answer quickly Please answer all the four parts, it's a request, pleaseUnion Construction Sdn. Bhd.'s accounts manager, Mr. Wong decides to establish a petty cash fundstarting from 1 October 2020. This decision was made by Mr. Wong as one of the internal control used toprevent cash theft. The petty cash fund transactions incurred in the month of October are as describedbelow:Oct 1 Established a RM1,000 petty cash fund by issuing cheque payment and appointed Ms. Chan to takecare of the fund.15 Ms. Chan computed a petty cash balance of RM330 and provided a list of the expenses paid forthe first half month. The expenses paid were tallied to the bills consist of freight out at RM310,printing charges at RM240 and telephone bills at RM120. Replenished petty cash by cheque atRM670.15 Increased the petty cash to RM1,200 by transferring some cash kept in the safe to fill in the pettycash.31 At the end of the month, Ms. Chan computed a petty cash balance of RM530 and a list of expensespaid include travelling claims billed at RM485 and printing charges at RM180. Replenished pettycash by issued cheque payment at RM670.Based on the descriptions provided, you are required to:i.Journalise the petty cash transactions and state all workings.ii.Post all the transactions to the Petty Cash account.State TWO (2) internal control procedures applied with Mr. Wong's decision to establish a pettycash fund and keep the company's cash in the safe.ii.iv.In your opinion, if Ms. Chan is also the person who records all expenses paid using a petty cashfund, will the internal control proposed by Mr. Wong is still considered strong or weak. Do provideONE (1) reason based on your opinion.

Petty Cash Transactions - Journal Entries: Date Particulars Debit Credit Oct 1 Petty Cash…

Answered: Oct 1 Established a RM1,000 petty cash…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 2PA

