Ignatius operates the imprest system for petty cash. At 1 July there was a float of $150, but it was decided to increase this to $200 from 1 August onwards. During July, the petty cashier received $25 from staff for using the photocopier and a cheque for $90 was cashed for an employee. In July, cheques were drawn for $500 for petty cash. How much cash was paid out as cash expenses by the petty cashier in July?
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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.
- 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?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 June 1, Meadow Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Al Franklin, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $220. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements. Requirement 1. Explain the characteristics and the internal control features of an imprest fund. An imprest fund has balance at all times, which equals the sum of plus the that support payments from the fund. The internal control feature of an imprest fund is that it the amount of money for which the fund custodian is responsible. × Data table Petty Cash Ticket Number Item Amount Ticket No. 101 Office supplies $ 50 Ticket No. 102 Cab fare for executive 25 Ticket No. 103 Delivery of package across town 10…The Tempest Company is setting a petty cash. 1A-Prepare the entry to set up a petty cash for three hundred dollars. What is the debit in the entry to set up the petty cash? 18-Prepare the entry to set up a petty cash for three hundred dollars. What is the credit in the entry to set up the petty cash? 2A-Prepare the entry to reimburse the petty cash at the end of the month. The petty cashier had the following receipts: Postage $30, Delivery cots to the Comany $120, Delivery costs from the company to their customers $90, Supplies $40, Cash remaining $15. What are the DEBIT(S) in the entry to reimburse the petty cash? 28-Prepare the entry to reimburse the petty cash at the end of the month. The petty cashier had the following receipts: Postage $30, Delivery cots to the Comany $120, Delivery costs from the company to their customers $90, Supplies $40, Cash remaining $15. What are the CREDIT(S) in the entry to reimburse the petty cash? What is the amount of the cash over and short?…On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash transactions took place during the month: May Transactions: May 1 Cashed check no. 956 for $150 to establish a Petty Cash Fund, and put the $150 in a locked drawer in the office. 3 Bought postage stamps, $8.80, voucher no. 1 (Miscellaneous Expense). 4 Issued voucher no. 2 for taxi fare, $12 (Miscellaneous Expense). 6 Issued voucher no. 3 for delivery charges on outgoing parts, $15. 9 B. Ellsworth, the owner, withdrew $25 for personal use, voucher no. 4. 13 Paid $8.29 for postage, voucher no. 5 (Miscellaneous Expense). 19 Bought pens for office, $6, voucher no. 6. 23 Paid $3.59 for a box of staples, voucher no. 7. 28 Paid $15 for window cleaning service, voucher no. 8 (Miscellaneous Expense). 29 Paid $2 for pencils for office, voucher no. 9. 31 Issued for cash check no. 1098 for $95.68 to reimburse Petty Cash Fund. Required: 1.…
- Waterway Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $210. 15 Replenished the petty cash fund by writing a check for $206.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $94, entertainment expense $47.00, postage expense $43.90, and miscellaneous expense $20.40. 16 Increased the amount of the petty cash fund to $305 by writing a check for $95.00. 31 Replenished the petty cash fund by writing a check for $289.00. On this date, the fund consisted of $16.00 in cash and these petty cash receipts: postage expense $140.40, entertainment expense $92.80, and freight-out $54.10. Journalize the petty cash transactions and post to the Petty Cash account.On June 1, Meadow Salad Dressings creates a petty cash fund with an imprest balance of $300. During June, Sunny Lewis, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $55. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Requirements 1. Explain the characteristics and the internal control features of an imprest fund. 2. On June 30, how much cash should the petty cash fund hold before it is replenished? 3. Journalize all required entries to create the fund and replenish it. Include explanations. -X 4. Make the July 1 entry to increase the fund balance to $400. Include an explanation, and briefly describe what the custodian does. Data table Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 Item…Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 - Established the petty cash fund by writing a check payable to the petty cash custodian for $205. Aug 15. - Replenished the petty cash fund by writing a check for $201.30. On this date, the fund consisted of $3.70 in cash and these petty cash receipts: freight-out $93.00, entertainment expense $47.10, postage expense $40.80, and miscellaneous expense $18.80. Aug 16- Increased the amount of the petty cash fund to $325 by writing a check for $120.00. Aug 31- Replenished the petty cash fund by writing a check for $308.70. On this date, the fund consisted of $16.30 in cash and these petty cash receipts: postage expense $139.20, entertainment expense $95.20, and freight-out $72.50.