A check is written to replenish a P 1,000(imprest) petty cash fund when the fundcontains unreplenished petty cashvouchers totaling P 910. In recording thereplenishment,O cash in bank is debited for P 1,000Petty cash fund is debited for P 1,000O petty cash fund is credited for P 910O cash in bank is credited for P 910

Petty cash funds are those funds which are established for managing small petty expenses in the…

A check is written to replenish a P 1,000 (imprest) petty cash fund when the fund contains unreplenished petty cash vouchers totaling P 910. In recording the replenishment, cash in bank is debited for P 1,000 O Petty cash fund is debited for P 1,000 O petty cash fund is credited for P 910 cash in bank is credited for P 910

A check is written to replenish a P 1,000 (imprest) petty cash fund when the fund contains unreplenished petty cash vouchers totaling P 910. In recording the replenishment, cash in bank is debited for P 1,000 O Petty cash fund is debited for P 1,000 O petty cash fund is credited for P 910 cash in bank is credited for P 910

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A
The bank reconciliation for Widgets Inc. included the following items: $30 bank service charge; NSF check of $275; bank error of $30; EFT collection from a customer for $2,335. Based on the information, Widgets Inc. will adjust cash by what amount? O $1,480 O $2,030 O $2,000 O $2,060
On March 20, Novak's petty cash fund of $118 is replenished when the fund contains $20 in cash and receipts for postage $47, supplies $19, and travel expense $32. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Mar. 20 Debit Credit
Transfers between the Petty Cash Book and the Bank Account are called Contra- entries. Such cash transactions usually mirror the Bank statement entries. Mr Mohammed withdraws £50 business money from the Business bank account for office use. Which of the ledger accounts should be debited and credited, respectively?
57. Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty cash vouchers must be equal to the ledger balance of the petty cash fund. If these are not equal, the difference is either shortage or overage. This system of handling petty cash fund is called Imprest system Fluctuating balance system Pretty cash system Imprest System
Littlestown Corporation reports the following information: Balance in National Bank checking account Certificates of deposit Petty cash Cash on hand Employees' IOUS Balance in Society Bank checking account Customer's postdated check Balance in Peoples Savings and Loan savings account $15,155 5,600 425 4,325 225 (300) 175 9,500 Required: Compute the correct amount of cash that will appear as a current asset on Littlestown Corporation's balance sheet.
multiple choice question When the petty cash imprest system is established: the bank account is debited. the petty cash account is credited. the bank account is debited and the petty cash account is credited. 4.the bank account is credited and the petty cash account is debited
A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $17, Office Expense $15, Postage Expense $86, Miscellaneous Expense $74. Cash on hand is $35.C. Increased petty cash by $150. Record these transactions. If an amount box does not require an entry, leave it blank.
A $84 petty cash fund has cash of $17 and receipts of $72. The journal entry to replenish the account would include a Oa. credit to Cash Short and Over for $5 Ob. debit to Cash for $17 Oc. credit to Cash for $84 Od. credit to Petty Cash for $72
Calculate the amount of cash and cash equivalents if bank balance is OMR 50, Post-dated cheques are OMR 35, Cash in hand is OMR 75, Advance granted to employees is OMR 85, stationery on hand is OMR 36: OMR 125 OMR 175 OMR 161 OMR 260 Which one of the following statements related to the control of cash disbursement is true? ull lis isI O TOSHIBA PRISC F11 F12 ADHSAS
19 When the petty cash fund is replenished: Multiple Choice Cash is debited. Petty Cash is credited. Petty Cash is debited. Appropriate expense and/or asset accounts are debited.
A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $72, Office Expense $82, Postage Expense $90, Miscellaneous Expense $6. Cash on hand is $10.C. Increased petty cash by $100. Record these transactions. If an amount box does not require an entry, leave it blank. A. Petty Cash Petty Cash Cash Cash B. Auto Expense Auto Expense Office Expense Office Expense Postage Expense Postage Expense Miscellaneous Expense Miscellaneous Expense Cash Over and Short Cash Over and Short Cash Cash C. Petty Cash Petty Cash Cash Cash