Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is: The folling answer choices are provided below Debit Office Supplies Expense, $91; Debit Merchandise Inventory, $182. Debit Miscellaneous Experisas, $31, Credit Cash Over and Short $11, Credit Petty Cash, $355. Debit Office Supplies Expense, $91, Debit Merchandise Inventory, $182, Debit Miscellaneous Expenses, $3 Debit Cash Over and Short, $11, Creat Petty Cash, $315. Dobit Office Supplies Expense, $9 Deoit Merchandise Inventory, $182; Debit Miscellaneous Experises, $31, Debit Cash Over and Short, $t; Credit Cash, $315. Debit Office Supplies Expense. 59% Debit Merchandise Inventory, $182: Debill Miscelaneous Expenses $31 Credit Cash Over and Short, $11. Credit Petty Cash, $293 Debit Office Supplies Expense, 591; Dobil Merchandise inventory $82; Debt Miscellaneous Dipernes, $31 Credit Cash Over and Short, $11; Credit Cash. $299.

Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is: The folling answer choices are provided below Debit Office Supplies Expense, $91; Debit Merchandise Inventory, $182. Debit Miscellaneous Experisas, $31, Credit Cash Over and Short $11, Credit Petty Cash, $355. Debit Office Supplies Expense, $91, Debit Merchandise Inventory, $182, Debit Miscellaneous Expenses, $3 Debit Cash Over and Short, $11, Creat Petty Cash, $315. Dobit Office Supplies Expense, $9 Deoit Merchandise Inventory, $182; Debit Miscellaneous Experises, $31, Debit Cash Over and Short, $t; Credit Cash, $315. Debit Office Supplies Expense. 59% Debit Merchandise Inventory, $182: Debill Miscelaneous Expenses $31 Credit Cash Over and Short, $11. Credit Petty Cash, $293 Debit Office Supplies Expense, 591; Dobil Merchandise inventory $82; Debt Miscellaneous Dipernes, $31 Credit Cash Over and Short, $11; Credit Cash. $299.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

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

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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.
On May 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 $80. 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 $114, Supplies $75, Postage Expense $50, 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.
Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Pelcher Co. maintains a $440 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $118 for office supplies, $156 for merchandise inventory, and $78 for miscellaneous expenses. There is a cash overage of $4. The Journal entry to replenish the fund on January 31 is: Multiple Choice Dr. Office Supplies Expense, $118; Dr. Merchandise inventory, $156; Dr. Miscellaneous expenses, $78; Cr. Cash over and short, $4; Cr. Cash, $348. О Dr. Office Supplies Expense, $118; Dr. Merchandise inventory, $156; Dr. Miscellaneous expenses, $78; Cr. Cash over and short, $4; Cr. Petty cash, $348. О Dr. Office Supplies Expense, $118; Dr. Merchandise inventory, $156; Dr. Miscellaneous expenses, $78; Dr. Cash over and short, $4; Cr. Petty cash, $356. Dr. Office Supplies Expense, $118; Dr. Merchandise inventory, $156; Dr. Miscellaneous expenses, $78; Dr. Cash over and short, $4; Cr. Cash, $356. O Dr. Office Supplies Expense, $118; Dr. Merchandise inventory,…
Meng Company maintains a $355 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $91 for office supplies, $182 for merchandise inventory, and $31 for miscellaneous expenses. There is a cash shortage of $11. The journal entry to replenish the fund on January 31 is:
Meng Co. maintains a $315 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $83 for office supplies, $166 for merchandise inventory, and $23 for miscellaneous expenses. There is a cash shortage of $10. The journal entry to replenish the fund on January 31 is: Multiple Choice Dr. Office Supplies Expense, $83; Dr. Merchandise Inventory, $166; Dr. Miscellaneous Expenses, $23; Dr. Cash Over and Short, $10; Cr. Cash, $282. О Dr. Office Supplies Expense, $83; Dr. Merchandise Inventory, $166; Dr. Miscellaneous Expenses, $23; Dr. Cash Over and Short, $10; Cr. Petty Cash, $282. О О Dr. Office Supplies Expense, $83; Dr. Merchandise Inventory, $166; Dr. Miscellaneous Expenses, $23; Cr. Cash Over and Short, $10; Cr. Cash, $262. Dr. Office Supplies Expense, $83; Dr. Merchandise Inventory, $166; Dr. Miscellaneous Expenses, $23; Cr. Cash Over and Short, $10; Cr. Petty Cash, $262. Dr. Office Supplies Expense, $83; Dr. Merchandise Inventory, $166;…
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory. The journal entry to reimburse the petty cash fund on January 8 will include: A. Credit to Petty Cash for $162 B. Debit to Cash short and over for $ 38 C. Credit to Merchandise Inventory for $29 D. Debit miscellaneous expenses for $43