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

See similar textbooks

Similar questions

Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found.
The cash register tape for Oriole Industries reported sales of $27,662.00. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash to be accounted for by $20.50. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)
Accompanying a bank statement for Borden Company is a credit memo for $15,225 representing the principal ($15,000) and interest ($225) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. UD
Nn.195. Subject:- Account
The balances of the accounts as of June 30 have been recorded in the general ledger. Notice the word Balance in the Item column, the check mark in the Post. Ref. column, and that the amount is in the Balance column only. This indicates a balance brought forward from a prior page or month.2. Post the amounts to the general ledger account for Cash. List the accounts in chronological order. If no amount is required, leave the entry box blank. ACCOUNT Cash ACCOUNT NO. 111 DATE ITEM POST.REF. DEBIT CREDIT BALANCE DEBIT CREDIT 20-- June 30 Balance ✓ 37,485 July fill in the blank a3ca46fbefa5fa8_1 21 fill in the blank a3ca46fbefa5fa8_2 fill in the blank a3ca46fbefa5fa8_3 fill in the blank a3ca46fbefa5fa8_4 fill in the blank a3ca46fbefa5fa8_5 fill in the blank a3ca46fbefa5fa8_6 21 fill in the blank a3ca46fbefa5fa8_7 fill in the blank a3ca46fbefa5fa8_8 fill in the blank a3ca46fbefa5fa8_9 fill in…
kk. Subject :- Accounting
On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. 17 During December, the company completed the following transactions. 19 22 26 31 Debit Adjustment data: $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable Common Stock Retained Earnings 7,000 15,500 1,700 29,000 $74,400 Credit Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. $2,900 6,200 50,100 15,200 $74,400 Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). Depreciation was $200 per month. Insurance of $400 expired in December.
Accompanying a bank statement for Santee Company is a credit memo for $21,600 representing the principal ($20,000) and interest ($1,600) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries.Required:On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. 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.
Name the four basic components of an AIS.When special journals are used, where are all the cash payments by cheque recorded?How do debits and credits remain equal when credit sales to customers are posted twice (once to the Accounts Receivable controlling account and once to the customer’s account in the sub-ledger)?How do we identify the journal from which an amount in a ledger account was posted?What is the normal recording and posting procedure when using special journals and controlling accounts with sub-ledgers?7. Why does a company need a general journal when using special journals for sale, purchases, cash receipts, and cash disbursements?
Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Please assist Show the adjustments as they should be recorded in the general ledger bank account of Mimosa General Dealers at 31 July 2021. Balance the bank account in the general ledger. A folio column is not required.
Journalize the following entries to record the adjusting entries on the books of Company YOU. Bank reconciling items:  Deposit in transit: ₱160,000 deposit on 6/29. Outstanding check: ₱380,000 Check #1116 on 6/28. Book reconciling items:  Credit memos: ₱350,000 deposit on 6/10 + ₱410,000 deposit on 6/28 = ₱760,000. Debit memos: ₱2,000 payment on 6/15 + ₱50,000 payment on 6/20 = ₱52,000.