Question

Question 2 Lang Company completed the following petty cash transactions during April 2018 Date Receipt #...

Question 2

Lang Company completed the following petty cash transactions during April 2018

Date Receipt # For Amount
Apr 10 Cheque to establish Petty Cash Fund $100
Apr 15 1 Paid courier, to deliver goods sold to a customer $14.10
Apr 17 2 Freight for inventory purchased(Perpetual system) $28.90
Apr 19 3 Receipt from Staples for paper $11.45
Apr 21 4 Receipt from Petro Canada $38.00
Apr 24 5 Postage $5.55
Apr 25 Fund counted, funds remaining $4.00

Required:

1. Prepare a journal entry to record the establishing the petty cash fund.
2. Prepare a journal entry to record the reimbursement and increase of the fund to $125. (from $100 to $125) 3. Now assume, the Part 2 did not happen and the fund decreased from $100 to $75, prepare a journal entry to record the reimbursement and decrease of the fund

Note: Parts 2 and 3 are not related.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2...
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $14.95 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $7.55 postage to express...
A Business Established a $400 petty cash fund on July 1. During the month of July,...
A Business Established a $400 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts: July2 - Supplies $65 July 7- Courier $10 July 10- Postage $52 July 17 Advertising- $48 July 18- Postage- $20 July 25- Advertising- $57 Juy 28- Courier $60 On July 31, the cash is counted and the balance remaining is found to be $85. A cheque is issued to replenish the fund and increase...
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2...
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $15.35 that is immediately used. 9 Paid $32.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.65 postage to express...
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions...
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $1,330. 12. The cash sales for the day, according to the cash register records, totaled $14,359. The actual cash received from cash sales was $14,402. 30. Petty cash on hand was $101. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June   2. Store supplies, $146. June...
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions...
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $1,390. 12. The cash sales for the day, according to the cash register records, totaled $13,302. The actual cash received from cash sales was $13,333. 30. Petty cash on hand was $106. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June   2. Store supplies, $153. June...
Transactions for Petty Cash, Cash Short and Over Wyoming Restoration Company completed the following selected transactions...
Transactions for Petty Cash, Cash Short and Over Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,020. 12. The cash sales for the day, according to the cash register records, totaled $12,766. The actual cash received from cash sales was $12,798. 31. Petty cash on hand was $78. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3. Store supplies, $112....
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions...
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $1,070. 12. The cash sales for the day, according to the cash register records, totaled $12,420. The actual cash received from cash sales was $12,475. 30. Petty cash on hand was $81. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June   2. Store supplies, $118. June...
Cullumber Company maintains a petty cash fund for small expenditures. These transactions occurred during the month...
Cullumber Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug.  1 Established the petty cash fund by writing a check payable to the petty cash custodian for $250.00. 15 Replenished the petty cash fund by writing a check for $200.00. On this date, the fund consisted of $50.00 in cash and these petty cash receipts: freight-out $49.40, entertainment expense $11.00, postage expense $8.70 and miscellaneous expense $126.50. 16 Increased the amount of...
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty...
Problem 6-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $400 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $14.15 that is immediately used. 9 Paid $32.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to...
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.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT