A company established a petty cash fund of $400 on September 1. On September 10, the...

A company established a petty cash fund of $400 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $127; transportation-in on inventory purchased, $132; and postage, $125. On September 15, the petty cash fund was decreased to $225 in total.

Solutions

Expert Solution

Journal Entries:

Date	Particulars	Debit	Credit
Sep-01	Petty Cash	$400
	Cash		$400
	(To record the establishment of Petty Cash fund)

Sep-10	Office Supplies Expense	$127
	Merchandise Inventory	$132
	Postage Expense	$125
	Cash ($400 (-) $16)		$384
	(To record the replinishment of Petty cash Fund)

Sep-15	Petty Cash ($225 (-) $400)	$175
	Cash		$175
	(To record theincrease in Petty cash Fund)

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Transactions involving the petty cash fund of Sonar Company are as follows: Mar. 1 Established a...

Transactions involving the petty cash fund of Sonar Company are as follows: Mar. 1 Established a petty cash fund of $ 750, which will be under the control of the assistant office manager. 31 Fund was replenished on this date. Prior to replenishment, the fund consisted of the following: Coins and currency $ 491.50 Petty cash voucher indicating disbursements for: Postage stamps $82.00 Suppliers money for office employees working overtime 36.00 Office supplies 32.70 Window washing service 60.00 Flowers for...

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)...

Chen Company established a $1,125 petty cash fund on January 1, Year 1. Required a. Is...

Chen Company established a $1,125 petty cash fund on January 1, Year 1. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Show the establishment of the petty cash fund in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Enter any decreases to account balances with a minus sign....

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):

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?

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...

A petty cash fund was established with a $600 balance. It currently has cash of $18...

A petty cash fund was established with a $600 balance. It currently has cash of $18 and petty cash tickets as shown below: Travel expense $101 Office supplies expense 285 Equipment rental expense 79 Which of the following would be included in the journal entry to replenish the Petty Cash fund? a credit to Cash Short & Over for $117 b debit to Cash Short & Over for $117 c debit to Petty Cash for $117 d credit to Petty...

On September 1, ATP Enterprises has decided to initiate a petty cash fund in the amount...

On September 1, ATP Enterprises 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 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.

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...

Subjects