**Text for Educational Website:****Transactions for Petty Cash Fund Management**1. **Transaction A: Establishment of Petty Cash Fund** - A petty cash fund was started with an amount of $250.2. **Transaction B: Replenishment of Petty Cash Fund** - The petty cash fund was replenished using the following expenses: - Auto Expense: $17 - Office Expense: $25 - Postage Expense: $88 - Miscellaneous Expense: $72 - Remaining cash on hand is $15.3. **Transaction C: Increase in Petty Cash Fund** - Petty cash was increased by $100.**Instructions for Recording Transactions:** Record these transactions in the provided format. If an amount box does not require an entry, leave it blank. The format includes three separate entries labeled A, B, and C. Each entry consists of dropdown menus and input boxes for recording specific amounts associated with the corresponding transaction.

Transaction General Journal Debit Credit A. Petty Cash $250 Cash $250…

Answered: A. Started a petty cash fund in the…

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. 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
A $220 petty cash fund has cash of $10 and receipts of $206. The journal entry to replenish the account would include a credit to a.Cash Short and Over for $4. b.Petty Cash for $216. c.Cash for $210. d.Cash for $10.
Record the following transactions: Started a petty cash fund in the amount of $300. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $124. Increased petty cash by $50.
Indicate the impact each transaction had on net income.Prepare the journal entries for each of the petty cash transactions.This is a 2 part question. Clark Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $450 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $160 for janitorial services. May 15 b. Paid $120 for miscellaneous expenses. May 15 c. Paid postage expenses of $80. May 15 d. Paid $ 41 to Facebook for advertising expense. May 15 e. Counted $63 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $600. May 31 The petty cashier reports that $ 240 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $205. May…
23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.
A $210 petty cash fund has cash of $40 and receipts of $167. The journal entry to replenish the account would include a credit to a.Cash for $170. b.Cash for $40. c.Cash Short and Over for $3. d.Petty Cash for $207.
Which of the following is true of a petty cash voucher? a.It must be issued once in a month by a bank. b.It must explain the purpose of the payment. c.It must only be used to account for payments of more than $5. d.It must be signed only by the person who authorized the payment.
D5.
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
A petty cash fund was established with a $500 balance. It currently has cash of $35 and petty cash tickets as shown below: Travel expense $105 Office supplies expense 315 Equipment rental expense 45 Which of the following would be the journal entry to replenish the Petty Cash account? A. debit Cash $35; credit various expenses $35 B. debit various expenses $465; credit Petty Cash $465 C. debit various expenses $465; credit Cash $465 D. credit Petty Cash $465; debit Cash $465
A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash Short and Over for $3 debit to Cash Short and Over for $3 credit to Cash for $116 credit to Petty Cash for $126
7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus

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