As of December 31,2020, based on a physical count conducted, the following are the items included in the petty cash drawer: Bills and coins P 1,230 Petty cash vouchers with receipts: Transportation Supplies IOU from employee A Envelope for birthday contribution of an employee 270 400 500 includes an amount of 1,000 The petty cash fund is established at an imprest balance of P 3,000. How much is the cash shortage or overage in the petty cash fund? * O

As of December 31,2020, based on a physical count conducted, the following are the items included in the petty cash drawer: Bills and coins P 1,230 Petty cash vouchers with receipts: Transportation Supplies IOU from employee A Envelope for birthday contribution of an employee 270 400 500 includes an amount of 1,000 The petty cash fund is established at an imprest balance of P 3,000. How much is the cash shortage or overage in the petty cash fund? * O

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 6SEB

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On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.
A company has decided to start a petty cash fund for $150. Which of the following is the correct journal entry? A. B. C. No entry is required. D.
Willard Company established a $440 petty cash fund on September 9, 2020. On September 30, the fund had $175,40 in cash along with receipts for these expenditures: transportation-in, $35.70, office supplies. $124.90, and repairs expense. $97.00. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < Record the entry to establish the fund. Note: Enter debits before credits Date Debit Credit Sep 09, 2020 ✪ General Journal
Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund had $159.40 in cash along with receipts for these expenditures: transportation-in, $32.45; office supplies, $113.55; and repalrs expense, $87.60. Willard uses the perpetual method to account for merchandise Inventory. The petty cashier could not account for the $7.00 shortage In the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet 1 Record the entry to establish the fund. Note: Enter debits before credits. Date General Journal Debit Credit Sep 09, 2020 Record entry Clear entry View general jourmal
The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash drawer of the custodian had the following items on hand: Currencies and coins - P8,200Employee's advance receipts - P1,800Currency in an envelope marked collection for "abuloy" to an employee's family, with employees' names attached - P2,000Unreplenished petty cash vouchers - P2,240Replenishment check drawn by Jackie Company payable to the petty cashier - P2,320How much is the correct amount of the petty cash fund for financial reporting purposes?
Upon examination of the petty cash fund of Company B on January 3, 2021, the following items were found: Currencies ₱ 2,500.00 Coins 535.00 Certified Check of general manager dated December 15, 2020 1,500.00 Petty cash vouchers: PCV #7152 Gasoline payments for delivery equipment 650.00 PCV #7153 Medical supplies for employees 500.00 PCV #7154 Repairs of office equipment 100.00 PCV #7155 Loans to employees 180.00 PCV #7156 Overtime Meals of Employees 350.00 Company check representing replenishment of PCF 6,150.00 Unused postage stamps 120.00 An envelope containing contributions of employees for the death of a fellow employee (contents intact) 3,000.00 The petty cash fund was established for an amount of ₱13,000.00 What is the correct amount of petty cash fund at December 31, 2020?
1. On September 1, 2020, Walls Company establishes a petty cash fund by issuing a checkfor $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020,Andrew Liu submitted the following paid petty cash vouchers:Freight-In $22Supplies Expense $13Entertainment of Clients $37Postage Expense $19The fund was replenished on September 19, 2020 when there is $7 cash in the fund andthe company decided to raise the fund to $150. Prepare the journal entries required to establish the petty cash fund on September 1and the replenishment of the fund on September 19.2. The petty cash fund was established on April 10, 2020, in the amount of $300. These arethe following expenditure made by petty cash custodian:Postage expense $27Mailing labels and other supplies $75.25I.O.U from employees $25Shipping charges (to customer) $47.50Newspaper advertising $33Miscellaneous expense $47.25On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at$25. Prepare the…