1. Prepare the journal entry to establish the petty cash fund.
Q: Describe about petty cash fund.
A:
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Q: Calculator Entries are made to the petty cash account when Oa. replenishing the petty cash fund Ob.…
A: Petty cash account is opened to meet daily routine expenses which are very small.
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A: It may be true that the person responsible for handling cash receipts is more familiar with the…
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Q: Which of the following items should not be included in the Cash? O A. Petty cash and change funds…
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.
A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…
Q: list entry worksheet entry to recognize expenditures from the petty cash fund. bits before credits.…
A: Ans. Journal entry to record expenses made from petty cash funds can be passed either by making a…
Q: A petty cash fund is established by transferring a specified amount of cash from the company’s…
A: Normally an individual designated as the petty cash custodian, is responsible for the controlling…
Q: pare Journal Entry to establish Petty Cash Fund
A: Meaning of Petty Cash book: It is the subsidiary book of main cash book where all the small day to…
Q: 1. During the reconciliation of the company’s cash account with its bank statement, what should the…
A: Answer: Bank reconciliation is the action performed to match cash balance as per books and cash…
Q: Which type of source document is best for providing evidence of disbursements of funds from petty…
A: Source documents are those documents which have the physical basis and upon which the transactions…
Q: (Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished?
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: Define cash disbursements journal.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Which of the following items should be included in the Cash? O A. O B. Postdated checks and I.O.U.'s…
A: Cash and Cash equivalents are coins ,notes bill, cash at bank and any marketable security that can…
Q: Required: [Dikehendaki:] a) Prepare the updated cashbook. [Sediakan buku tunai dikemaskini.] h)…
A: BRS
Q: List two items often encountered in reconciling a bank state-ment that may cause cash per the bank…
A: Firm records every transaction in its cash book. Bank also open ledger account for that firm. The…
Q: How is a petty cash fund established? How is the fund replenished?
A: Petty cash: A petty cash is a small amount of cash on hand maintained by the companies to pay the…
Q: Indicate how to report cash and related items.
A: Accounting: It is the process of recording the financial transactions of an organization and…
Q: The entry to establish the Change Fund includes which of the following?
A: The entry to establish the Change Fund includes a debit to change fund and credit to cash.
Q: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: QUESTION 1 a) Explain the reasons for the difference between the cash book and bank statement. b)…
A: Cash book is the book in which all the transactions of the business which involves cash is recorded.…
Q: classification of the cash
A: Word cash, paid, cheque is Given in Transaction then it will Deemed / Considered Cash Transactions.
Q: why is there generally a difference between the balance in a cash account on the company's books and…
A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…
Q: Why does the bank treat an account balance as a Credit when there is money in the account, while in…
A: Every business has the bank account and business as well as the bank maintains its books of accounts…
Q: a) Prepare the journal entries to establish the petty cash fund on March 5. b) Prepare the journal…
A: (a) Journal entries to establish the petty cash fund on March 5. March 5 Petty Cash $250.00…
Q: The document that explains all the differences between the company’s cash records and the bank’s…
A: Explanation for the correct answer:Bank reconciliation statement is a report that summarizes the…
Q: It is the basis for the preparation of Journal Entry Voucher for the final recording in the cash…
A: The question is related to identifying the basis for the preparation of Journal Entry Voucher for…
Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…
A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…
Q: Distinguish between cash book and bank balance.
A:
Q: Petty Cash Fund Entries
A: Petty cash fund is the amount of cash set aside for meeting the daily expenses.
Q: A bank statement provided by the bank includes: Multiple Choice A list of outstanding checks. A list…
A: A bank statement is consists of cash deposits and withdrawal in a printed form
Q: two (2) adjustments required to reconcile the Cash Book with the Bank Statemen
A: The bank reconciliation statement shows the reconciliation of the bank statement to the cash account…
Q: Which of the following does not belong to the group? Petty cash fund Accounts Receivable…
A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…
Q: Explain briefly how proof cash affect the balance in book and bank balances?
A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…
Q: The document that explains all the differences between the company’s cash records and the bank’s…
A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…
Q: Indicate with Yes or No whether each of items should be included in the cash balance presented on…
A: 1. NFS check means check returned for Insufficient Funds. After returned form bank it no longer…
Q: The debit recorded in the journal to reimburse the petty cash fund is to Oa. Petty Cash Оb. Сash Oc.…
A: The debit recorded in the journal to reimburse the petty cash fund is to : Various accounts for…
Q: Required Prepare the CASH RECEIPTS JOURNAL Prepare the CASH DISBURSEMENTS JOURNAL
A: Accounting cycle. It can be defined as the process which involves identification, analysis,…
Q: cash control?
A: Correct Answer is B
Q: The debit recorded in the journal to reimburse the petty cash fund is to Select one: A. Cash B.…
A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…
Q: State and explain the reasons for the difference between cash book and bank statement
A: Definition: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own…
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- On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 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. B. 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. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased 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 $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.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.PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The following vouchers were issued during May: Required1. Prepare the journal entry to establish the petty cash fund.2. Record the vouchers in the petty cash record. Total and rule thepetty cash record.3. Prepare the journal entry to replenish the petty cash fund. Makethe appropriate entry in the petty cash record.
- On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…A petty cash fund was originally established with a cheque for $150. On December 31, you find the following items in the petty cash fund: Postage Office supplies $43.50 51.85 Office equipment repair Cash 49.00 4.25 Prepare the general journal entry to record the replenishment of the petty cash fund on December 31. Short Answer Toolbar navigationHello, I need to do a general journal with the following directions: On May 1, a petty cash fund was established for $200 by the owner, Ilika Cash. The following vouchers were issued during the month. Prepare the journal entries to (a) establish the petty cash fund on May 1 and (b) replenish the petty cash fund on May 31. Date Voucher No. Purpose Amount 6 4-1 Office supplies 12.00 8 4-2 Taxi fare for customer (travel expense) 27.00 12 4-3 Postage due (Postage Expense) 4.00 17 4-4 Donation (Misc. Expense) 20.00 30 4-6 Ilika withdrew for personal use 50.00