Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts:   Office  Supplies     $142   Advertising                96   Postage                     40   Miscellaneous          38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.

Q: Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10.

A:

Q: Palmona Co. establishes a $200 petty cash fund on January 1. Palmona uses the perpetual system in…

A: As per the accounting equation, all assets have a normal debit balance. It means that when we debit…

Q: Kingery Ltd. maintains a balance of $3,000 in its petty cash fund for routine purchases such as…

A: Journal: Recording of a business transactions in a chronological order.

Q: Crane Company established a petty cash fund on May 1, cashing a check for $125. The company…

A: Petty Cash is the amount which is kept aside by the entities for meeting up the routine outlays of…

Q: The December 31, 2019 trial balance of Cagayan Company includes the following accounts: Cash on hand…

A: Step 1: BRS statement is that statement which compares the bank pass book balance of company with…

Q: Swifty Company established a petty cash fund on May 1, cashing a check for $125. The company…

A: Journal entry is a record of financial transaction in the books of accounts of a business. It…

Q: On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the…

A: The petty cash fund is created for day to day cash transactions of the business.

Q: On March 1, a company established a $75 petty cash fund. On March 12, the petty cash fund contains…

A: Journal entries are the initial recording of all the monetary business transactions in a systematic…

Q: Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash…

A: Introduction Journal entries is the modern method of recording of a business transactions in a…

Q: Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…

A: Total expenses =  Office supplies + Postage +Representation +Transportation +Miscellaneous  =…

Q: Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…

A: The petty cash book is prepared for day to day small cash transactions of the business.

Q: Crane Company established a petty cash fund on May 1, cashing a check for $125. The company…

A: Cash and cash equivalents is one of the items recorded as a current asset in the balance sheet of an…

Q: On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies.…

A: Petty Cash Book seems to be an accounting book being used tracking little and low-value costs such…

Q: In May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare…

A: Petty Cash means A small amount of money kept in an office to pay for small items.

Q: establish a petty following information pertains to the fund. 1) On April 1, 2021, a petty cash fund…

A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…

Q: Record the establishment of the petty cash fund on August 3.  On August 31, record the petty cash…

A: Petty Cash: It is the fund which is kept in hand by business units to cover minor expenses (postage,…

Q: Sohar Aluminium Company established a petty cash fund of RO 5,700 on January 1st. Assume that on…

A: Replenish Amount of Petty Cash = Petty Cash - Petty Cash Balance Replenish Amount of Petty Cash = RO…

Q: Grand Company's fiscal year ends on June 30.   Its petty cash fund was established for an amount of…

A: Petty cash fund  P15,000 Payment:   Paid vouchers of office supplies (dated June 28, 2021)…

Q: Petty Cash Fund Kingery Inc. maintains a balance of $3,000 in its petty cash fund for routine…

A: Petty cash: Petty cash is also called an imprest cash account. The accountant or cashier of an…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

Q: petty cash fund

A: Petty cash fund means the fund created out of cash designated to meet the daily needs of business.

Q: Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $167 in…

A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

A: Established  petty  cash = 400 Petty cash  debit  400

Q: Ovy Inc. established a $175 petty cash fund on August 15, 2012. On August 31, 2012, the fund…

A: Petty cash is the statement prepared in order to keep a record of miscellaneous expenditures…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage, etc.…

Q: On 1 July, after reimbursement for June expenditures, the petty cash fund of Rocky Road had a…

A: The book which is used to record all the transactions, including the expenses, reimbursement of…

Q: Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in…

A: About Petty cash is a little  amount of money that is keep on the company premises to pay for…

Q: Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of…

A: Correct amount of petty cash fund at June 30, 2021 = Currencies + Coins + Company check representing…

Q: Swifty Company established a petty cash fund on May 1, cashing a check for $125.00. The company…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the…

A: Petty Cash Fund: It is common for small businesses to keep a modest amount of money on hand (for…

Q: Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company…

A: Petty cash fund will be used for petty expenses.  First, we take some amount from the bank account…

Q: Love Company reported the follówing to cash on December 31, 2020: Checkbook balance, P4,000,000. *…

A: Cash balance refers to the desired sum of money present in the account, it is computed by adding up…

Q: Please help

A: 1.Prepare journal entry to record the establishment of the petty cash fund on September 4.

Q: The petty cash fund of $200 for Ginther Company appeared as follows on December 31, 2014:   Cash…

A: Here we can find cash shortage  in petty  cash ,so it needs to replenished

Q: The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins,…

A: It used in expenses like foods, postage stamp ,fare ,food expense etc.

Q: CPA Company established a petty cash fund of P10,000 on July 1, 2021.  At the end of the month, the…

A: Solution: Total petty cash receipts = P741.90 + P880 +P900 + P1,421.40 + P837.60 = P4,780.90…

Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash…

A: Petty cash is a small sum of money kept on hand to cover unexpected expenses such as reimbursements…

Q: Raffy Tulfo In Action (RTIA) appointed Shelwyn as its petty cash custodian. As at December 31, 2020,…

A: Petty cash is the fund of cash which includes the payments and receipts of minor expenses to be made…

Q: The December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand…

A: The term cash and cash equivalents mean the cash the company is having or such assets held by the…

Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Petty cash maintained to spend for the business related small expense on day-to-day basis.

Q: Crown Company established a petty cash fund of $600 for incidental expenditures on January 2 , 2019…

A: Any excess expense for which the invoice is missing goes to cash short and over.

Q: Loucks Company established a $200 petty cash fund on October 2, 2018. The fund is replenished at the…

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400.…

A: The petty cash fund is a current asset for the business. It is established by business to maintain…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.