A company establishes a $300 petty cash fund on August 3 to pay for minor cash expenditures. The fund is replenished at the end of each month. In addition, the company has issued credit cards for more substantial employee purchases. These credit cards are issued to authorized managers. At the end of August, the following employee purchases have been made: Petty Cash Fund Delivery fees Plumbing maintenance Postage Flowers for the office View transaction list 1 Journal entry worksheet $ 100 70 40 50 $ 260 2 Required: Record the establishment of the petty cash fund on August 3, employee expenditures related to the petty cash fund on August 31, and employee expenditures related to credit cards on August 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3 Credit Cards Equipment Advertising Supplies $1,400 750 360 $2,510 >

A company establishes a $300 petty cash fund on August 3 to pay for minor cash expenditures. The fund is replenished at the end of each month. In addition, the company has issued credit cards for more substantial employee purchases. These credit cards are issued to authorized managers. At the end of August, the following employee purchases have been made: Petty Cash Fund Delivery fees Plumbing maintenance Postage Flowers for the office View transaction list 1 Journal entry worksheet $ 100 70 40 50 $ 260 2 Required: Record the establishment of the petty cash fund on August 3, employee expenditures related to the petty cash fund on August 31, and employee expenditures related to credit cards on August 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3 Credit Cards Equipment Advertising Supplies $1,400 750 360 $2,510 >

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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owe subject-Accounting
A business maintains a petty cash book with an imprest of $50, which is restored on the first day of each month. On 31 March, there was $13.40 in the petty cash box and vouchers totalling $36.60. How much did the petty cashier receive from the chief cashier on 1 April? A $13.40 B $23.20 C $36.60 D $50
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answer in text form please (without image), Note: .Every entry should have narration please
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
The custodian of a $735 petty cash fund discovers that the fund has $157.50 in coins and currency plus $553.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Cash for $530. A debit to Petty Cash for $553.50. A credit to Cash Over and Short for $578. A credit to Cash for $553.50 A dohit to Cach Over and Short for $24.00 Help I Save & Exit
Don't give answer in image format
000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25. April 1 Prepared a company check for $300.00 to establish the petty cash fund. April 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. Paid $84.50 for cleaning services. Paid $84.00 for postage expense. Paid $103.15 for office supplies. Counted $23.35 remaining in the petty cash box. April 25 The company decides to increase the fund by $100.
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The petty cash custodian reported the following transactions during the month. Prepare the journalentry to record the replenishment of the fund.A $10 cash payment is made to Starbucks to purchase coffee for a business client, a $40 cashpayment is made for supplies purchased from Office Depot, and a $30 cash payment is made toUPS to deliver goods to a customer
Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 19.00 2 Postage 3 Courier charges 4 Entertainment lunches 5 123.24 Office supplies On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. 72.00 147.33