Nash, inc. decided to establish a petty cash fand 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 $235. A summary of the petty cash expenditures made by the po petty cash was $6, is as follows Delivery charges paid on merchandise purchased $71 Supplies purchased and used 36 Postage expense IOU from employees Miscellaneous expense The company uses a periodic inventory system The petty cash fund balance was increased $111 to $346 on April 20 Date April 1 Prepare the journal entries to record transactions related to petty cash for the month of April (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries. Record journal entries in the order presented in the problem) April 10 Apr 20 Account Titles and Explanation 28 47 Once Supplies Expense s custod Prity Cain sof April 10 when the balance in Debit

Nash, inc. decided to establish a petty cash fand 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 $235. A summary of the petty cash expenditures made by the po petty cash was $6, is as follows Delivery charges paid on merchandise purchased $71 Supplies purchased and used 36 Postage expense IOU from employees Miscellaneous expense The company uses a periodic inventory system The petty cash fund balance was increased $111 to $346 on April 20 Date April 1 Prepare the journal entries to record transactions related to petty cash for the month of April (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries. Record journal entries in the order presented in the problem) April 10 Apr 20 Account Titles and Explanation 28 47 Once Supplies Expense s custod Prity Cain sof April 10 when the balance in Debit

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 4AP

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On July 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 $110. 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 $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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 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.
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.
Carolyn Keene, 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. On April 1, it established a petty cash fund in the amount of $200. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $60.00 Supplies purchased and used 25.00 Postage expense 33.00 I.O.U. from employees 17.00 Miscellaneous expense 36.00 The petty cash fund was replenished on April 10. The balance in the fund was $27. 3. The petty cash fund balance was increased $100 to $300 on April 20. Instructions Prepare the journal entries to record transactions related to petty cash for the month of April.
Fick Corp. 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: a. On April 1, Fick established a petty cash fund in the amount of $11,000 b. A summary of petty Cash Expenditures made by the petty cash custodian as of April 10 is as follows: Delivery Charges on merchandised purchased, $2,500 Supplies purchased and used, $2450 Postage expense, $1,000 IOU from employees, $750 Miscellaneous expenses, $2,000 c. The fund was replenished and increased to $17,000 on this date. The balance in the fund was $800. Compute for the Cash shortage.
Sunland Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 15 (a) 16 31 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. Replenished the petty cash fund by writing a check for $196.70. On this date, the fund consisted of $3.30 in cash and these petty cash receipts: freight-out $93, entertainment expense $47.10, postage expense $43.50, and miscellaneous expense $11.40. Increased the amount of the petty cash fund to $305 by writing a check for $105.00. Replenished the petty cash fund by writing a check for $288.10. On this date, the fund consisted of $16.90 in cash and these petty cash receipts: postage expense $139.80, entertainment expense $92.60, and freight-out $54.60. Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to…
Pharoah Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $410. The fund was reimbursed when the cash in the fund was at $65. Petty cash receipts show that funds were disbursed for $160 of supplies and $183 of freight charges on inventory purchases. Prepare the entries needed to record the following independent transactions. (a) Assume that Pharoah decides to increase the size of the petty cash fund to $610 immediately after the reimbursement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory. The journal entry to reimburse the petty cash fund on January 8 will include: A. Credit to Petty Cash for $162 B. Debit to Cash short and over for $ 38 C. Credit to Merchandise Inventory for $29 D. Debit miscellaneous expenses for $43
Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 - Established the petty cash fund by writing a check payable to the petty cash custodian for $205. Aug 15. - Replenished the petty cash fund by writing a check for $201.30. On this date, the fund consisted of $3.70 in cash and these petty cash receipts: freight-out $93.00, entertainment expense $47.10, postage expense $40.80, and miscellaneous expense $18.80. Aug 16- Increased the amount of the petty cash fund to $325 by writing a check for $120.00. Aug 31- Replenished the petty cash fund by writing a check for $308.70. On this date, the fund consisted of $16.30 in cash and these petty cash receipts: postage expense $139.20, entertainment expense $95.20, and freight-out $72.50.
Wyoming Restoration Company completed the following selected transactions during July20Y1:July 1. Established a petty cash fund of $1,100.12 The cash sales for the day, according to the cash register records,totaled $8,192. The actual cash received from cash sales was $8,220.31 Petty cash on hand was $47. Replenished the petty cash fund for thefollowing disbursements, each evidenced by a petty cash receipt:July3. Store supplies, $580.7. Express charges on merchandise sold, $90 (Delivery Expense).9. Office supplies, $30.13. Office supplies, $35.19. Postage stamps, $50 (Office Supplies).21. Repair to office file cabinet lock, $60 (MiscellaneousAdministrative Expense).22. Postage due on special delivery letter, $28 (MiscellaneousAdministrative Expense).24.Express charges on merchandise sold, $135 (Delivery Expense).30.Office supplies, $25.31 The cash sales for the day, according to the cash register records,totaled $10,241.The actual cash received from cash sales was $10,232.31 Decreased…
Vaughn Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. 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 $206.60. On this date, the fund consisted of $3.40 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $46.20, postage expense $41.20, and miscellaneous expense $25.90. 16 Increased the amount of the petty cash fund to $310 by writing a check for $100.00. 31 Replenished the petty cash fund by writing a check for $294.40. On this date, the fund consisted of $15.60 in cash and these petty cash receipts: postage expense $142.00, entertainment expense $96.10, and freight-out $54.60.