a. On March 1, journalize the following transaction: Check is issued to establish a petty cash fund of $1,050. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do no for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 b. On April 1, journalize the following transaction: The amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: offic supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, recora discrepancy in the cash short and over account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal p used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

a. On March 1, journalize the following transaction: Check is issued to establish a petty cash fund of $1,050. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do no for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 b. On April 1, journalize the following transaction: The amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: offic supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, recora discrepancy in the cash short and over account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal p used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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. Journalize the entry to record the issuance of the note on January 1. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. b. Journalize the entry to record the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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Issued a check to establish a petty cash fund of $550. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Question Content Area b. The amount of cash in the petty cash fund is $190. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $211, and miscellaneous selling expense, $133. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
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
Question 5 of 6 View Policies Date Receipt No. 3/5 7 Current Attempt in Progress Sheridan Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $105. During March, the following petty cash receipts were found in the petty cash box. 9 11 14 1 2 3 4 For Stamps Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense Amount $32 13 14 31 -/12 7 : The fund was replenished on March 15 when the fund contained $5 in cash. On March 20, the amount in the fund was increased to $200.
ACCOUNTS RECEIVABLE LEDGER NAME: E. McKenzie ADDRESS: 4717 Erin St, Madison, WI 53713 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 3 J60 3,816.00 3,816.00 Aug. 18 J60 4,589.80 fill in the blank 1 J60 105.00 fill in the blank 2 ACCOUNTS RECEIVABLE LEDGER NAME: S. Rottier ADDRESS: 1008 S. 9TH St, Monona, WI 53715 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 7 J60 1,484.00 1,484.00 Aug. 10 J60 400.00 fill in the blank 3 ACCOUNTS RECEIVABLE LEDGER NAME: L. Franklin ADDRESS: 2815 Main St, Cottage Grove, WI 53711 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 1 J60 1,272.00 1,272.00 Aug. 22 J60 2,120.00 fill in the blank 4 Using the information from the ledgers, prepare a schedule of accounts receivable as of August 31. If required, round your intermediate and final answers to the nearest cent. Willis Spas and PoolsSchedule of Accounts ReceivableAugust 31, 20-- E. McKenzie $fill…
2. Your checkbook balance was $206.42 on March 3. The check register shows your transactions since then. What should your new balance be? Trans Type Date Description of Transaction or Check # 284 DEP AT Payment / Debit ✓ Deposit / Credit (+) (-) Balance Brought Forward 3/9 Osbourne Pharmacy 3/15 ATM Deposit 3/20 Auto trans: Gen Phone 19 32 50 80 120 49 Balance
D5.
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
Week 4The following is the description of cash disbursements system of Two Symbols Limited:Upon receipt of the documents from accounts payable department, the cash disbursements clerk files the documents until their payment due date. On the due date, the clerk prepares a cheque for the invoiced amount, which is sent to the treasurer who signs it and mails back to the supplier.The cash disbursement clerk then updates the cheque register, accounts payable ledger, and accounts payable control account from the clerk’s terminal. Finally, the clerk files the invoice and copy of purchase order, receiving report, cheque in the department.Required:Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the risk associated with the weakness
eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,393 Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 Bank service charges: $25 Bank incorrectly charged the account $25. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense.
[The following Information applles to the quIestions alsplayed below Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and It reported two checks outstanding, No. 5888 for $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its September 30 reconcilation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,800.45 9,628.85 11,272.85 18,453.25 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Anount Date Aпount 09/03 09/04 09/07 09/17 09/28 09/22 09/22 09/28 69/29 5888 1,e28.es 69/05 09/12 1,183.75 5982 719.90 2.226.90 5981 1,824,25 09/21 4,093.ee 2,351.7e 09/25 09/30 09/30 6e0.25 NSF 5985 937.00 12.5e IN 1,485.ee CM 5983 399.10 2,e90.ee 5984 5987 213.85 5989 1,807.65 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit 1,183.75 2,226.90 4,093.ee 2,351.7e 1,682.75 Sep. 5 12 21 25 30 11,458.18 Cash Disbursenents Check…