Question

16. On January 1st, Melissa co. establishes a petty cash fund in the amount of $750....

16. On January 1st, Melissa co. establishes a petty cash fund in the amount of $750. On 31 January, the fund is replenished. Before replenishment, there was $278.25 remaining in the petty cash drawer and the following receipts:

I. parking fees - $125.25

ii. postage - 71

iii. office supplies - $222

iv. miscellaneous expenses - $52

prepare all journal entries necessary to record the establishment and replenishment of the fund

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Date Account Names and Explanation Debit Credit
Jan 1 Petty Cash 750.00
      Cash 750.00
To record the establishment of fund
Jan 31 Parking Fee Expense 125.25
Postage Expense 71.00
Supplies Expense 222.00
Miscellaneous Expenses 52.00
Cash short and over 1.50 =471.75-(125.25+71+222+52)
      Cash 471.75 =750-278.25
To record the replenishment of fund
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund...
Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $197 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $350 on January 8, assuming...
Palmona Co. establishes a $290 petty cash fund on January 1. On January 8, the fund...
Palmona Co. establishes a $290 petty cash fund on January 1. On January 8, the fund shows $203 in cash along with receipts for the following expenditures: postage, $35; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $24. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $340 on January 8, assuming...
Palmona Co. establishes a $160 petty cash fund on January 1. On January 8, the fund...
Palmona Co. establishes a $160 petty cash fund on January 1. On January 8, the fund shows $67 in cash along with receipts for the following expenditures: postage, $37; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $26. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $210 on January 8, assuming...
On March 20, Harbor’s petty cash fund of $100 is replenished when the fund contains $...
On March 20, Harbor’s petty cash fund of $100 is replenished when the fund contains $ 25 in cash and receipts for postage $ 41, supplies $ 22, and travel expense $12. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Please record in general journal entry format the following petty cash transactions for Milano corporation; Check#117...
Please record in general journal entry format the following petty cash transactions for Milano corporation; Check#117 was issued for $500 to establish a petty cash fund. Check#228 was issued to replenish the fund. the petty cash drawer contained cash of $187 and vouchers for the following; store supplies $75.77, delivery charges $97.26, postage$67.25, parking fees $57.00, miscellaneous $20.73 Check#324 was issued to decrease the amount of the fund to $400 Check#385 was issued to replenish the fund. The petty cash...
Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87...
Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include a: Question 6 options: credit to Cash or $180 credit to Petty Cash for $2 debit to Cash Short for $2 credit to Cash for $318
Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87...
Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include a: A. credit to Cash for $318 B. credit to Petty Cash for $2 C. credit to Cash or $180 D. debit to Cash Short for $2
Waupaca Company establishes a $320 petty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $320 petty cash fund on September 9. On September 30, the fund shows $66 in cash along with receipts for the following expenditures: transportation-in, $51; postage expenses, $60; and miscellaneous expenses, $136. The petty cashier could not account for a $7 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and...
Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows $194 in cash along with receipts for the following expenditures: transportation-in, $58; postage expenses, $56; and miscellaneous expenses, $148. The petty cashier could not account for a $14 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and...
Waupaca Company establishes a $380 petty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $380 petty cash fund on September 9. On September 30, the fund shows $111 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $57; postage expenses, $69; and miscellaneous expenses, $137. The petty cashier could not account for a $6 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT