On March 20 whispering winds petty cash funds of $113 is replenished with the fine contains $10 in cash and receipts for postage $50 supplies $14 in travel Smith $39 prepare the injury to record the replenishment of the petty cash fund

On March 20 whispering winds petty cash funds of $113 is replenished with the fine contains $10 in cash and receipts for postage $50 supplies $14 in travel Smith $39 prepare the injury to record the replenishment of the petty cash fund

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the…

A: Petty cash fund is a fund maintained by the cashier in an organization to pay the regular…

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: Journalize the entries to record the following: Apr. 1 Established a petty cash fund of $350. 10…

A: Journal: Recording of a business transactions in a chronological order.

Q: Alpha Technologies provides computer maintenance services and has the following information for…

A: cash shortage and overage happens because of differences between the physical amount of cash and…

Q: None

A: Petty cash funds are established to handle small business expenses. The process begins by deciding…

Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…

A: Companies incur costs and expenses to run their business. Companies spend a small number of expenses…

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,400. A. On…

A: Petty cash spent in a.=$1,400-$234=$1,166

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: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Pass necessary journal entry to record replenishment of cash fund.

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Petty cash book :- Petty cash book is a book that records small small expenses that are incurred in…

Q: Oriole Boxes uses a petty cash imprest system. The fund was established on February 14 with a…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: Assume that the custodian of a $465 petty cash fund has $67.50 in coins and currency plus $391.50 in…

A: The petty cash balance is maintained for day to day cash transactions of the business.

Q: Servicios Múltiples JAAR, SRL created a petty cash fund for RD$2,000.00. During the month, the…

A: Petty Cash Fund: It is common for small businesses to keep a modest amount of money on hand (for…

Q: Journalizing petty cash Prepare the journal entries for the following petty cash transactions of…

A: Date Account Titles and Explanation Debit Credit March 1 Petty cash $250 Cash…

Q: cash 8-17 Accounting for Jackie's Dance Studio created a $220 imprest petty cash fund. During the…

A: Particulars Dr Cr Petty Cash 220 Cash 220 (Being amount transferred from main Cash…

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: Waterway Company uses an imprest petty cash system. The fund was established on March 1 with the…

A: The petty cash fund is refilled or reconciled by repaying the custodian for expenditures made,…

Q: Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance…

A: Solution: Petty cash fund is established to provide business with sufficient to cash to meet minor…

Q: 40 Instructions Record the journal entry on September 4 to establish the petty cash fund. Record the…

A: A journal entry is the act of maintaining or producing records of any economic or non-economic…

Q: on March 20, bramble's petty cash fund of $113 is replenished when fund contains $13 in cash, and…

A: The objective of the question is to create an accounting journal entry for the replenishment of…

Q: PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The…

A: PLEASE LIKE THE ANSWER 1 date account title debit $ credit $ 01-May petty cash 150…

Q: XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash…

A: The asset account is debited when there is an increase and credited with there is a decrease.

Q: PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The…

A: PLEASE LIKE THE ANSWER 1 date account title debit $ credit $ 01-May petty cash 150…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Office supplies 80 Merchandise inventory 160 Miscellaneous expenses 20 Cash over and short 8…

Q: Help

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

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Journal entries in the books of Kellie Company Date Particulars LF Dr. Cr. 02-Jun Petty…

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: Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows…

A: The question is based on the concept of Financial Accounting.

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: Petty cash fund It is a certain amount of fund which is kept aside for meeting small and day to day…

Q: Prepare the journal entries to record the petty cash transactions: Mar 1 Established a petty…

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

Q: 7.13 Manuel's petty cash box contained the following items on 30 November: Cash Expense vouchers:…

A: a) Opening Balance in the Petty Cash Fund Asset Account: To determine the opening balance in the…

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: ADP Mining Company mines an iron ore called Alpha. During the month of August, 403,000 tons of Alpha…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Using the following information, prepare the journal entries to: a. Establish a $200 petty cash…

A: a.

Q: od for the visitors wers for Gen Manager rking Fees and Toll gate fees J of employee ice supplies…

A: Petty Cash fund is a small amount of money kept for making payments like office supplies, Employee…

Q: 1. Prepare the journal entry to establish the petty cash fund.

A: Journal Entries are as follows:

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: 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: Tamarisk, Inc. uses an imprest petty cash system. The fund was established on March 1 with a balance…

A: The petty cash fund is refilled or reconciled by repaying the custodian for expenditures made,…

Q: Chart of Accounts: Cash Petty Cash Fund 111 Petty Cash Fund Accounts Payable Sue Bird, Capital Sue…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: Concord Corporation uses an imprest petty cash system. The fund was established on March 1 with a…

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

Q: Jone Company established a petty cash fund. 1. Established a petty cash fund of $10000 on August 2.…

A: JOURNAL ENTRIES AS PER PETTY CASH FUND SYSTEMS WHICH ARE FLUCTUATING FUND SYSTEM AND IMPREST FUND…

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: Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of…

A: Lets understand the basics.The journal entry typically includes the date of the transaction, a…

Q: Problem 6-24A (Algo) Part c c. Identify the event depicted in each journal entry recorded in…

A: Companies utilize a petty cash system as a way to manage often occurring little costs. Even though…

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: Petty Cash PolekMart established a $1,050 petty cash fund on May 2. On May 30, the fund shows $326…

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

Concept explainers

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.

Question

On March 20 whispering winds petty cash funds of $113 is replenished with the fine contains
$10 in cash and receipts for postage $50 supplies $14 in travel Smith $39 prepare the injury to
record the replenishment of the petty cash fund

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define journal entry:

VIEW

Step 2: Prepare Journal entry:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency plus $ 472.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
Please help me
Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. 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…
Can you help me with this question
i need the answer quickly
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.
None
A business maintains a petty cash book with an imprest of $50, which is restored on the first day of each month. On 31 March, there was $13.40 in the petty cash box and vouchers totalling $36.60. How much did the petty cashier receive from the chief cashier on 1 April? A $13.40 B $23.20 C $36.60 D $50
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $372, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $132. 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 $180. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $252, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $192. 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…
Sandhill Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $88. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Feb. 15 1 Supplies $12 18 2 Postage expense 7 20 3 Freight in (assume perpetual inventory system) 24 21 4 Supplies 11 22 5 Delivery charges on outgoing freight 14 27 6 Supplies 21 Record the journal entry on February 14 to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Feb. 14 eTextbook and Media List of Accounts Debit Credit Record the journal entry on February 28 to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…