FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Petty Cash Fund
Journalize the entries to record the following:
Check No. 12-375 is issued to establish a petty cash fund of $500.The amount of cash in the petty cash fund is now $165. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $194; miscellaneous selling expense, $80; miscellaneous administrative expense, $50. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.)
a. Journalize the entry to establish the petty cash fund.
b. Journalize the entry to replenish the petty cash fund.
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- A $250 petty cash fund has cash of $15 and receipts of $230. The journal entry to replenish the account would include a credit toarrow_forwardDogarrow_forwardOn April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $56, contributions and donations of $29, and meals and entertainment of $110. The remaining cash is $81 in the ending cash balance. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. c. On April 11, Granger Sales decides to increase petty cash by $160. Journalize this event.arrow_forward
- The petty cash fund had an initial imprest balance of $100. It currently has $20 and petty cash tickets totaling $75 for office supplies. The entry to replenish the fund would contain Credit to Cash Short & Over for $5. A credit to Petty Cash for $80. A debit to Cash Short & Over for $5. A debit to Petty Cash for $80.arrow_forwardABC company paid cash to replenish the petty cash fund: $145; $72 for supplies; $40 for advertising expense; $33 for micellaneous expense. The account credited for this transaction is:arrow_forward1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the following receipts: entertainment, $33, postage, $21, and printing, $24. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet Record the establishment of the petty cash fund. Nate: Enter debits befare oredits. Transaction General Journal Debit Credit 1a Hecord entry Clear entry View general journalarrow_forward
- Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in cash along with receipts for the following expenditures: postage, $41; transportation - in, $11; delivery expenses, $13; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare the entry to establish the fund on January 1. Prepare the entry to reimburse the fund on January 8 under two separate situations: To reimburse the fund. To reimburse the fund and increase it to $230. Hint: Make two entriesarrow_forwardSandhill's Snack Shop has a petty cash fund of $105. On November 30, the fund contained $8 in cash and receipts for postage of $31, supplies of $47, and travel expenses of $17. Make the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Nov. 30 Debit || Credit TONarrow_forwardA check is written to replenish a P 1,000 (imprest) petty cash fund when the fund contains unreplenished petty cash vouchers totaling P 910. In recording the replenishment, O cash in bank is debited for P 1,000 Petty cash fund is debited for P 1,000 O petty cash fund is credited for P 910 O cash in bank is credited for P 910arrow_forward
- 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 blankarrow_forwardHavermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Repairs Expense, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice Debit to Repairs Expense for $73. Credit to Merchandise Inventory for $137. Credit to Cash for $250. Debit Petty Cash for $232 Credit to Cash for $18.arrow_forwardOn September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries using this information for the following transactions for questions 1-5. 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. What is the correct journal entry?arrow_forward
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