PETTY CASH FUND (EXERCISES)ZEALOUS COMPANY ESTABLISHED A PETTY CASH FUND.1. ESTABLISHEDA PETTY CASH FUND OF P10,000 ON JANUARY 2.2 PETTY CASH FUND EXPENSES-JANUARY 2-31 ARE: POSTAGE-P1,500; SUPPLIES-P5,500;TRANSPORTATION-P1,200; MISCELLANEOUS EXPENSE -P8003 THE FUND IS REPLENISHED ON FEBRUARY 1 AND INCREASED BY P5,000.REQUIREMENT:PREPARE A JOURNAL ENTRIES TO RECORD THE TRANSACTIONS UNDER THE FLUCTUATINGFUND SYSTEM AND IMPREST FUND SYSTEM.

ZEALOUS COMPANY ESTABLISHED A PETTY CASH FUND. 1. ESTABLISHED A PETTY CASH FUND OF P10,000 ON JANUARY 2. 2 PETTY CASH FUND EXPENSES- JANUARY 2-31 ARE: POSTAGE-P1,500; SUPPLIES-P5,5003; TRANSPORTATION-P1,200; MISCELLANEOUS EXPENSE- P800 3. THE FUND IS REPLENISHED ON FEBRUARY 1 AND INCREASED BY P5,000.

ZEALOUS COMPANY ESTABLISHED A PETTY CASH FUND. 1. ESTABLISHED A PETTY CASH FUND OF P10,000 ON JANUARY 2. 2 PETTY CASH FUND EXPENSES- JANUARY 2-31 ARE: POSTAGE-P1,500; SUPPLIES-P5,5003; TRANSPORTATION-P1,200; MISCELLANEOUS EXPENSE- P800 3. THE FUND IS REPLENISHED ON FEBRUARY 1 AND INCREASED BY P5,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

See similar textbooks

Similar questions

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 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.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
Havermill Co. establishes a $370 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $85 for Office Supplies, $161 for merchandise Inventory, and $34 for miscellaneous expenses. The fund has a balance of $90. On October 1, the accountant determines that the fund should be increased by $74. The journal entry to record the establishment of the fund on September 1 is: Multiple Choice О Debit Petty Cash $370; credit Accounts Payable $370. O Debit Miscellaneous Expense $370; credit Cash $370. O Debit Petty Cash $370; credit Cash $370. Debit Cash $370; credit Petty Cash $370. О Debit Cash $370; credit Accounts Payable $370.
Jone Company established a petty cash fund. 1. Established a petty cash fund of $10000 on August 2. 2. Petty cash expenses August 2-31 are Postage Supplies Transportation $1200 Misc, expense $2500 $4500 $800 3. The fund is replenished on September 1 and increased by $5000. Prepare journal entries to record Jone Company transactions under the 2 petty cash fund systems which are fluctuating fund system and imprest fund system.
On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 3 b. On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 the ending cash balance. Journalize the replenishment of the fund. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Apr. 11 c. On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. Apr. 12
Havermill Co. establishes a $390 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $87 for Repairs Expense, $165 for merchandise Inventory, and $36 for miscellaneous expenses. The fund has a balance of $102. On October 1, the accountant determines that the fund should be increased by $78. The Journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice О Credit to Cash for $102. Credit to Cash for $390. Debit Petty Cash for $288. О Credit to Merchandise Inventory for $165. О Debit to Repairs Expense for $87.
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. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $56, contributions and donations of $29, and meals and entertainment of $110. The remaining cash is $81 in the ending cash balance. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. c. On April 11, Granger Sales decides to increase petty cash by $160. Journalize this event.
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. 11
1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund contained $189 and had the following receipts: entertainment, $42; postage, $15; and printing, $14.Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. See attached photos
Havermill Company establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Repairs Expense, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice Debit to Repairs Expense for $73. Credit to Merchandise Inventory for $137. Credit to Cash for $250. Debit Petty Cash for $232 Credit to Cash for $18.
Havermill Co. establishes a $320 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $80 for Office Supplies, $144 for merchandise Inventory, and $29 for miscellaneous expenses. The fund has a balance of $25. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the increase in the fund balance on October 1 is: Multiple Choice Debit Petty Cash $370; credit Cash $370. Debit Petty Cash $50; credit Cash $50. O Debit Miscellaneous Expense $50; credit Cash $50. Debit Petty Cash $50; credit Accounts Payable $50. O Debit Cash $50; credit Petty Cash $50.