Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 6, Problem 2PSA
1.
Summary Introduction
Introduction:Petty cash of the company which are prepared in company’s accounts.This helps company to rectify the errors in accounts which leads to increase in the net income of the company.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end
To calculate: The petty cash transaction need to be verified to clarifies the accounts at the month end.
2.
Summary Introduction
Introduction:Petty cash of the company which are prepared in company’s accounts.This helps company to rectify the errors in accounts which leads to increase in the net income of the company.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end
To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.
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Students have asked these similar questions
Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund
occurred in May (the last month of the company's fiscal year).
May 1 Prepared a company check for $250 to establish the petty cash fund.
May 15 Prepared a company check to replenish the fund for the following expenditures nade since May 1.
May 15 a. Paid $78.00 for janitorial expenses.
May 15 b. Paid $63.68 for miscellaneous expenses.
May 15 c. Paid postage expenses of $43.50.
May 15 d. Paid $57.15 to Facebook for advertising expense.
May 15 e. Counted $19.17 remaining in the petty cashbox.
May 16 Prepared a company check for $200 to increase the fund to $450.
May 31 The petty cashier reports that $303.39 cash remains in the fund. A company check is drawn to replenish the fund
for the following expenditures made since May 15.
May 31 f. Paid postage expenses of $48.36.
May 31 g. Reimbursed the office manager for mileage expense, $38.50.
May 31 h. Paid $39.75 in…
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $88 for janitorial expenses. b. Paid $53.68 for miscellaneous expenses. c. Paid postage expenses of $53.50. d. Paid $47.15 to Facebook for advertising expense. e. Counted $62.15 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $500. 31 The petty cashier reports that $288.20 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $147.36. g. Reimbursed the office manager for mileage expense, $23.50. h. Paid $34.75 in delivery expense for products to a customer, terms FOB destination. 31 The…
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year).
May
1
Prepared a company check for $400 to establish the petty cash fund.
15
Prepared a company check to replenish the fund for the following expenditures made since May 1.
a. Paid $124.80 for janitorial expenses.
b. Paid $101.88 for miscellaneous expenses.
c. Paid postage expenses of $69.60.
d. Paid $91.44 to Facebook for advertising expense.
e. Counted $30.68 remaining in the petty cashbox.
16
Prepared a company check for $200 to increase the fund to $600.
31
The petty cashier reports that $406.19 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15.
f. Paid postage expenses of $64.48.
g. Reimbursed the office manager for mileage…
Chapter 6 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 6 - List the seven braod principles of internal...Ch. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Refer to Google’s financial statements in Appendix...Ch. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Prob. 5QSCh. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QSCh. 6 - Prob. 11QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1FSACh. 6 - Prob. 2FSACh. 6 - Prob. 3FSACh. 6 - Prob. 1BTNCh. 6 - Assume you are a business consultant. The owner of...Ch. 6 - Prob. 4BTNCh. 6 - Review the opening feature of this chapter that...Ch. 6 - Prob. 6BTN
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