In establishing a petty cash fund, one of the following will be part of the journal...

In establishing a petty cash fund, one of the following will be part of the journal entry

A. Credit to Petty Cash

B. Debit to Cash

C. Credit to Accounts Payable

D. None of the above

Solutions

Expert Solution

A. Credit to petty cash

Here when small type of expenses are incurred in business then company make petty cash account and issue the payment through it... So when expenses incurred then it will be debited and petty cash account will be credited

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

What is the purpose of a Petty Cash Fund? Provide an example journal entry that a...

What is the purpose of a Petty Cash Fund? Provide an example journal entry that a company might use to set up a Petty Cash Fund. Additionally, provide two example journal entries of payments from the Petty Cash Fund AND one example journal entry example to replenish the balance in the Fund.

What is the purpose of a Petty Cash Fund? Provide an example journal entry that a...

$135 petty cash fund has cash of $18 and receipts of $120. The journal entry to...

$135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a a. credit to Petty Cash for $120 b. debit to Cash for $120 c. credit to Cash Short and Over for $3 The bank reconciliation a. should be prepared by an employee who records cash transactions b. is part of the internal control system c.is for information purposes only d.is sent to the bank for verification Which one...

A $70 petty cash fund has cash of $14 and receipts of $43. The journal entry...

A $70 petty cash fund has cash of $14 and receipts of $43. The journal entry to replenish the account would include a credit to Petty Cash for $43. Cash Over and Short for $13. Cash for $43. Cash for $56. A $124 petty cash fund has cash of $14 and receipts of $106. The journal entry to replenish the account would include a credit to Cash for $106. debit to Cash for $106. credit to Petty Cash for $110....

Record entries in general journal form to record the following: Established a Petty Cash Fund, $100....

Record entries in general journal form to record the following: Established a Petty Cash Fund, $100. Issued Ck. No. 587. Reimbursed the Petty Cash Fund for expenditures of $89: Store Supplies, $39; Office Supplies, $20; Miscellaneous Expense, $30. Issued Ck. No. 595. Increased the amount of the fund by an additional $75. Issued Ck. No. 597. Reimbursed the Petty Cash Fund for expenditures of $97.50: Store Supplies, $36.50; Delivery Expense, $41.00; Miscellaneous Expense, $20.00. Issued Ck. No. 599. If an...

Make the general journal entry to create the petty cash fund. Include an explanation

Question Accounting for petty cash Jackie’s Dance Studio created a $220 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: Petty Cash Ticket No. Item Account Debited Amount 1 Delivery of programs to customers Delivery Expense $ 20 2 Mail package Postage Expense 10 3 Newsletter Printing Expense 25 4 Key to closet Miscellaneous Expense 40 5 Copier paper Office Supplies 70 Requirements 1. Make the general journal entry to...

Create the journal entry to establish a petty cash fund of $400 for Johnson Corp. on...

Create the journal entry to establish a petty cash fund of $400 for Johnson Corp. on November 1. On November 30, a physical count of the petty cash shows a balance of $277 along with the following receipts: Postage Expense $40 Misc. Expenses $80 Prepare the journal entry for November 30 to reimburse the petty cash. On December 1, Johnson Corp. wants to increase the petty cash balance to $450. Prepare the entry to increase the petty cash. Clayborn Company...

Journalizing petty cash Prepare the journal entries for the following petty cash transactions of Everly Gaming Supplies:

Question Journalizing petty cash Prepare the journal entries for the following petty cash transactions of Everly Gaming Supplies:March 1 Established a petty cash fund with a $250 balance.31 The petty cash fund has $24 in cash and $235 in petty cash tickets that were issued to pay for Office Supplies ($35) and Entertainment Expense ($200). Replenished the fund and recorded the expenditures. April 15 Increased the balance of the petty cash fund to $300.

When replenishing the petty cash fund: The journal entry includes a credit to: 1. Postage expense...

When replenishing the petty cash fund: The journal entry includes a credit to: 1. Postage expense 2. Supplies Expense 3. Cash 4. Petty Cash Selected data from the financial statements of Bloom's Garden Centre are provided below. 2017 2016 Cash and cash equivalents $ 60000 $ 38000 Inventory $30000 $28000 Total assets 450000 380000 Cash flow from operations $4500000 $3390000 Dividends $340000 $320000 Capital expenditures $2000000 $1800000 Which of the following would result from a vertical analysis of Bloom's cash...

CTN Corp. on November 1, 2019 formed a petty cash fund of Rp 5,000,000. Petty cash...

CTN Corp. on November 1, 2019 formed a petty cash fund of Rp 5,000,000. Petty cash is filled every 10th, 20th and end of the month. The following are expenses that use petty cash funds from December 2 to December 10. November 2019 2. Buy stamps and seals Rp. 50,000 3. Paying the freight of the purchase of Rp 50,000 4. Paying for water bill Rp 415,250 7. Purchase of office stationery Rp 1,131,000 8. Pay Rp 350,000 newspaper bills...

Subjects