Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 7.A, Problem 4AE
1.
To determine
Record the
2.
To determine
Record the journal entry to increase the petty cash fund.
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Question 9
Moon Co. decides to establish a petty cash fund with a beginning balance of $360. At the end of the first month the accumulated receipts represent $80 for
delivery expenses, $200 for merchandise inventory, and $55 for miscellaneous expenses. The fund has a balance of $20. The Journal entry to reimburse
the fund will include:
O Debit to Cash Short and Over for $5
O Credit to Petty Cash for $340
O Debit to Cash for $335
O Credit t to Cash Short and Over for $25
Hi guys. I need some help with the below.
Thank
Brief Exercise 4-35 (Algorithmic)Petty Cash with Change in Fund Balance
Canary Inc. maintains a petty cash fund with a balance of $2,200. During the month of September, Canary's employees made routine expenses using cash from the petty cash fund totaling $1,580. At the end of September, Canary replenishes the petty cash account, but it also decides to increase the fund balance to $3,150. Canary classifies all petty cash transactions as miscellaneous expense.
Required:
Prepare a journal entry to record the petty cash activity. For a compound transaction, if an amount box does not require an entry, leave it blank.
Petty Cash Fund
fill in the blank 2
fill in the blank 3
Miscellaneous Expense
fill in the blank 5
fill in the blank 6
Cash
fill in the blank 8
fill in the blank 9
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Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the
month. The entry to replenish the petty cash fund will include:
Multiple Choice
A debit to Petty Cash for $385.00.
A debit to Cash for $390.50.
A credit to Cash for $390.50.
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Chapter 7 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 7.A - Prob. 1SECh. 7.A - Prob. 2SECh. 7.A - Prob. 3AECh. 7.A - Prob. 4AECh. 7.A - Prob. 5BECh. 7.A - Prob. 6BECh. 7.A - Prob. 7APCh. 7.A - Prob. 8BPCh. 7 - Which duties should be segregated in the...Ch. 7 - Prob. 2DQ
Ch. 7 - Prob. 3DQCh. 7 - Why does the allowance method of accounting for...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - How would the net realizable value of Accounts...Ch. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 1SCCh. 7 - Prob. 2SCCh. 7 - Prob. 3SCCh. 7 - Prob. 4SCCh. 7 - Prob. 5SCCh. 7 - Prob. 6SCCh. 7 - Prob. 7SCCh. 7 - Prob. 8SCCh. 7 - Prob. 9SCCh. 7 - Prob. 10SCCh. 7 - Prob. 11SCCh. 7 - Prob. 12SCCh. 7 - Prob. 1SECh. 7 - Prob. 2SECh. 7 - Prob. 3SECh. 7 - Prob. 4SECh. 7 - Prob. 5SECh. 7 - Prob. 6SECh. 7 - Prob. 7SECh. 7 - Prob. 8SECh. 7 - Prob. 9SECh. 7 - Prob. 10SECh. 7 - Prob. 11SECh. 7 - Prob. 12SECh. 7 - Prob. 13SECh. 7 - Prob. 14SECh. 7 - Prob. 15SECh. 7 - Quick ratio (Learning Objective 7) 510 min....Ch. 7 - Prob. 17SECh. 7 - Prob. 18AECh. 7 - Prob. 19AECh. 7 - Prob. 20AECh. 7 - Prob. 21AECh. 7 - Prob. 22AECh. 7 - Prob. 23AECh. 7 - Prob. 24AECh. 7 - Prob. 25AECh. 7 - Prob. 26AECh. 7 - Prob. 27AECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 29AECh. 7 - Prob. 30BECh. 7 - Prob. 31BECh. 7 - Prob. 32BECh. 7 - Prob. 33BECh. 7 - Prob. 34BECh. 7 - Aging of accounts receivable allowance method...Ch. 7 - Prob. 36BECh. 7 - Prob. 37BECh. 7 - Prob. 38BECh. 7 - Prob. 39BECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 41BECh. 7 - Prob. 42APCh. 7 - Prob. 43APCh. 7 - Prob. 44APCh. 7 - Prob. 45APCh. 7 - Prob. 46APCh. 7 - Accounting for notes receivable (Learning...Ch. 7 - Prob. 48APCh. 7 - Prob. 49BPCh. 7 - Prob. 50BPCh. 7 - Prob. 51BPCh. 7 - Prob. 52BPCh. 7 - Prob. 53BPCh. 7 - Prob. 54BPCh. 7 - Prob. 55BPCh. 7 - Continuing Exercise In this exercise, we continue...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1CFSAPCh. 7 - Prob. 1EIACh. 7 - Prob. 2EIACh. 7 - Financial Analysis Purpose: To help familiarize...Ch. 7 - Industry Analysis Purpose: To help you understand...Ch. 7 - Prob. 1SBACh. 7 - Prob. 1WC
