СР 7-1The following transactions were made by Landers Corp. in March 2019.Mar. 1 Established a petty cash fund of $20012 Reimbursed the fund for the following:$10PostageOffice supplies50Maintenance35Meals (selling expenses) 25$12018 Increased the fund by an additional $20025 Reimbursed the fund for the following:Office suppliesDelivery charges$7530$10528 Reduced the amount of the fund to $350.Required: Prepare journal entries to record these transactions.

Petty Cash Fund Petty cash fund is used for recording the transaction of the expenses of petty…

СР 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: $10 Postage Office supplies 50 Maintenance 35 25 $120 18 Increased the fund by an additional $200 25 Reimbursed the fund for the following: $75 30 $105 28 Reduced the amount of the fund to $350. Meals (selling expenses) Office supplies Delivery charges Required: Prepare journal entries to record these transactions

СР 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: $10 Postage Office supplies 50 Maintenance 35 25 $120 18 Increased the fund by an additional $200 25 Reimbursed the fund for the following: $75 30 $105 28 Reduced the amount of the fund to $350. Meals (selling expenses) Office supplies Delivery charges Required: Prepare journal entries to record these transactions

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.
Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
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.
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.
51 Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies – P841.60 Postage – P780.00 Representation – P1,000,00 Transportation – P1,321.40 Miscellaneous – P837.60 Other items found in the petty cash drawer were as follows: A sympathy envelope containing P3,500, representing employees’ contributions for the death of the mother of the company’s messenger. An employee’s check for P1,100 dated August 15, 2021. The given information indicates that there is a how many shortage or overage?
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.
CP 7-1 The following transactions were made by Landers Corp. in March 2019. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: $10 50 35 25 $120 Postage Office supplies Maintenance Meals (selling expenses) 18 25 Increased the fund by an additional $200 Reimbursed the fund for the following: Office supplies $75 Delivery charges 30 $105 28 Reduced the amount of the fund to $350. Required: Prepare journal entries to record these transactions.
eBook Petty Cash Transactions (Appendix 6.1) Instructions Chart of Accounts General Journal Instructions Crown Company established a petty cash fund of $600 for incidental expenditures on January 2, 2019. At the end of the month, the count of cash on hand indicated that $58.35 remained in the fund. A sorting of petty cash vouchers disclosed that the following expenses had been incurred during the month, and the fund was replenished. Postage Expense $240.40 Office Supplies Expense 170.90 Miscellaneous Expense 122.05 Required: Prepare the joumal entries necessary to record Crown's petty cash transactions during January. K Points: 8.83/ 16
MC33 On December 1, 2020, Kyle Corporation established a petty cash fund of P4,000. On December 31, 2020, the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses amounting to P3,640. In addition, there was cash amounting to P440. What entry would be required to record replenishment of the petty cash fund on December 31, 2020? (with solution) a. Petty Cash — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 b. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Petty Cash — P3,560 c. Miscellaneous Expense — P3,640 Cash Short and Over — P80 Cash in Bank — P3,560 d. Miscellaneous Expense — P3,560 Cash Short and Over — P80 Cash in Bank — P3,640
Presented below are transactions of MM Company related to petty cash for the last 2 months of year 2020. Nov. 2 Established an imprest petty cash fund of P10,000. 30 Examination of the cash fund disclosed the following: Currency and coin Memoranda showing expenditures for: 3,000 Postage Supplies 2,000 5,000 Dec. 1 A check was drawn to replenish the fund and to increase its amount to P20,000. Dec. 31 Incurred the following expenditures: Postage 3,000 4,000 Supplies Donation 2,000 The fund was not replenished. How much should be petty cash fund balance to be included in the statement of financial positions as of December 31, 202O?
38. Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies – P841.60 Postage – P780.00 Representation – P1,000,00 Transportation – P1,321.40 Miscellaneous – P837.60 Other items found in the petty cash drawer were as follows: A sympathy envelope containing P3,500, representing employees’ contributions for the death of the mother of the company’s messenger. An employee’s check for P1,100 dated August 15, 2021. The given information indicates that there is a a. 538 shortage b. 562 shortage c. 562 overage d. 538 overage 39. During 2021, Tartarus Company signed a noncancellable contract to purchase 500 sacks of rice at P900 per sack with delivery to be made in 2022. On December 31, 2021, the price of rice had fallen to P850 per sack. On…