Financial Accounting Petty Cash Question And Answers Homework Help
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Journalize the entries to record the following:
A. Check No. 6172 is issued to establish a petty cash fund of $1,000.
B. The amount of cash is the petty cash fund is now $239.16. Check No. 6319 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $379.10; miscellaneous selling expense, $216.25; Miscellaneous administrative expense, $143.06.(Since the amount of the check to replenish the fund plus the balance in the fund do not equal $1,000, record the discrepancy in the cash short and over account.)
The cash account for Bonita Medical Co. at September 30, 2008, indicated a balance of $5,335.30. The bank statement indicated a balance of $5,604.60 on September 30, 2008. Comparing the bank statement and the accompanying canceled checks and memoranda with the records revealed the following reconciling items:
a. Checks outstanding totaled $4,790.45.
b. A deposit of $9,226.15, representing receipts of September 30, had been made too late to appear on the bank statement.
c. The bank had collected $7,725 on a note left for collection. The face of the note was $7,500.
d. A check for $4,315 returned with the statement had been incorrectly recorded by Bonita Medical Co. as $3415. The check was for the payment of an obligation to Rowe Co. for the purchase of office equipment on account.
e. A check drawn for $230 had been erroneously charged by the bank as $2,300.
f. Bank service charges for September amounted to $50.
1. Prepare a bank reconciliation
2. Journalize the necessary entries. The accounts have not been closed.
The following selected transactions were completed by Cactus Co., a supplier of Velcro for clothing:
Dec. 13. Received from Lady Ann’s Co., on account, a $60,000, 90 day, 9% note dated December 13.
31. Recorded an adjusted entry for accrued interest on the note of December 13.
Dec. 12. Received payment of note and interest form Lady Ann’s Co.
Journalize the transactions.
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1. Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $81 in cash along with receipts for the following expenditures: transportation-in, $33; postage expenses, $112; and miscellaneous expenses, $68. The petty cashier could not account for a $6 shortage in the fund. Gannon uses the perpetual system in accounting for merchandise inventory.
Prepare journal entries for the following
1. The September 9 entry to establish the fund
2. The September 30 entry to both reimburse the fund.
3. An October 1 entry to increase the fund to $350.
Bank Reconciliation and Entries
The cash account for Remedy Medical Co. at April 30, 2014, indicated a balance of $18,885. The bank statement indicated a balance of $23,775 on April 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
Checks outstanding totaled $7,840.
A deposit of $3,580, representing receipts of April 30, had been made too late to appear on the bank statement.
The bank collected $3,780 on a note left for collection. The face of note was $3,600.
A check for $770 returned with the statement had been incorrectly recorded by Remedy Medical Co. as $700. The check was for the payment of an obligation to Copelin Co. for a purchase on account.
A check drawn for $330 had been erroneously charged by the bank as $3,300.
Bank service charges for April amounted to $110.
1.Prepare a bank reconciliation
2.Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.
3.If a balance sheet were prepared for Remedy Medical Co. on April 30, 2014, what amount should be reported as cash?
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