MC35 Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found:   Total bills and coins — P1,825 Certified check of general manager dated December 15, 2020 — P1,500 Petty cash vouchers (PCV's) not yet replenished: PCV #7163   Postage stamps — P280 PCV #7164   Supplies — P650 PCV #7165   IOU of employee — P500 Company check representing replenishment of petty cash fund — P5,150 Unused postage stamps — P120 An envelope containing contributions of employees for the death of a fellow employee (contents intact) — P3,000   What is the amount of cash shortage or overage? (with solution) a. P95 shortage b. P25 overage c. P215 shortage d. cannot be determined

Q: The cash account of AA Company is composed of Cash on hand, P450,000; Petty cash fund, P10,000 and…

A: The amount of money a business has on hand after all expenses have been met is referred to as cash…

Q: On April 2, Granger Sales decides to establish a $290 petty cash fund to relieve the burden on…

A: Petty cash is a small quantity of money kept on hand to handle minor costs including repayments or…

Q: Problem 1 (Petty Cash) George Corp sets up a petty cash fund to pay for relatively small amounts of…

A: Hello, since your question has multiple parts we will solve the first question for you. If you want…

Q: What is the amount of petty cash shortage?

A: Since you have asked two questions under a single question but as per our protocol we provide…

Q: The petty cash fund of $260 for Marin Beauty Supply Company appeared as follows on December 31,…

A: A modest sum of money set away by a company or association for  bitsy, ongoing costs that come up…

Q: AJA Company, provided the following information pertaining to its petty cash fund during the year:…

A: Net overage refers to the inventory or cash surplus which is greater or more than the amount in the…

Q: A petty cash fund was originally established with a check for $270. On August 31, which is the…

A: Petty cash is the fund which is given to cashier to meet up the short term needs of the business. It…

Q: AA Company established as petty cash fund of P15,000. Details of the PCF are as follows:…

A: When a modest sum of business money is maintained on hand to cover tiny or incidental costs,…

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: What is the correct petty cash fund balance to be reported as of December 31, 2018?

A: Petty cash is a small amount of company cash kept on hand (e.g., in a locked drawer or box) to cover…

Q: Loucks Company established a $220 petty cash fund on October 2, 2024. The fund is replenished at the…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Willard Company established a $500 petty cash fund on September 9, 2020. On September 30, the fund…

A: Petty cash refers to the small amount of cash maintained by cashier of company in order to meet…

Q: The petty cash fund of Western Glass Company contained the following items on November 30, 2024…

A: To establish the petty cash fund, the Petty cash account should be debited by $280 and the cash…

Q: The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is…

A: Correct balance of petty cash = Currencies + Coins

Q: Jan Co, established a petty cash fund The following transactions occurred in January 2022:…

A: Petty cash book is a book used to record petty cash expenditures like postage, stationary, repairs,…

Q: On December 31,2021, the cash equivalent of SPIDEY Company show the following composition: -Petty…

A: These are the most liquid assets of a company's balance sheet. These include the actual cash on hand…

Q: None

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

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

A: Solution: Total petty cash receipts = 741.90 + 880 + 900 + 1421.40  + 837.60 = 4.780.90

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: Current Attempt in Progress On March 20, Sheridan's petty cash fund of $104 is replenished when the…

A: Petty cash means where a separate cash book is maintained which is usually deals with the small…

Q: Required: Prepare the journal entry to replenish the fund at the end of September. Note: If no…

A: Petty cash is a nominal sum which is preserved in hand to cover minor expenses, such as…

Q: punt in BDO coins awaiting deposit ank closed by BSP nd (including 10,000 is in the form o

A: As per rule, allowed to answer one question at a time and post the remaining in the next submission.

Q: Current Attempt in Progress On October 1, 2024, Kingbird Company establishes a petty cash fund by…

A: Petty cash fund is a small amount of cash that a business keeps aside to pay for minor, everyday…

Q: What is the adjusted balance of the petty cash fund? What is the correct amount of cash and cash…

A: Petty cash fund is maintained for small petty expenses in the business. Cash and cash equivalent are…

Q: Part 1: Prepare journal entries to record the establishment of the fund on April 1 and its…

A: Given in the question:Petty Cash created for a tune of amount of $250On April 15, it has been…

Q: Provide all 3 graphs

A: May 2. The establishment of the petty cash fund is recorded as debit to Petty Cash Fund and credit…

Q: Pelcher Co. maintains a $440 petty cash fund. On January 31, the fund is replenished. The…

A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…

Q: 2019 April RM 1 Received RM3,000 as the petty cash float. 5 Cleaning expenses 400 6 Postage stamps…

A: Lets understand the basics.Petty cash is prepared from the main cashbook to meet daily routine small…

Q: On September 1, a company established a petty cash fund of $120. On September 10, the petty cash…

A: Petty cash:  Petty cash fund is established to manage the payment for the small business expenditure…

Q: A petty cash fund of 50,000 comprised of the following on June 30, 2021, the company's year- end…

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

Q: E8.8 (LO 2) Horvath Company uses an imprest petty cash system. The fund was established on March 1…

A: Petty Cash Fund A small cash fund's main objective is to give company units enough money to pay for…

Q: fund of Company B on January 3, 2021, the following items were found:     Currencies ₱…

A: Petty cash fund is used for meeting the office daily expenses and other petty expenses  like…

Q: What total amount should be reported as cash and cash equivalents on December 31, 2019?

A: There are two question asked and only first problem is solved due to our guidelines.Cash and cash…

Q: Blue Spruce Company established a $110 petty cash fund on August 1. On August 31, the fund had $9…

A: When a small amount is kept aside to meet minor expenses it is referred to as petty cash. This…

Q: record entry for petty cash found.

A: Petty cash is the cash allocated to meet the expenses related to running of affairs of the entity on…

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

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

Q: The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash…

A: Correct amount of petty cash fund for financial reporting purposes = Currencies and Coins + Currency…

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.