Answered: A $250 petty cash fund has cash of $15…

A $250 petty cash fund has cash of $15 and receipts of $230. The journal entry to replenish the account would include a credit to

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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Concept explainers

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.

Question

A $250 petty cash fund has cash of $15 and receipts of $230. The journal entry to replenish the account would include a credit to

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Accounting for Cash and cash equivalents

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A $142 petty cash fund has cash of $22 and receipts of $126. The journal entry to replenish the account would include a a. credit to Cash Short and Over for $6 b. debit to Cash for $22 c. credit to Petty Cash for $126 d. credit to Cash for $142
The entry to replenish the petty cash fund for $250 of various minor expenses would include a debit to Petty Cash for $250. credit to Petty Cash for $250. debit to Cash for $250. credit to Cash for $250.
On Jan. 1, Crisp Company had decided to establish a petty cash fund in the amount of $900.
A petty cash fund was originally established with cheque for 150. On December 31, you find the FF items Prepare the general journal entry to record the replenishment of petty cash funds on December 31.
Blake Company established a petty cash fund in the amount of $400. At the end of the accounting period, the petty cash box contained receipts for expenditures amounting to $180 and $215 in cash. If the company records both the disbursements and replenishments to the fund, what effect will replenishing the fund have on total assets and expenses? A. B. C. D. Total Assets -$ 180 -$ 185 -$ 185 -$ 180 Multiple Choice O Option A Option D Option B Option C Expenses +$ 185 +$ 185 +$ 180 +$ 180
Describe an entry needed to establish a $50 petty cash fund and an entry to reimburse the fund
Prepare journal entries for each of the following: Question Content Area a. Issued a check to establish a petty cash fund of $550. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area b. The amount of cash in the petty cash fund is $180. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $215 and miscellaneous selling expense, $137. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank.
The custodian of a $450 petty cash fund discovers that the fund has $55.90 in coins and currency plus $389.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice O A credit to Cash for $39410 A debit to Cash for $39410 A credit to Cash Over and Short for $460 A deba to Cash for $384.90 A debt to Potty Cash for $389 50.
A $115 petty cash fund has cash of $22 and receipts of $83. The journal entry to replenish the account would include a a.debit to Cash for $22. b.credit to Petty Cash for $83. c.credit to Cash for $115. d.debit to Cash Short and Over for $10.
3) ABC Company starts a petty cash fund with $200 and then they spent $50 on office supplies. A) Prepare the journal entry to record the creation of the petty cash fund B) Prepare the journal entry to record the expense C) Prepare the journal entry to replenish the Petty Cash back to $200
Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): a. On July 1, check No. 12-375 issued to establish a petty cash fund of $1,080. b. The amount of cash in the petty cash fund which is now $125. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $589; miscellaneous selling expense, $190; miscellaneous administrative expense, $150. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,080, record the discrepancy in the cash short and over account.)
Knowledge Check Seal Mate established a $100 petty cash fund on June 1. On June 30, the fund had $17 cash and petty cash receipts for postage $25, and tolls and parking $60. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Prepare the entry on June 1 to establish the fund. Date Account Titles and Explanation Debit Credit Jun. 1 Prepare the entry on June 30 to replenish the fund. Date Account Titles and Explanation Jun. 30 List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer