Loucks Company established a $200 petty cash fund on October 2, 2018. The fund is replenished at the end ofeach month. At the end of October 2018, the fund contained $37 in cash and the following receipts:Office supplies $76Lunch with client 48Postage 20Miscellaneous 19Required:Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish thefund on October 31.

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

A:

Q: The following selected transactions relate to cash collections for a firm that maintains a $100…

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

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: On March 20, Crane's petty cash fund of $113 is replenished when the fund contains $12 in cash and…

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

Q: Assume that the custodian of a $465 petty cash fund has $67.50 in coins and currency plus $391.50 in…

A: The petty cash balance is maintained for day to day cash transactions of the business.

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: 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: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Cash Short and Over Entries Listed below are the weekly cash register tape amounts for service fees…

A: Journal entries form the basis for other accounting tasks such as ledger account preparation, trial…

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

A: 1. Date Account Titles and Explanation Debit Credit June 1, 2019 Petty Cash RO 750…

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: Crane Company established a $100 petty cash fund on August 1. On August 31, the fund had $5 cash…

A: Date Accounts title and Explanation Debit ($) Credit ($) Aug 01 Petty Cash $100…

Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…

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

Q: Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund…

A: Petty cash: It can be defined as the small amount of money that is kept separately to be spent at…

Q: Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish…

A: Req-1       Date  General Journal   Debit   Credit  Oct 31, 2020  Cleaning expenses  $150…

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: CAT LLC had an opening balance of RO 200 in petty cash. During the month the receipts were RO 65…

A: Petty Cash: Petty cash, also known as cash, is a small sum of money kept on hand for paying costs…

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

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

Q: Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash…

A: Petty cash expenses are used to record small business expenditure by separately setting up a petty…

Q: On Jan. 14, the petty cash fund needed replenishment, and the following are the receipts: Auto…

A:

Q: Assume that the custodian of a $500 petty cash fund has $62 in currency plus $412 in receipts at the…

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

Q: Cash Short and Over Entries Listed below are the weekly cash register tape amounts for service fees…

A: Cash: It is the essential part of the every business, because in the business when its established…

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: The Marnie Department produced the following data for Amy Company as of December 31, 2021:…

A: Cash is the highly liquid asset one can ever have. The items having the second higher liquidity are…

Q: If cash on hand is $20, prepare the entry to replenish the petty cash on December 31. (Record debits…

A: Formulas: Cash Short and Over = Petty Cash Fund replenished – Petty Cash Vouchers

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Petty cash fund is created by the business in which little amount of cash is placed so as to meet…

Q: Cactus Restoration Company completed the following selected transactions during May 2016: Oct. 1.…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: r audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021,…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of…

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

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

Q: On June 1, 2019, Wadi Nam Furniture Company established a petty cash fund for RO 750. On June 31,…

A: Date Account Titles and Explanation Debit Credit June 1, 2019 Petty cash RO 750…

Q: Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is…

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

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

A: Petty cash is the amount of cash which is kept aside for the employee to make small purchases on the…

Q: Based on the following information, prepare the weekly entries for cash receipts from service fees…

A: The petty cash book seems to be a chronological record of small cash expenditures. In most…

Q: Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on…

A: On establishment of petty cash fund the cash will go to petty cash fund.

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: The petty cash fund was established on April 10, 2020, in the amount of $300. These are the…

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

Q: On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on…

A: Person managing the Petty cash fund is called a petty cashier. There are various small expenses…

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: BAT LLC had an opening balance of RO 400 in the petty cash fund. During the month the receipts were…

A: Amount required to be refilled = Petty cash fund required per month - balance in petty cash box

Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…

A: Lets understand the basics. Petty cash is created from the cashbook. It is a cash which will going…

Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…

A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…

Q: The petty cash custodian reported the following transactions during the month. Prepare the…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

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.