On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. credit to Cash for RO S00. O c redit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.

On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31, 2019, there was RO 90 cash in the fund in addition to the following data: Freight-In RO 260 Supplies Expense 300 Entertainment of clients 104 Postage Expense 60 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash Over and Short for RO 750. O b. credit to Cash for RO S00. O c redit to Accounts Payable for RO 750. O d. None of the answers are correct O e debit to Cash for RO 750.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.
A $187 petty cash fund has petty cash on hand of $20 and receipts of $162. The journal entry to replenish the fund would include a O a. debit to Cash for $20. O b. debit to Cash Short and Over for $5. O e credit to Petty Cash for $162. O d. credit to Cash for $187.
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.
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.
R. Phometsi Ltd. Provides you with the following information.2019The imprest amount at the beginning of each is P600. However, on June 1, the pettycashier had P140 cash in hand. The main cashier re-imbursed the petty cashier to have acash float of P600.The following expenses were incurred as petty cash expenses for the month.June DIPLOMA AssignmentJanuary - June BPA612 Principles of Accounting ©BOU 2024 Page 4 of 93. Cleaning expenses P405. Taxi fare P127. Postage stamps P89. Printing expenses P2811. Pen, pencil and eraser P913. Cremora, margarine and peanut butter P42.14. Cleaning expenses P3815. Bus fare. P2417. Postage stamps P1419. Cleaning expenses P32.29. Staples P16.30. Tea, Coffee and sugar P39. Required:a) Prepare a petty cash book with analysis columns for the followings: Cleaningexpenses, General expenses, Postage, Travelling expenses and Stationery.
Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund:Freight-Out RO 72Supplies Expense 102Entertainment of Clients 110Postage Expense 51InstructionsPrepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
The following data were available for Nina School of Rock at Dec 31, 2022:Cash in bank - BPI (per books) 75,000Cash in bank - Metrobank (1,000)Payroll fund 25,000Petty cash fund, 3,000 (includes 500 unreplenished vouchers)Additional information at Dec 31:a. Outstanding checks, P1,200b. Service charge for Dec P200 (unrecorded by books)c. Deposit in transit, P2,000How much is the amount of cash at Dec 31, 2022? 102,000 102,300 102, 800 103,100
The custodian of a $735 petty cash fund discovers that the fund has $157.50 in coins and currency plus $553.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Cash for $530. A debit to Petty Cash for $553.50. A credit to Cash Over and Short for $578. A credit to Cash for $553.50 A dohit to Cach Over and Short for $24.00 Help I Save & Exit
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data: Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to replenish the account would include: Select one: O a. None of the answers are correct. O b. debit to Petty Cash for RO 750. O cebit to Cash Over and Short for RO 8. O d. credit to Cash for RO 52. O e. credit to Cash Over and Short for RO 8.
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A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash Short and Over for $3 debit to Cash Short and Over for $3 credit to Cash for $116 credit to Petty Cash for $126
Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket: On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense .