Literature is a bookstore which buys and sells a variety of books and magazines. The business is a registered VAT vendor, and it is the policy of the business to buy only from other vendors who can provide tax invoices. September 2023 is the business's first month of trading. The bookkeeper has the following petty cash vouchers on file for the month. September 2023: list of petty cash vouchers Day Details Doc. no. Reason 3 Chemren Stationery PC1 Business stationery 5 Forsman's Garage PC2 Petrol for the delivery van 6 Grocery Mall PC3 Tea, coffee and sugar for staff 24 Chemren Stationery PC4 Business stationery 25 Forsman's Garage PC5 R 185.00 of this amount was for 30 John Penn PC6 petrol, and the remainder was for repairs to the business vehicle Part-time wages Amount paid (R) 400 280 806 334 1 480 1 500

Nakashima Gallery had the following petty cash transactions in February of the current year.     Feb. 2   Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.   5   Purchased bond paper for the copier for $16.55 that is immediately used.   9   Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.   12   Paid $8.75 postage to express mail a contract to a client.   14   Reimbursed Adina Sharon, the manager, $74 for business mileage on her car.   20   Purchased stationery for $68.77 that is immediately used.   23   Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination.   25   Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.   27   Paid $51 for postage expenses.   28   The fund had $22.81 remaining in…

Nakashima Gallery had the following petty cash transactions in February of the current year.     Feb. 2   Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.   5   Purchased bond paper for the copier for $16.55 that is immediately used.   9   Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.   12   Paid $8.75 postage to express mail a contract to a client.   14   Reimbursed Adina Sharon, the manager, $74 for business mileage on her car.   20   Purchased stationery for $68.77 that is immediately used.   23   Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination.   25   Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.   27   Paid $51 for postage expenses.   28   The fund had $22.81 remaining in…

Nakashima Gallery had the following petty cash transactions in February of the current year.     Feb. 2   Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.   5   Purchased bond paper for the copier for $16.55 that is immediately used.   9   Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.   12   Paid $8.75 postage to express mail a contract to a client.   14   Reimbursed Adina Sharon, the manager, $74 for business mileage on her car.   20   Purchased stationery for $68.77 that is immediately used.   23   Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination.   25   Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.   27   Paid $51 for postage expenses.   28   The fund had $22.81 remaining in…

Nakashima Gallery had the following petty cash transactions in February of the current year.     Feb. 2   Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.   5   Purchased bond paper for the copier for $16.55 that is immediately used.   9   Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.   12   Paid $8.75 postage to express mail a contract to a client.   14   Reimbursed Adina Sharon, the manager, $74 for business mileage on her car.   20   Purchased stationery for $68.77 that is immediately used.   23   Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination.   25   Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.   27   Paid $51 for postage expenses.   28   The fund had $22.81 remaining in…

ses E7-4 The following control procedures are used in Bunny's Boutique Shoppe for cash disbursements. 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 2. The store manager personally approves all payments before she signs and issues checks. 3. The store purchases used goods for resale from people that bring items to the store. Since that can occur anytime that the store is open, all employees are authorized to purchase goods for resale by disbursing cash from the register. The purchase is docu- mented by having the store employee write on a piece of paper a description of the item that was purchased and the amount that was paid. The employee then signs the paper and puts it in the register. 4. After payment, bills are “filed" in a paid invoice folder. 5. The company accountant prepares the bank reconciliation and reports any discrepan- cies to the owner. Instructions (a) For each procedure, explain the weakness in internal control…

On July 1, 2024, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made out to the petty cash custodian. During July, the petty cash custodian paid the following bills from the petty cash fund: Office supplies $ 36 Postage 22 Delivery charges 40 Bottled water 28 Total $ 126 At the end of July the petty cash fund was replenished. The journal entry to establish the petty cash fund includes:

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On June 1, Meadow Salad Dressings creates a petty cash fund with an imprest balance of $300. During June, Sunny Lewis, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $55. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Requirements 1. Explain the characteristics and the internal control features of an imprest fund. 2. On June 30, how much cash should the petty cash fund hold before it is replenished? 3. Journalize all required entries to create the fund and replenish it. Include explanations. -X 4. Make the July 1 entry to increase the fund balance to $400. Include an explanation, and briefly describe what the custodian does. Data table Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 Item…

On March 20, Novak's petty cash fund of $118 is replenished when the fund contains $20 in cash and receipts for postage $47, supplies $19, and travel expense $32. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Mar. 20 Debit Credit