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

Q: The entry to replenish the petty cash fund will include A a credit to Cash for $412. B a credit to…

A: Given information is: Petty Cash fund = $500 Receipts at the end of the month = $412 Currency = $62

Q: On April 2, Granger Sales decides to establish a $370 petty cash fund to relieve the burden on…

A: Date particulars amount amount Apr 2  petty cadh $370     Cash   $370   Being cash paid…

Q: The accountant of Meema Inc. established a petty cash fund of P1,400.  During September, the fund…

A: The petty cash fund is created to maintain the cash balance for day to day transactions of the…

Q: PA1. On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash is a fixed amount set aside to meet day to day expense of small values. Petty cash fund…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800. A.…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $16 cash…

A: Journal Entries Date Particulars LF Debit ($) Credit ($) 01st Aug Petty Cash   110…

Q: A petty cash fund was originally established with a check for $180. On December 31, the petty cash…

A: Hey there, Since multiple questions are posted only the first question will be answered. Kindly…

Q: 7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200.…

A: The company maintains availability of small amount to pay daily expenses in the form of petty cash.

Q: Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,400. A. On…

A: Petty cash spent in a.=$1,400-$234=$1,166

Q: Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…

A: The petty cash book is prepared for day to day small cash transactions of the business.

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Petty cash book :- Petty cash book is a book that records small small expenses that are incurred in…

Q: On April 1, Java Brewers created a petty cash fund starting with $100. On April 30, there was only…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: During March, Anderson Company engaged in the following transactions involving its pettycash fund:a.…

A: To keep track of financial transactions, journal entries are utilised.  Your journal entries are…

Q: The Crown Company established a $1,000 petty cash fund by issuing a cheque to the custodian on…

A: The journal entry are as follows.

Q: On October 1, 20--, a check was written in the amount of $300 to establish a petty cash fund. During…

A: Part a ) Journal Entry to establish a petty cash fund Date Account Debit Credit Jan-01 Petty…

Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On May 1 of this year, Ellsworth and Company established a Petty Cash Fund. The following petty cash…

A:

Q: Sohar Aluminium Company established a petty cash fund of RO 5,700 on January 1st. Assume that on…

A: Replenish Amount of Petty Cash = Petty Cash - Petty Cash Balance Replenish Amount of Petty Cash = RO…

Q: Marin, Inc. decided to establish a petty cash fund to help erisure internal control over its sma…

A: >Petty Cash fund is created out of Cash account. >It is created to pay out certain petty…

Q: On September 1, ATP Enterprises has decided to initiate a petty cash fund in the amount of $800.…

A:

Q: Prepare the general journal entry to set up the petty cash fund  on January 2, and to replenish the…

A: The following computations are done to evaluate the ending balance of the petty cash book of Swartz…

Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash…

A: The asset account is debited when there is an increase and credited with there is a decrease.

Q: During March, Anderson Company engaged in the following transactions involving its petty cash fund:…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Stephanie Jo Company established a petty cash fund of $300 on May 1. At the end of the month, the…

A: Date Account titles and explanation Debit Credit May 1 Petty cash $300     Cash   $300   (To…

Q: The following petty cash transactions were made by the Freeman Corporation during the month…

A: Petty cash is used by the company to meet day to day small expenses.

Q: Prepare the journal entries for August.

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: During October, Daylight Company experiences the following transactions in establishing a petty cash…

A: Various small expenses are incurred for day to day activities of the entity can be managed…

Q: On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On…

A: Petty cash fund  It is a certain amount of fund which is kept aside for meeting small and day to day…

Q: Bonita Company established a $110 petty cash fund on August 1. On August 31, the fund had $14 cash…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020, with an Imprest…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: 7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200.…

A: Petty Cash The cash book is the most important subsidiary book which is used to record all receipts…

Q: Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund…

A: Petty cash is a fund which is created to meet day to day activities or expenses such as -small…

Q: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,500. Prepare…

A: Petty cash fund is used by the organizations to fund the small cash payments for utilities, office…

Q: On September 1, a company established a petty cash fund of $120. On September 10, the petty cash…

A: Petty cash:  Petty cash fund is established to manage the payment for the small business expenditure…

Q: Black Water Company established a $75 petty cash fund on August 1. On August 31, the fund had $10…

A: Petty cash means a small amount of cash is transfer from the cash book to the petty cash book for…

Q: On March 20, Concord's petty cash fund of $119 is replenished when the fund contains $6 in cash and…

A: Balance of available cash and the total expenses goes to Cash over and short Account.

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

A: Cash Short and Over: A miscellaneous expense account used to record the difference between the…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash fund is created by the business in which little amount of cash is placed so as to meet…

Q: 1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Journal entry is a process of recording and classifying business transactions into books of accounts…

Q: Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A.…

A: Petty cash funds are those funds which are established and maintained for small petty expenses in…

Q: On September 29, the company determined that the petty cash fund needed to be increased to $1,000.…

A: The petty cash fund is established to maintain the cash balance for regular activities of the…

Q: ber 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense…

A: 1. On September 5 to reimburse the expense Petty cash a/c..(Dr) 748 To cash a/c 748     2. On…

Q: Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company…

A: Petty cash fund will be used for petty expenses.  First, we take some amount from the bank account…

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

Q: ash on hand at this time was $132. B. On June 14, the petty cash fund needed replenishment, and the…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.