CP 7-1The following transactions were made by Landers Corp. in March 2019.Mar. 1 Established a petty cash fund of $20012Reimbursed the fund for the following:$10503525$120PostageOffice suppliesMaintenanceMeals (selling expenses)1825Increased the fund by an additional $200Reimbursed the fund for the following:Office supplies$75Delivery charges30$10528 Reduced the amount of the fund to $350.Required: Prepare journal entries to record these transactions.

Journal entries consist of all the business financial transactions.They are recorded in…

CP 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 12 Established a petty cash fund of $200 Reimbursed the fund for the following: 18 25 Postage Office supplies Maintenance Meals (selling expenses) $10 50 35 25 $120 Increased the fund by an additional $200 Reimbursed the fund for the following: Office supplies Delivery charges $75 30 $105 28 Reduced the amount of the fund to $350. Required: Prepare journal entries to record these transactions.

CP 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 12 Established a petty cash fund of $200 Reimbursed the fund for the following: 18 25 Postage Office supplies Maintenance Meals (selling expenses) $10 50 35 25 $120 Increased the fund by an additional $200 Reimbursed the fund for the following: Office supplies Delivery charges $75 30 $105 28 Reduced the amount of the fund to $350. Required: Prepare journal entries to record these transactions.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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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.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
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 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.
Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
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.
СР 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: $10 Postage Office supplies 50 Maintenance 35 Meals (selling expenses) 25 $120 18 Increased the fund by an additional $200 25 Reimbursed the fund for the following: Office supplies Delivery charges $75 30 $105 28 Reduced the amount of the fund to $350. Required: Prepare journal entries to record these transactions.
Problem - Journa ize the following transactions, assuming that the fim closes its books on June 30. 2021 June 1- A petty cash of P10,000 was established. 5- Disbursements were: Supplies Transportation Postage P2,000 1,500 3,000 P 200 2,800 15- Disbursements were: Representation IOUS of employees 20- The fund was rep enished. 30- Disbursements were: Transportation Postage Miscellaneous P2,800 4,500 1,000 The fund was not replenished. July 5- Replenished the fund and increased to P20,000. Required: Entries under both methods.
51 Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies – P841.60 Postage – P780.00 Representation – P1,000,00 Transportation – P1,321.40 Miscellaneous – P837.60 Other items found in the petty cash drawer were as follows: A sympathy envelope containing P3,500, representing employees’ contributions for the death of the mother of the company’s messenger. An employee’s check for P1,100 dated August 15, 2021. The given information indicates that there is a how many shortage or overage?
2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
eBook Petty Cash Transactions (Appendix 6.1) Instructions Chart of Accounts General Journal Instructions Crown Company established a petty cash fund of $600 for incidental expenditures on January 2, 2019. At the end of the month, the count of cash on hand indicated that $58.35 remained in the fund. A sorting of petty cash vouchers disclosed that the following expenses had been incurred during the month, and the fund was replenished. Postage Expense $240.40 Office Supplies Expense 170.90 Miscellaneous Expense 122.05 Required: Prepare the joumal entries necessary to record Crown's petty cash transactions during January. K Points: 8.83/ 16
MC33 On December 1, 2020, Kyle Corporation established a petty cash fund of P4,000. On December 31, 2020, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P3,640. In addition, there was cash amounting to P440. What entry would be required to record replenishment of the petty cash fund on December 31, 2020? (with solution) a. Petty Cash — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 b. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Petty Cash — P3,560 c. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 d. Miscellaneous Expense — P3,560 Cash Short and Over — P80 Cash in Bank — P3,640