Problem 1-9 (IAA) On December 1, 2020, Wacky Company established an imprest petty cash fund. 2020 Dec. 1 Established an imprest petty cash fund of P10,000 by writing a check on National Bank. 20 Replenished the petty cash fund by writing a check on National Bank. The fund contained: Currency and coins Vouchers for selling expenses Vouchers for miscellaneous expenses Vouchers for equipment 1,000 5,000 2,000 2,000 Dec. 31 The petty cash fund was not replenished. The fund contained: Currency and coins Postdated employee's check Vouchers for selling expenses Vouchers for transportation 6,000 2,000 1,500 AAD 500 2021 Jan. 15 Encashed the employee's check. The proceeds were retained in the fund. 31 Replenished the petty cash fund by writing a check on National Bank. The petty cash vouchers for January expenditures are: Distribution costs 500 Administrativě expenses Transportation Payment for supplier's invoice 2,000 1,000 1,200 Required: 1. Prepare journal entries to record the transactions. 2. How much is the petty cash on January 31, 2021 before the replenishment?

Problem 1-9 (IAA) On December 1, 2020, Wacky Company established an imprest petty cash fund. 2020 Dec. 1 Established an imprest petty cash fund of P10,000 by writing a check on National Bank. 20 Replenished the petty cash fund by writing a check on National Bank. The fund contained: Currency and coins Vouchers for selling expenses Vouchers for miscellaneous expenses Vouchers for equipment 1,000 5,000 2,000 2,000 Dec. 31 The petty cash fund was not replenished. The fund contained: Currency and coins Postdated employee's check Vouchers for selling expenses Vouchers for transportation 6,000 2,000 1,500 AAD 500 2021 Jan. 15 Encashed the employee's check. The proceeds were retained in the fund. 31 Replenished the petty cash fund by writing a check on National Bank. The petty cash vouchers for January expenditures are: Distribution costs 500 Administrativě expenses Transportation Payment for supplier's invoice 2,000 1,000 1,200 Required: 1. Prepare journal entries to record the transactions. 2. How much is the petty cash on January 31, 2021 before the replenishment?

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 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.
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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.