← Lorena's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: (Click the icon to view the petty cash tickets.) Data table Petty Cash Ticket No. Ticket No. 1 Ticket No. 2 Ticket No. 3 Ticket No. 4 Ticket No. 5 Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies Item Newsletter Key to closet Copier paper Amount $ 30 15 35 50 75 Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $50. Include an explanation. 3. Assume that Lorena's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease.

← Lorena's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: (Click the icon to view the petty cash tickets.) Data table Petty Cash Ticket No. Ticket No. 1 Ticket No. 2 Ticket No. 3 Ticket No. 4 Ticket No. 5 Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies Item Newsletter Key to closet Copier paper Amount $ 30 15 35 50 75 Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $50. Include an explanation. 3. Assume that Lorena's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. 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 July 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 $110. 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 $14, Supplies $75, Postage Expense $150, 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.
Dance Studio created a $200 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: Requirement 1. Make the general journal entry to create the petty cash fund. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $8. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Requirement 3. Assume that Louise's Dance Studio decides to decrease the petty cash fund to $100. Make the general journal entry to record this decrease. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts…
Christine's Dance Studio created a $400 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: View the petty cash tickets. Read the requirements. Requirement 1. Make the general journal entry to create the petty cash fund. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date Debit Credit Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. 3. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $249. Include an explanation. Assume that Christine's Dance Studio decides to decrease the petty cash fund to $260. Make the general journal entry to record this decrease. Print Done Petty Cash Tickets Petty Cash Ticket No. Item Account Debited Amount Ticket No. 1 Ticket No. 2 Delivery of programs to customers Delivery Expense Mail…
Karen's Dance Studio created a $300 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: E (Click the icon to view the petty cash tickets.) Read the requirements. Requirement 1. Make the general journal entry to create the petty cash fund. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit i Data Table i Requirements Petty Cash Ticket No. Item Make the general journal entry to create the petty cash fund. Include an explanation. 1. Account Debited Amount Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $115. Include an explanation. 2. Ticket No. 1 Delivery of programs to customers Delivery Expense $ 20 Ticket No. 2 Mail package Postage Expense 15 3. Assume that Karen's Dance Studio decides to decrease the petty cash fund to $170. Make the general journal…
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On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 3 b. On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 the ending cash balance. Journalize the replenishment of the fund. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Apr. 11 c. On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. Apr. 12
Help Save & EXit Assume that the custodian of a $450 petty cash fund has $59.50 in coins and currency plus $385.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A debit to Petty Cash for $385.00. A debit to Cash for $390.50. A credit to Cash for $390.50. here to search 5:03 PA 96% 3/7/202
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