Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Question
Chapter B, Problem 1DC
1.
To determine
Determine the beginning and ending balance of
2.
To determine
Determine the sales on account in the month of April.
3.
To determine
Determine the total cash receipts on account from customers during April.
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On October 1, 2024, Splish Brothers Company establishes a petty cash fund by issuing a cheque for $275 to Charles
Wood, the custodian of the petty cash fund. On October 31, 2024, Charles Wood submitted the following paid petty
cash receipts for replenishment of the petty cash fund when there is $22 cash in the fund:
Freight in
Supplies expense
Entertainment of clients
Postage
$35
99
74
38
Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on
October 31. The company uses a perpetual inventory system. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. List all debit entries efor credit
entries. Record journal entries in the order presented in the problem. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.)
Prepare journal entries for the following transactions, using the accounts in the order listed:
PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions.
On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200.
DR
CR
On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38.
DR
DR
DR
DR
DR
DR or CR?
CR
On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80.
DR
DR
DR
DR
DR
DR or CR?…
Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash remaining and petty cash receipts for postage $31, office supplies $22, and miscellaneous expense $40.Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Aug. 1Aug. 31
Aug. 1Aug. 31
Chapter B Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. B - Match the benefit of an effective accounting...Ch. B - Prob. 2TICh. B - Prob. 3TICh. B - Prob. 4TICh. B - Prob. 5TICh. B - Prob. 6TICh. B - Prob. 7TICh. B - Prob. 8TICh. B - Prob. 1QCCh. B - Prob. 2QC
Ch. B - Prob. 3QCCh. B - Prob. 4QCCh. B - Prob. 5QCCh. B - Prob. 6QCCh. B - Prob. 7QCCh. B - When using a manual accounting information system,...Ch. B - Prob. 9QCCh. B - Prob. 1RQCh. B - Prob. 2RQCh. B - Prob. 3RQCh. B - Prob. 4RQCh. B - What is the purpose of a subsidiary ledger?Ch. B - Prob. 6RQCh. B - List the four special journals often used in a...Ch. B - Explain the posting process of the sales journal.Ch. B - Prob. 9RQCh. B - What are the columns that are typically used in...Ch. B - Explain the posting process of the cash payments...Ch. B - When is the general journal used in a manual...Ch. B - Prob. 13RQCh. B - Prob. 14RQCh. B - Prob. 15RQCh. B - How is QuickBooks organized?Ch. B - How would a business record a sale of services on...Ch. B - How would a business record a bill received in...Ch. B - Prob. 1SECh. B - Prob. 2SECh. B - Identifying special journals Use the following...Ch. B - Prob. 4SECh. B - Prob. 5SECh. B - Prob. 6SECh. B - Prob. 7SECh. B - Prob. 8SECh. B - Prob. 9SECh. B - Prob. 10SECh. B - Prob. 11SECh. B - Prob. 12SECh. B - Prob. 13SECh. B - Prob. 14ECh. B - Prob. 15ECh. B - Prob. 16ECh. B - Prob. 17ECh. B - Identifying transactions in the accounts...Ch. B - Prob. 19ECh. B - Prob. 20ECh. B - Prob. 21ECh. B - Prob. 22ECh. B - Prob. 23ECh. B - Prob. 24APCh. B - Prob. 25APCh. B - Using all journals, posting, and balancing the...Ch. B - Prob. 27BPCh. B - Using the purchases, cash payments, and general...Ch. B - Using all journals, posting, and balancing the...Ch. B - Prob. 30PCh. B - Prob. 31PCh. B - Prob. 1COMPCh. B - Prob. 1TIATCCh. B - Prob. 1DCCh. B - Prob. 1FCCh. B - Prob. 1CA
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- Milner Department Store has one cash register on which it performs daily cash counts. Recently, the cash count indicated that there was $7,676.21 in the register after deducting and removing the opening change amount of $50.00. However, the cash register tape reported sales in the amount of $7,638.97. Milner deposited its cash collected in its bank account. Required: Prepare a journal entry to record these cash collections. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places, if necessary.arrow_forwardOn October 1, Head and Heart Company'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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation 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_forward
- Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $16 cash remaining and petty cash receipts for postage $41, office supplies $22, and miscellaneous expense $31.Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1Aug. 31 Aug. 1Aug. 31arrow_forwardRecord the following transactions into the general journal. Be sure to include explanations. When finished upload your journal to this problem. Establish a petty cash fund of $150 on September 1 with check #1001. On September 10, the petty cash fund was replenished with check #1015 when there was $16 remaining and there were petty cash receipts for: office supplies, $30; transportation-in on inventory purchased, (company uses perpetual method) $52; and postage, $42. On September 15, the petty cash fund was increased to $175 in total with check #1020.arrow_forwardWildhorse, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. 2. 3. On April 1, it established a petty cash fund in the amount of $252. A summary of the petty cash expenditures made by the petty cash custodian as of April 10, when the balance in petty cash was $11, is as follows. Delivery charges paid on merchandise purchased Supplies purchased and used Postage expense L.O.U. from employees Miscellaneous expense $73 38 46 30 49 The company uses a periodic inventory system. The petty cash fund balance was increased $113 to $365 on April 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_forwardThe following misstatements are included in theaccounting records of the Joyce Manufacturing Company:1. A sales invoice was miscalculated by $1,000 as a result of a key-entry mistake.2. Cash paid on accounts receivable that had been prelisted by a secretary was stolenby the bookkeeper who records cash receipts and accounts receivable. He failed torecord the transactions.3. A material sale was recorded on the last day of the year even though the goods werenot shipped until 3 days later.4. Merchandise was shipped to a customer, but no bill of lading was prepared. Becausebillings are prepared from bills of lading, the customer was not billed.5. The controller approved a payment to a consulting firm owned by his sister. Theconsulting firm did not actually perform any services for the company.6. The shipping clerk included several additional valuable items to a shipment that werenot included in the customer’s order and were not invoiced to the customer. Theshipping clerk has an arrangement…arrow_forwardBrooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry._____ a.Fund amount is being reduced._____ b.Fund amount is being increased._____ c.Fund is being eliminated._____ d.Fund is being established.arrow_forward
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