Take me to the text On May 1, 2019, Street Design set up a petty cash fund for $300. At the end of the first week, the pa Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges $14 Receipt for the purchase of stamps $18 Receipt for travel to a client meeting $42 Receipt for the payment of newspaper advertising $79 Required Do not enter dollar signs or commas in the input boxes. a) Calculate any cash overage or shortage. Cash is Short by $13 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit, enter the debit accounts in alphabetical order Account Title and Explanation Debit Credit Date 2019 May 1 May 7 Petty Cash Cash Set up the petty cash fund Advertising Expense Cash Over and Short Travel Expense ✓ Cash ✔ : ✔ 79 :v 13 Delivery Expense Office Supplies Expense ✔ 34 Stamps Expense ✔ 14 300 : ✔ ✔ ✓ To replenish the petty cash fund $100 $34 18 42 > 300 200

Take me to the text On May 1, 2019, Street Design set up a petty cash fund for $300. At the end of the first week, the pa Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges $14 Receipt for the purchase of stamps $18 Receipt for travel to a client meeting $42 Receipt for the payment of newspaper advertising $79 Required Do not enter dollar signs or commas in the input boxes. a) Calculate any cash overage or shortage. Cash is Short by $13 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit, enter the debit accounts in alphabetical order Account Title and Explanation Debit Credit Date 2019 May 1 May 7 Petty Cash Cash Set up the petty cash fund Advertising Expense Cash Over and Short Travel Expense ✓ Cash ✔ : ✔ 79 :v 13 Delivery Expense Office Supplies Expense ✔ 34 Stamps Expense ✔ 14 300 : ✔ ✔ ✓ To replenish the petty cash fund $100 $34 18 42 > 300 200

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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The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS Cash Debit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 CASH PAYMENTS Check No. 4113 Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 4114 10 4115 16 4116 22 4117 29 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 9 12 17 22 23 92,700 543,750 Less: Checks and other debits: P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 Apr. 7 13 14 15 18 21 26 30 50,000 30 1,000 Service charge 335,300 P 304,000 Ending balance
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The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS CASH PAYMENTS Cash Debit Check No. Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 P 208,700 20,350 27,950 109,350 92,700 4113 4114 10 4115 16 4116 22 4117 29 53,000 16,850 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 92,700 4 9 12 17 22 23 543,750 Less: Checks and other debits: Apr. 7 13 P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 50,000 1,000 Service charge 14 15 18 21 26 30 30 335,300 P 304,000 Ending balance
The petty cash fund of Hotel Snyder on December 31, 2021 is composed of the following: Bills $4,000.00 Coins $1,000.00 Petty cash vouchers: Gasoline $2,500.00 Supplies $1,500.00 IOUs $3,000.00 A check drawn by Hotel Snyder to the order of the petty cash custodian, representing salary $6,000.00 A sheet of paper with the names of several employees together with a contribution for a wedding gift. Attached to the sheet of paper is a currency of $2,000.00 The petty cash general ledger account has a balance of $20,000. What amount should be reported as petty cash on the ledger on December 31, 2021?
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.
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.
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.
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.
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
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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 .