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- On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on ACcounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $41, contributions and donations of $19, and meals and entertainment of $109, and $107 in cash. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash to $380. Journalize this event. If an amount box does not reguire an entry, leave it blank. Apr. 11arrow_forwardedugen.wileyplus.com 山 + D Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Problem 8-03A a-b (Part Level Submission) (Video) CALCULATOR PRINTER VERSION Waterway Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. 1 BACK NEXT Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $210. 15 Replenished the petty cash fund by writing a check for $206.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $94.00, entertainment expense $47.00, postage expense $43.90, and miscellaneous expense $20.40. 16 Increased the amount of the petty cash fund to $305 by writing a check for $95.00. 31 Replenished the petty cash fund by writing a check for $289.00. On this date, the fund consisted of $16.00 in cash and these petty cash receipts: postage expense…arrow_forward4. Robinson Legal Services, Inc. established a $220 petty cash fund. During the month, the fund was used to pay for the following expenditures: Petty Cash Ticket No. 1 2 3 4 5 Item Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies DATE Newsletter Key to closet Copier paper (a) Record the journal entry to create the petty cash fund. (b) At month-end, the bookkeeper counted the cash in the petty cash box. There was $40. Record the journal entry (entries) needed at the end of the month to replenish the fund. (c) If the bookkeeper wanted to decrease the petty cash fund to $120, what journal entry would he record? DATE ACCOUNT ACCOUNT DEBIT Amount $ 20 10 25 40 70 DEBIT CREDIT CREDITarrow_forward
- Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the first month the accumulated receipts represent $60 for delivery expenses, $138 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $10. The Journal entry to reimburse the fund will include: O Debit to Cash for $233 O Debit to Cash Over and Short for $7 O Credit to Petty Cash for $250 O Credit to Cash Over and Short for $17 Moving to another question will save this response. Question 6 ofarrow_forwardP4-53A (Learning Objective 3: Design and use a bank reconciliation) The November 30 bank statement of Donald Engineering Associates has just arrived from Kansas First Bank. To prepare the Donald bank reconciliation, you gather the following data: a. Donald's Cash account shows a balance of $7,684.83 on November 30. b. The November 30 bank balance is $8,457.95. c. The bank statement shows that Donald earned $16.38 of interest on its bank balance during November. This amount was added to Donald's bank balance. d. Donald pays utilities ($750) and insurance ($240) by EFT. e. The following Donald checks did not clear the bank by November 30: Check No. Amount 237 $404.80 288 74.82 291 34.89 293 173.25 294 238.00 295 47.75 296 105.78 f. The bank statement includes a deposit of $903.10, collected on account by the bank on behalf of Donald. g. The bank statement lists a $7.50 bank service charge. h. On November 30, the Donald treasurer deposited $381.75, which will appear on the December bank…arrow_forward1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. Description Debit Credit May 13: Paid the invoice of April 14. Description Debit Credit May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Description Debit Creditarrow_forward
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