were es follows: The cash…

A: Bank Reconciliation Statement: It is a statement prepared to reconcile the difference between the…

Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: The journal entry are as follows.

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: Prepare journal entries for the following transactions, using the following accounts as needed:…

A:

Q: Record the establishment of the petty cash fund on August 3.  On August 31, record the petty cash…

A: Petty Cash: It is the fund which is kept in hand by business units to cover minor expenses (postage,…

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: On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash…

A:

Q: At November 30, One Day Cleaners has available the following data concerning its PROBLEM 7A-2…

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

Q: On September 1, Bartoletti Company established a petty cash fund for $100. On September 10, the…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Nosh Company maintains a petty cash fund for small expenditures. These transactions occurred during…

A: Day to day expenses of an company was managed by keeping effective petty cash fund in which all the…

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: XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash…

A: The asset account is debited when there is an increase and credited with there is a decrease.

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: petty cash fund

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

Q: Sagittarius Store deposits all receipts intact on the day received and makes all payments by check.…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The following information is available to reconcile Branch Company's book balance of cash with its…

A: Bank reconciliation is a statement prepared to compare the bank balance and cash book balance. The…

Q: Selected transactions completed by Kornett Company during its first fiscal year ended December 31,…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Moya Co. establishes a petty cash fund for payments of small amounts. The following transactions…

A: Petty Cash: Petty cash or a petty cash fund is a small amount of money available for paying small…

Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select…

A: A JOURNAL ENTRY IS RECORD OF BUSINESS TRANSACTION IN THE ACCOUNTING BOOKS OF BUSINESS AND THEY ARE…

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: uiz Saved McDermott Company's bank statement for September 30 showed an ending cash balance of…

A: Attached is the bank reconciliation statement that adjusts both bank and Cash balance. When a bank…

Q: rangelina Adoption Agency's general ledger shows a cash balance of $4,586. The balance of cash in…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company…

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

Q: Instructions   Journalize the necessary entries for each of the following: Required: a. On March 1,…

A: Petty Cash Fund is created to meet recurring cash expenses by an entity. It works on imprest system…

Q: On September 29, the company determined that the petty cash fund needed to be increased to $1,000.…

A: The petty cash fund is established to maintain the cash balance for regular activities of the…

Q: A business maintains a petty cash book with an imprest of $50, which is restored on the first day of…

A: Petty cash book is the cashbook maintained for small petty expenses incurred in the business. All…

Q: Cottage Co. deposits all cash receipts on the day when they are received and it makes all cash…

A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…

Q: The cash transactions and cash balances of Norfleet Farm for July were as follows: PROBLEM 7.3 1.…

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

Q: NetPerks Co. establishes a $440 petty cash fund on January 1. The journal entry to establish the…

A: Petty Cash Fund is created by debiting Petty Cash Account by withdrawing from Bank Account. Hence,…

Q: Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash…

A: It is a statement prepared on a particular day to reconcile Cash book and Bank statement.

Q: Sagittarius Store deposits all receipts intact on the day received and makes all payments by check…

A: Hi student Since there are multiple questions, we will answer only first question. Ideally cash…

Q: F. Hai – Co is reviewing the cash accounting for Hei – Co. Hai – Co's review will focus on the petty…

A: Decrease in cash balance = Petty cash fund - Available cash and coins

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

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

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.