2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the...

2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.15 that is immediately used. 9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $8.55 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $66 for mileage on her car. 20 Purchased office paper for $66.77 that is immediately used. 23 Paid a courier $15 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 27 Paid $59 for postage expenses. 28 The fund had $23.40 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. 28 The petty cash fund amount is increased by $60 to a total of $410. Required: 1. Prepare the journal entry to establish the petty cash fund. 2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. 3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The entry to establish a petty cash fund includes: a debit to Cash and a credit...

The entry to establish a petty cash fund includes: a debit to Cash and a credit to Petty Cash. a debit to Cash and a credit to Cash Over and Short. a debit to Petty Cash and a credit to Cash. a debit to Petty Cash and a credit to Accounts Receivable. a debit to Petty Cash and a credit to Petty Cash Payable.

The petty cash fund has a current balance of $ 350, which is the established fund...

The petty cash fund has a current balance of $ 350, which is the established fund balance. Based on activity in the fund, it is determined that the balance needs to be changed to $ 550. Which journal entry is needed to make this change? A. No journal entry is needed because this change only involves cash. B.Debit the Petty Cash account and credit the Cash account for $200. C.Debit the Cash account and credit the Petty Cash account for...

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...

On September 1, Jenkins Company establishes a petty cash fund by issuing a check for $225...

On September 1, Jenkins Company establishes a petty cash fund by issuing a check for $225 to Janice Bailey, the custodian of the petty cash fund. On September 30, Janice submitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is $10 cash in the fund: Freight-in 60 Office Supplies Expense 45 Entertainment of Clients 42 Postage Expense 52 Instructions Use the information above to answer the following questions. 1)...

3) On May 1, 2020, Vuitton Company established a petty cash fund by issuing a check...

3) On May 1, 2020, Vuitton Company established a petty cash fund by issuing a check for €600 On May 31, 2020, petty cash fund was replenished when there is €35 cash in the fund, in addition, these receipts were in the petty cash fund: Freight-in €300 Supplies Expense 205 Postage Expense 70 Prepare journal entry of replenishing the petty cash fund (entry of May 31):

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...

The James company wants you to establish a petty cash find and replenish it at the...

The James company wants you to establish a petty cash find and replenish it at the end of the month. You are provided with the following: 02-Jul $100 petty cash fund is established 31-Jul Theses vouchers existed Donations $ 20.00 Postage $ 18.00 Supplies $ 25.00 Miscellaneous $ 25.00 There was $15.00 remaining in the fund on July 31 Required: Record the entry to create the fund, and to replenish it, then one to increase the fund by $50 Date Debit Credit 01-Jul 31-Jul...

What are the controls needed to secure the petty cash fund?

A petty cash fund was established with a $ 600 balance. It currently has cash of...

A petty cash fund was established with a $ 600 balance. It currently has cash of $ 40 and petty cash tickets as shown below: Travel expense $ 100 Office supplies expense 250 Equipment rental expense 150 Which of the following would be included in the journal entry to replenish the Petty Cash fund?

Khaled’s company needs to replenish a $500 petty cash fund. Its petty cash box has $70...

Khaled’s company needs to replenish a $500 petty cash fund. Its petty cash box has $70 cash and petty cash receipts of $420. The journal entry to replenish the fund includes: A debit to Cash for $70. A credit to Cash for $70. A debit to Cash Over and Short for $10 A credit to Cash Over and Short for $10. A credit to Petty Cash for $420 Fahad’s company had net sales of $50,000 and accounts receivable of $5,500....

Subjects