Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $130 for office supplies, $180 for merchandise inventory, and $90 for miscellaneous expenses. There is a cash overage of $6. The journal entry to replenish the fund on January 31 is: 4 Multiple Choice O Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180, Debit Miscellaneous expenses, $90, Debit Cash over and short, $6; Credit Petty cash, $406. Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90, Debit Cash over and short, $6: Credit Cash, $406. Debit Office Supplies Expense, $130, Debit Merchandise Inventory. $180, Debit Miscellaneous expenses, $90: Credit Cash over and short, $6; Credit Petty cash, $394. Debit Office Supplies Expense, $130; Debit Merchandise Inventory. $180, Debit Miscellaneous expenses, $90, Credit Cash over and short $6; Credit Cash, $394 Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90, Debit Cash over and short, $6. Credit Petty cash, $500.

Pelcher Company maintains a $500 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $130 for office supplies, $180 for merchandise inventory, and $90 for miscellaneous expenses. There is a cash overage of $6. The journal entry to replenish the fund on January 31 is: 4 Multiple Choice O Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180, Debit Miscellaneous expenses, $90, Debit Cash over and short, $6; Credit Petty cash, $406. Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90, Debit Cash over and short, $6: Credit Cash, $406. Debit Office Supplies Expense, $130, Debit Merchandise Inventory. $180, Debit Miscellaneous expenses, $90: Credit Cash over and short, $6; Credit Petty cash, $394. Debit Office Supplies Expense, $130; Debit Merchandise Inventory. $180, Debit Miscellaneous expenses, $90, Credit Cash over and short $6; Credit Cash, $394 Debit Office Supplies Expense, $130, Debit Merchandise Inventory, $180; Debit Miscellaneous expenses, $90, Debit Cash over and short, $6. Credit Petty cash, $500.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 2PB: On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...

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On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 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 June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
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