FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Chapter 7, Problem 7.17BE
To determine
Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.
Debit and credit rules:
- Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in
stockholders’ equity accounts. - Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.
To prepare: Journal entry to record the replenishment of petty cash fund for H
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On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of $40, and receipts for supplies of $55 and postage of $25. Prepare the journal entry to record the replenishment of the petty cash fund.
2., On November 30, XYZ, Inc.'s petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for
supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund.
On March 20, Oriole's petty cash fund of $119 is replenished when the fund contains $12 in cash and receipts for postage $49, freight-
out $21, and travel expense $32.
Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account
titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Mar. 20
Debit
Credit
Chapter 7 Solutions
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2QCh. 7 - Prob. 3QCh. 7 - Prob. 4QCh. 7 - Prob. 5QCh. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Prob. 13QCh. 7 - Prob. 14QCh. 7 - Prob. 15QCh. 7 - Prob. 16QCh. 7 - Prob. 17QCh. 7 - Prob. 18QCh. 7 - Prob. 19QCh. 7 - Prob. 20QCh. 7 - Prob. 21QCh. 7 - Prob. 22QCh. 7 - Prob. 23QCh. 7 - Prob. 24QCh. 7 - Prob. 25QCh. 7 - Prob. 26QCh. 7 - Prob. 27QCh. 7 - Prob. 28QCh. 7 - Match each situation with the fraud triangle...Ch. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Prob. 7.5BECh. 7 - While examining cash receipts information, the...Ch. 7 - Prob. 7.8BECh. 7 - Luke Rove is uncertain about the control features...Ch. 7 - Prob. 7.10BECh. 7 - Prob. 7.11BECh. 7 - Prob. 7.12BECh. 7 - Prob. 7.13BECh. 7 - Prob. 7.15BECh. 7 - Prob. 7.16BECh. 7 - Prob. 7.17BECh. 7 - Prob. 7.1DIECh. 7 - Prob. 7.2DIECh. 7 - Prob. 7.3DIECh. 7 - Prob. 7.4aDIECh. 7 - Prob. 7.4bDIECh. 7 - Prob. 7.1ECh. 7 - Prob. 7.2ECh. 7 - Prob. 7.5ECh. 7 - Prob. 7.6ECh. 7 - Prob. 7.7ECh. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.16ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.1APCh. 7 - Prob. 7.2APCh. 7 - Prob. 7.1EYCTCh. 7 - Prob. 7.2EYCTCh. 7 - Prob. 7.3EYCTCh. 7 - Prob. 7.4EYCTCh. 7 - Prob. 7.5EYCTCh. 7 - Prob. 7.6EYCTCh. 7 - Prob. 7.7EYCTCh. 7 - Prob. 7.8EYCTCh. 7 - Prob. 7.9EYCTCh. 7 - Prob. 7.1IECh. 7 - Prob. 7.2IE
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- 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 $168, 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 $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, 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 $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 September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.arrow_forwardOn 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.arrow_forwardOn March 20, Sheffield’s petty cash fund of $114 is replenished when the fund contains $12 in cash and receipts for postage $48, freight-out $21, and travel expense $33.Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20arrow_forward
- On March 20, Bonita's petty cash fund of $113 is replenished when the fund contains $9 in cash and receipts for postage $48, freight-out $13, and travel expense $39. Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 20 Debit Creditarrow_forwardOn March 20, Novak's petty cash fund of $118 is replenished when the fund contains $20 in cash and receipts for postage $47, supplies $19, and travel expense $32. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Mar. 20 Debit Creditarrow_forwardOn March 20, Vaughn's petty cash fund of $108 is replenished when the fund contains $15 in cash and receipts for postage $49, freight-out $18, and travel expense $20. Prepare the journal entry to record the replenishment of the petty cash fund. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 20 Account Titles and Explanation Petty Cash Petty Cash Debit Creditarrow_forward
- On July 1 AAA Company established a petty cash fund with $200. During the first 15 days of July several payments totaling $192 were made for miscellaneous expenses using the petty cash fund. On July 15 replenishment of the fund was requested. at of Required 1) Prepare the necessary journal entry on July 1. DATE ACCOUNT TITLES DEBIT CREDIT July 1 $ 2) Prepare the necessary journal entry on July 15, in the following scenarios: a) cash balance on July 15 was $5. July 15 $ 2$ b) cash balance on July 15 was $8. DATE ACCOUNT TITLES DEBIT CREDIT July 15 24 $arrow_forwardOn March 1, a company established a $75 petty cash fund. On March 12, the petty cash fund contains $3 in cash and the following paid petty cash receipts: delivery expense $14.25; postage, $19.50; and repairs, $36. Give the general journal entry to reimburse the fund and to increase its amount to $150 on March 12.arrow_forwardHavermill Co. establishes a $390 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $87 for Repairs Expense, $165 for merchandise Inventory, and $36 for miscellaneous expenses. The fund has a balance of $102. On October 1, the accountant determines that the fund should be increased by $78. The Journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice О Credit to Cash for $102. Credit to Cash for $390. Debit Petty Cash for $288. О Credit to Merchandise Inventory for $165. О Debit to Repairs Expense for $87.arrow_forward
- A petty cash fund was originally established with cheque for 150. On December 31, you find the FF items Prepare the general journal entry to record the replenishment of petty cash funds on December 31.arrow_forwardJournalize the entries to record the following: Required: a. On March 1, check is issued to establish a petty cash fund of $1,035.* b. On April 1, The amount of cash in the petty cash fund is now $100. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $529; miscellaneous selling expense, $210; miscellaneous administrative expense, $163. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,035, record the discrepancy in the cash short and over account.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.arrow_forwardOn September 30, Hector’s petty cash fund of $100 is replenished. At the time, the cash box contained $18 cash and receipts for taxi fares ($40), delivery charges ($12), and office supplies ($30).Prepare the journal entry to record the replenishment of the fund.arrow_forward
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