Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. Identify the two events from the following that cause a Petty Cash account to be credited in a

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of…

A: Journal entry       date explanation debit credit 1-Jul petty cash 1125…

Q: On April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on…

A: Date particulars amount amount Apr 2  petty cadh $370     Cash   $370   Being cash paid…

Q: On July 1, 2014, Acting Company established an imprest (petty Cash) fund in the amount of $800.00 in…

A: Imprest (Petty Cash) System is an accounting system that is created for tracking and documenting how…

Q: 7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200.…

A: The company maintains availability of small amount to pay daily expenses in the form of petty cash.

Q: Swifty Company established a petty cash fund on May 1, cashing a check for $125. The company…

A: Journal entry is a record of financial transaction in the books of accounts of a business. It…

Q: Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…

A: Total expenses =  Office supplies + Postage +Representation +Transportation +Miscellaneous  =…

Q: 1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund…

A: Given: Petty Cash fund:$230 Entertainment Expense:$42 Postage :$29 Printing:$27

Q: 1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund…

A: The petty cash fund is used for different small expenses and is replenished every month. it helps to…

Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: The journal entry are as follows.

Q: a.  Journalize the entry to establish the petty cash fund.   Petty Cash        Cash        Feedback…

A: Requirement a: Journal entry to create the petty cash fund:

Q: Journalize the entries to record the following: Check is issued to establish a petty cash fund of…

A: Working Notes: calculation of short cash = Petty cash Fund - Closing Balance of Petty cash -…

Q: A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: You are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021. The contents…

A: Petty cash fund refers to the fund which is used for paying off the little or small expenses of the…

Q: Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an…

A: Petty cash fund: Petty cash fund is a fund set apart to pay insignificant amounts like postage,…

Q: A company established a petty cash fund for minor day-to-day expenses. Following are activities…

A: The petty cash balance is maintained by business for day to day cash transactions.

Q: On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash…

A:

Q: Vaughn Company maintains a petty cash fund for small expenditures. These transactions occurred…

A: Petty Cash is a type of cash available in the company to be used as payment for small amount of…

Q: On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of…

A: Petty cash is a fund maintained by th business for the small payments to be made on daily basis.

Q: If a petty cash fund is established in the amount of $200, and contains $119 in cash and $86 in…

A: Petty cash fund is a fund that is established for small petty expenses in your business.

Q: Stephanie Jo Company established a petty cash fund of $300 on May 1. At the end of the month, the…

A: Date Account titles and explanation Debit Credit May 1 Petty cash $300     Cash   $300   (To…

Q: Jungkook Builders Inc. reported petty cash fund which comprised the following: Coins and currencies…

A: Petty cash fund is the small amount of cash kept by the company's accountant in order to meet up the…

Q: Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund…

A: Petty cash fund: It is a fund established to pay insignificant amounts like postage, office supplies…

Q: On April 1, 2021, CPA Co. established a petty cash fund for P80,000 by writing a check drawn against…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: A company established a petty cash fund for minor day-to-day expenses. Following are activities…

A: SOLUTION- A PETTY CASH IS THE SMALL AMOUNT OF CASH ON HAND MAINTAINED BY COMPANIES TO PAY THE SMALL…

Q: During October, Daylight Company experiences the following transactions in establishing a petty cash…

A: Various small expenses are incurred for day to day activities of the entity can be managed…

Q: The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020, with an Imprest…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: - transportation, P600 - gasoline, P400 - office supplies, P500

A: A petty cash fund is a small amount of corporate cash that is usually maintained on hand (for…

Q: During March, Anderson Company engaged in the following transactions involving its petty cash fund:…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Bramble Company maintains a petty cash fund for small expenditures. These transactions occurred…

A: Petty cash is a nominal amount that is easily accessible to pay for expenses with little to do…

Q: Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…

A: Petty Cash Fund: At times, every business finds it convenient to have small amounts of cash…

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

A: Cash Short and Over: A miscellaneous expense account used to record the difference between the…

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

Q: Service World maintains a petty cash fund. The fund custodian encountered the following events.a.…

A:

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: A company established a petty cash fund for minor day-to-day expenses. Following are activities…

A: Introduction:- For minor day-to-day needs, a corporation established a petty cash pool. This fund's…

Q: Instructions   Journalize the necessary entries for each of the following: Required: a. On March 1,…

A: Petty Cash Fund is created to meet recurring cash expenses by an entity. It works on imprest system…

Q: The Head of the Agency approves the establishment of a P30,000 petty cash fund. Here are the…

A: Petty cash is kind of source of cash fund which is used by businesses to make small amount payments…

Q: Fresh Foods established a petty cash fund of $325 on January 2. On January 31, the fund contained…

A: The petty cash fund can be defined as the small cash on hand that is set by the firm to spend on its…

Q: Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of…

A: Cash  = Petty cash fund - reimbursed fund Cash = $200 - $15 Cash = $185…

Q: Crown Company established a petty cash fund of $600 for incidental expenditures on January 2 , 2019…

A: Any excess expense for which the invoice is missing goes to cash short and over.

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: The following selected transactions relate to cash collections for a firm that maintains a $100…

A: Journal entry is a primary entry that records the financial transactions initially.. Cash is debited…

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.