Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with receipts for the following expenditures: transportation-in, $40; postage expenses, $123; and miscellaneous expenses, $80. The petty cashier could not account for a $3 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $400.

Q: Palmona Co. establishes a $200 petty cash fund on January 1. Palmona uses the perpetual system in…

A: As per the accounting equation, all assets have a normal debit balance. It means that when we debit…

Q: On April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on…

A: Date particulars amount amount Apr 2  petty cadh $370     Cash   $370   Being cash paid…

Q: Palmona Co. establishes a $290 petty cash fund on January 1. On January 8, the fund shows $189 in…

A: Petty cash has already been made for $290 and it has been increased to $340. So Petty cash should be…

Q: On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the…

A: The petty cash fund is created for day to day cash transactions of the business.

Q: Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash fund is used to manage the daily basis of small expenses. In this, a certain amount of…

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

A: Introduction: A journal entry is used to record a business deal in a company's financial records. A…

Q: On March 20, Crane's petty cash fund of $113 is replenished when the fund contains $12 in cash and…

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

Q: Spencer Co. has a $390 petty cash fund. At the end of the fırst month the accumulated receipts…

A: Journal entry: Journal is the day book in which daily transactions are recorded in the chronological…

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

A: Petty cash is the type of cash which is kept in the firm to pay for day to day expenses or those…

Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty cash book is the accounting book prepared for the recording of outlays of miscellaneous…

Q: Cedar Springs Company completed the following selected transactions during June: June 1.…

A: Date General Journal       Debit Credit                     1-Jun Petty cash       1,310…

Q: Waupaca Company establishes a $390 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

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

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: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

Q: petual inventory system)   $20   9   2   Delivery charges on outgoing freight   16   14   3…

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

Q: Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction: A journal entry is used to capture a business transaction in the accounting records of…

Q: Oriole Buttons uses a petty cash imprest system. The fund was established on September 4 with a…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

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: On April 1, 2021, Adobo Co. established a petty cash fund for P80,000 by writing a check drawn…

A: Solution: Amount of replenishment under the imprest fund system = Receipts for office supplies +…

Q: Required: 1. Prepare the journal entry to establish the petty cash fund. 2 Prepare a petty cash…

A: Preparing the petty cash fund and petty cash report form.

Q: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

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

A: Established  petty  cash = 400 Petty cash  debit  400

Q: are (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the…

A: The establishment of a petty cash fund is making cash available for small expenses that occur for…

Q: Waupaca company establishes a $350 petty cash fund on September 9. On September 30, The phone shows…

A:

Q: waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

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

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…

A: Under the imprest system of maintaining petty cash, Petty Cashier is reimbursed whatever amount he…

Q: Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the…

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

Q: On March 20, Concord's petty cash fund of $119 is replenished when the fund contains $6 in cash and…

A: Balance of available cash and the total expenses goes to Cash over and short Account.

Q: Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

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

A: Petty cash fund is created by the business in which little amount of cash is placed so as to meet…

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

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

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

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

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against…

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

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: Hyacinth Company established an imprest petty cash fund for P10,000 by writing a check drawn against…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: On September 29, the company determined that the petty cash fund needed to be increased to $1,000.…

A: The petty cash fund is established to maintain the cash balance for regular activities of the…

Q: Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…

Q: Retusto Company closed the accounts on June 30. The entity provided the following transactions: May…

A: Imprest Fund system is one the major aspects in petty cash terms of accounting as it basically gives…

Q: Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…

Q: EFG Company established a petty cash fund of P90,000 on December 1, 2021. As of December 31, 2021,…

A: The petty cash fund is established for day to day cash expenses of the business.

Q: Waupaca Company establishes a $310 petty cash fund on September 9. On September 30, the fund shows…

A: Petty cash is relatively the small amount of cash kept on hand for small cash payments. Petty cash…

Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty Cash fund: It is a fund established to meet the tiny cash expenses of the business. An amount…

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

A: Introduction: A journal entry is used to record a business deal in a company's accounting records.…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…

A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…

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.