Question

In: Accounting

An inventory of Shi Maria Resort's petty cash fund (total = $200) found the following: Travel...

An inventory of Shi Maria Resort's petty cash fund (total = $200) found the following:

Travel expense voucher $20

Office supply voucher $15

Coins and banknotes $170

Based on this inventory, the bookkeeper's journal entry should contain....

A Cash Short and Over for $5 credit
None of these
A Cash Short and Over for $15 credit
A Cash Short and Over for $5 debit

Solutions

Expert Solution

Answer

Option A.Cash Short and Over for $5 credit

Travel expense                       Dr    $20

Office supply                        Dr    $15

Coins and banknotes              Dr     $170

                To Cash                                        $200

                To Cash Short and Over                   $5


Related Solutions

The following petty cash transactions of Green Golf Equipment occurred in May: May 1 Established a petty cash fund with a $200 balance.
The following petty cash transactions of Green Golf Equipment occurred in May: May 1 Established a petty cash fund with a $200 balance. 31 The petty cash fund has $18 in cash and $180 in petty cash tickets that were issued to pay for Office Supplies ($81), Delivery Expense ($36), Postage Expense ($54), and Miscellaneous Expense ($9). The petty cash custodian replenished the fund and recorded the expenses. Prepare the journal entries.
a company sets up a petty cash fund of $200 on January 1, 2009 on January...
a company sets up a petty cash fund of $200 on January 1, 2009 on January 31, 2009, they decide to replenish the fund. They note that the petty cashier has $13.75 in cash on hand at January 31 and receipts as follows: Expense 1: $17.00, Expense 2: $167, Expense 3: $89.50, Expense 4: $24.00 assuming all expenses are considered legitimate, record the establishment of the petty cash fund and then record the replenishment at the end of the month.
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
On November 1, 20X1, a small business created a $200 imprest petty cash fund for day-to-day...
On November 1, 20X1, a small business created a $200 imprest petty cash fund for day-to-day office needs. At the end of November, $37.30 remained in the petty cash fund. Also, receipts for expenses paid using petty cash totaled $162.70 and included the following items: $57.20 for take out pizza for a late night at office; $105.50 for train fare to attend meetings with clients. On November 30, 20X1, the fund was reimbursed for November’s expenditures. Prepare entries for November...
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...
What are the controls needed to secure the petty cash fund?
What are the controls needed to secure 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....
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.
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?
Describe the need for a petty cash fund. How does the fund work and why is...
Describe the need for a petty cash fund. How does the fund work and why is it needed? What are some controls that should be placed on the petty cash fund?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT