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. Not all cells in the "Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.)

Expert Solution

ekkarill92 answered 1 year ago

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.

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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.

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...

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Valley Hardware (Mr. M. Jordan is the sole proprietor) established a petty cash fund on January 1, 2018. A cheque for $400 payable to cash was given to Kate, the petty cashier, who went to the bank and brought back $400 and put it in the petty cash box. The following transactions were completed during January. Jan 1 Purchased business cards for $36 (this business records office supplies as expenses upon purchase) Jan 10 Paid $60 for repairs to the...

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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...

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Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash fund of $745. 12. The cash sales for the day, according to the cash register records, totaled $12,987. The actual cash received from cash sales was $13,011. 31. Petty cash on hand was $154. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $387. 7. Express charges on merchandise sold, $34 (Delivery Expense)....

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