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.

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.

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: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: BE8-5 On March 20, Pugh's petty cash fund of $100 is replenished when the fund contains $11 in cash…

A: The journal makes sure that all entries are logged, regardless of the size of the entity. The…

Q: A business operates an imprest system for petty cash. The imprest amount is $400. At the end of the…

A: We have the following information: Imprest Amount: $400 Private Phone Calls: $30 Vouchers…

Q: PA1. On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash is a fixed amount set aside to meet day to day expense of small values. Petty cash fund…

Q: A. Started a petty cash fund in the amount of $450. B. Replenished petty cash fund using the…

A: Sno. Account Titles and Explanation Debit Credit A Petty Cash $ 450 Cash $…

Q: The petty cash fund at Brookshire Company has a designated balance of $250. The fund currently holds…

A: Petty cash funds are the funds which are created for small day to day expenses. The main cashier…

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: EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: A. Started a petty cash fund in the amount of $450. B. Replenished petty cash fund using the…

A: Petty cash fund is that fund which is established for the purpose of paying very small or petty…

Q: During March, Anderson Company engaged in the following transactions involving its pettycash fund:a.…

A: To keep track of financial transactions, journal entries are utilised. Your journal entries are…

Q: On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto…

A: Conceptual base - Petty cash is the small amount of cash kept on hand for small cash payments and…

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

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

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

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

Q: f the Agency approves the establishment of a P30,000 petty cash fund. Here are the following…

A: Petty cash fund is the fund created wherein small amount of cash is transferred and ownership of…

Q: A. Started a petty cash fund in the amount of $400. B. Replenished petty cash fund using the…

A: Petty cash fund is a fund setup in organisation that is meant for only small or petty expenses.

Q: A Moving to another question will save this response. Question 9 Moon Co. decides to establish a…

A: Cash short and over account is expenses account. If ending balance of petty cash book is different…

Q: A. Started a petty cash fund in the amount of $250. B. Replenished petty cash fund using the…

A: Transaction General Journal Debit Credit A. Petty Cash $250 Cash $250…

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: Started a petty cash fund in the amount of $250. B. Replenished petty cash fund using the following…

A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the…

Q: You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal…

A: A petty cash fund is a small amount of cash kept on hand by a business or organization to cover…

Q: Pharoah Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of…

A: The petty cash fund is the current asset of the business. It is established to maintain the smaller…

Q: record the following transactions: A. Started a petty cash fund in the amount of $500 B.…

A: Solution- S no Particular Amount DR Amount CR 1 Petty cash --------------------------------DR…

Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: A. Started a petty cash fund in the amount of $300. B. Replenished petty cash fund using the…

A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the…

Q: Blake Company established a petty cash fund in the amount of $400. At the end of the accounting…

A: the correct option with necessary working are as follows

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step…

Q: ABC Company starts a petty cash fund with $200 and then they spent $50 on office supplies. A)…

A: Almost all businesses find themselves having to pay tiny sums for various expenditures including cab…

Q: Check No. 12-375 is issued to establish a petty cash fund of $600. The amount of cash in the petty…

A: The objective of the question is to journalize the entries for establishing and replenishing a petty…

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

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: c. Of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: ABC company paid cash to replenish the petty cash fund: $145; $72 for supplies; $40 for advertising…

A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Journal entry is a process of recording and classifying business transactions into books of accounts…

Q: Record the following transactions: A. Started a petty cash fund in the amount of $ 1,500. B.…

A: Introduction: Internal controls are rules and processes that a company implements to achieve…

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

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

Q: petty cash fund

A: Petty cash fund is a small fund made of cash to meet the routine expenses of business.

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A.…

A: Petty cash funds are those funds which are established and maintained for small petty expenses in…

Q: The Head of the Agency approves the establishment of a P30,000 petty cash fund. Here are the…

A: Petty cash is kind of source of cash fund which is used by businesses to make small amount payments…

Q: Mart establishes a $1,900 petty cash fund on May 2. On May 30, the fund shows $790 in cash along…

A: Petty Cash Fund Is a Small Amount Of Money Available For Paying Small Purchases. For example -…

Q: A. Started a petty cash fund in the amount of $550. B. Replenished petty cash fund using the…

A: Introduction:- Petty Cash Fund means :- Petty cash fund is the amount of money kept to be spent on…

Q: 1. Brooks Agency set up a petty cash fund for $220. At the end of the current period, the fund…

A: Petty cash is a small amount of cash that is kept on hand by a business or organization to cover…

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

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.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 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

You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal year, $30 in currency and coin remain in the fund. The expenditures from the fund up to this point were $105 for office supplies and $65 for delivery expense (ignore HST). You do not have the fund replenished until January 6, 20-3. (A-8) Explain why the petty cash fund should have been replenished on December 31, 20–2. Quote the above situation in detail and do the journal entry
A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $72, Office Expense $82, Postage Expense $90, Miscellaneous Expense $6. Cash on hand is $10.C. Increased petty cash by $100. Record these transactions. If an amount box does not require an entry, leave it blank. A. Petty Cash Petty Cash Cash Cash B. Auto Expense Auto Expense Office Expense Office Expense Postage Expense Postage Expense Miscellaneous Expense Miscellaneous Expense Cash Over and Short Cash Over and Short Cash Cash C. Petty Cash Petty Cash Cash Cash
Record the following transactions: Started a petty cash fund in the amount of $300. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $124. Increased petty cash by $50.
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.
H6. 31 P XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Choc entry to create the account from the following. O Petty Cash is debited for $100. O Cash is debited for $100. O Petty Cash is credited for $100. O Miscellaneous Expense is debited for $100.
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
Show all the work.
PA1. LO 8.5 On September 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 September 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 S168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S18, Supplies $175, Postage Expense S50, Repairs and Maintenance Expense S269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S251, Supplies $88, Postage Expense S63, Repairs and Maintenance Expense S182, Miscellaneous Expense $203. The cash on hand at this time was S20. D. On September 29, the company determined that the petty cash fund…
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.
Submit it in excel form
.
11. The accountant for ABC established a petty cash fund of P2,000. During October. The fund was depleted by the following disbursements: Shipping expense, P850 Travel expense, P300 Postage expense, P190 Miscellaneous supplies, P195 In addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of P45 from the secretary handling the fund. The company uses a cash over and short expense account, as needed. The company decided to decrease the petty cash fund to P1,600. Determine the amount of cash short/ over. (sample answer – 100 short or 100 over) The correct answer is: 410 short