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Shown below is the information needed to prepare a bank reconciliation for Mega Communications at December 31, 2019: a.At December 31, cash per bank statement was $16,200; cash per the company’s records was $17,225. b.Two debit memoranda accompanied the bank statement: services charges for December of $25, and a $775 check drawn by Jane Jones marked “NSF”. c.Cash receipts of $9,000 on December 31 were deposited at the bank by end of day but were not shown in the bankstatement until January 4. d.The following checks had been issued (written) in December but were not included among the paid checks returned by the bank: check no. 410 for $8,000 and check no. 425 for $2,500. e.Included in the bank statement was a check withdrawn (written) for an amount of $5,300 (rent expense) that was erroneously recorded for $3,500 in Alpha's records. f.The bank statement shows a credit (memorandum) interest of $75. Instructions 1. Prepare a bank reconciliation at December 31, 2019. 2.…
1. On September 1, 2020, Walls Company establishes a petty cash fund by issuing a checkfor $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020,Andrew Liu submitted the following paid petty cash vouchers:Freight-In $22Supplies Expense $13Entertainment of Clients $37Postage Expense $19The fund was replenished on September 19, 2020 when there is $7 cash in the fund andthe company decided to raise the fund to $150. Prepare the journal entries required to establish the petty cash fund on September 1and the replenishment of the fund on September 19.2. The petty cash fund was established on April 10, 2020, in the amount of $300. These arethe following expenditure made by petty cash custodian:Postage expense $27Mailing labels and other supplies $75.25I.O.U from employees $25Shipping charges (to customer) $47.50Newspaper advertising $33Miscellaneous expense $47.25On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at$25. Prepare the…
The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020, with an Imprest balance of 30,000. The following transactions occurred in December in relation to the petty cash fund. Dec. 1 A check amounting to 30,000 was drawn payable to Jo Torres, the custodian. Jo Torres presented the following petty cash vouchers with supporting documents for replenishment. Currencies on hand were at 16,000. PCV #/ Date Particulars Amount 5,000 101/ Dec. 5 Utilities 4,500 102/ Dec. 9 Office Supplies 3,000 103/ Dec. 13 Advances to employees What is the amount of the replenishment check on December 15?(Please include the solution, thank you)
The balance of the general ledger cash accounts as of December 31, 20P1 is P7,120. On the other hand, the bank statement showed a December 31 20P1 balance of P6,580. You were tasked to prepare the bank reconciliation statement for the company's bank account. Your analysis of the bank statement and the general ledger account revealed the following: |Deposit in transit Credit memo for direct collection of a note receivable Credit memo for interest income Auto debit of cell phone bill Customers NSF check |Outstanding check Debit memo for bank charges A check received from a customer was recorded in the accounting books for P3,280. The bank statement revealed that the customer check cleared at the correct amount of P3,820. P1,345 755 65 290 455 575 25 The bank deducted P360 from the account of JECAF for a check issued by Claire Inc. Page 13 of 17 Required: Prepare the bank reconciliation statement as of December 31, 20P1 for JECAF bank account. Solution: Bank Book
The "cash" account in Optimistic Co.'s ledger on December 31, 2020 showed a balance of P 4,905,000 which included the following: 100,000 Petty Cash Fund Undeposited receipts, including a post-dated customer check of P40,000 Cash in Bank per bank statement, with a check for 850,000 still outstanding Deposit in a bank closed by the Bangko Sentral ng Pilipinas Vouchers paid out of colleotions, not yet recorded 650,0po 3,500,000 500,000 150,000 5,000 1OUS signed by employees, taken from collections 4,905,000 At what amount should Optimistic Co. report as "cash" on December 31, 2020?
On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
Odum Corporation’s cash account showed a balance of $17,000 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,711.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $175.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $960.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: Check # Amount 429 $57.40 432 147.50 433 210.80 434 191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank statement had been incorrectly…
Déjà Vu All Over Again Productions Inc. has the following transactions involving their petty cash fund duringthe month of February.A. On Feb 1, they set up the petty cash fund by writing a cheque to Bobby Banker, the custodian of the petty cash fund inthe amount of $200B. On Feb 11, Bobby paid $45 out of the petty cash for a new toner for the office printer. This amount is classified asSupplies Expense.C. On Feb 14, Bobby paid out $70 for coffee and donuts from Steimar Bake Shop for the office Valentines Day party.This amount is classified as Office Expense.D. On Feb 21, Bobby paid out $30 for postage to ensure the Tax Return was sent to CRA in time. This amount isclassified as Shipping Expense.E. On Feb 26, Bobby filed a claim for reimbursement for the petty cash expenditures during the month that totaled $145.Bobby also asked that the petty cash fund balance be increased to $300F. Feb 28, a cheque was issued to Bobby Banker, the custodian of the petty cash fund.RequiredPrepare the…
A cash account in the morning of January 2, 2020 showed the following items in the petty cash of Taehyung Corporation: Currencies and coins counted- P2,512; Company check for replenishment- P18,000; Approved and paid petty cash vouchers- P2,900; Employees’ IOUs- P36,000. The petty cash fund was established for an amount of P60,000. What is the correct amount of petty cash on the balance sheet as of December 31, 2020?
The May 31 balance per bank statement was $18,000. The cash balance per books was $22,250. Outstanding checks amounted to $2,700, and deposits in transit were $5,400. The bank statement contained an NSF check for $1,100, a service charge for $40, and a debit memo for direct payment of the telephone bill of $410. Required: a. Prepare a bank reconciliation to determine the true cash balance at May 31. b. Indicate how each of the required adjusting entries Impact the financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate how each of the required adjusting entries impact the financial statements. Note: Leave cells blank if no input is needed. Enter any decreases to account balances and cash outflows with a minus sign. Item Outstanding checks Deposits in transit NSF check from a customer Bank service charge Debit memo for payment of telephone bill Cash Assets Balance Sheet Accounts Receivables = = Liabilities + + Stockholders'…
Required: a. On March 1, check is issued to establish a petty cash fund of $1,050.* b. On April 1, The amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, record the discrepancy in the cash short and over account.* https://v2.cengagenow.com/ilrn/createAssignment/printAssignment.do?assignmentld=2942339&answerkey=false 6/8 11/9/21, 1:54 PM CengageNOWv2 | Online teaching and learning resource from Cengage Learning *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.…

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