The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is composed of the following: Currencies P3,800 Coins 1,200 Paid vouchers for Office Supplies 1,750 Postage stamps 2,000 Loans to employees 6,000 Customer's check returned by bank marked NSF 2,750 Check payable to an employee dated 1/5/17 4,000 How much is the correct balance of petty cash
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- 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.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 September 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 September 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 September 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 $210. C. On September 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 September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
- Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.The following information were taken from Bach Co.: Bach established a petty cash fund on May 2, 2021, amounting to P5,000. Expenditures from the fund by the custodian as of May 31, 2021, were evidenced by approved petty cash vouchers for the following: Page 6 of 11 Office supplies P1,960 Meals and snacks 600 Shipping charges 1,149 Miscellaneous 763 On May 31, 2021, the petty cash fund was replenished. Currency and coins in the fund at that time totaled P378. The bank statement from Sulfur Bank is shown below: Disbursements Receipts Balance Balance, May 1, 2021 Deposits Note payment direct from customer (interest of P600) Checks cleared during May Bank service charges Balance, May 31, 2021 P175,380 P560,000 18,600 P623,000 540 P130,440 The cash balance as found in Bach's records shows the following information: P177,000 Balance, May 1, 2021 May deposits Checks written in May 615,080 636,700 Deposits in transit are determined to be P60,000, and checks outstanding on May 31 totaled…You were assigned to account for the Cash account of Dragon Ball, Inc. for the year ended December 31, 2007. Your cash count of the Petty Cash Fund and undeposited collections as of that date showed the following: P 3,595.01 1,920.75 Currency and coins Expense vouchers Employees' IOUS Customers' checks in payment of accounts 573.50 2,500.00 P 8,589.26 Total The amount of Petty Cash Fund per general ledger is P6,000. Upon comparing the official receipts with the bank validated deposit slips, you noted that P3,025.60 was not yet deposited to the bank. 7. What is the amount of cash shortage? What is the amount of Petty Cash Fund to be shown on December 31, 2007 balance sheet? 8.
- The petty cash fund of Y Company at the end of the fiscal year ended June 30, 2020, is composed of the following: Currencies P3,800 Coins 1,200 Paid vouchers Office Supplies Postage stamps Loans to employees 1,750 2,000 6,000 Check drawn by the manager, returned by bank marked "NSF" Check drawn by the company, payable to the order of the petty cash custodian, representing her salary (accommodation check) 12,500 2,750 How much is the amount of petty cash fund that should be shown on the statement of financial position at June 30, 2020 of Y Company? A.30,000 B.20,250 C.17,500 D.7,750 O O Othe petty cash fund of the wee ones agency was established on may1, 2023, at $75. at the end of the month the fund contained $13 and had the following receipts. Film rentals, $19, refreshments for meetings, $23(both expenditures to be classified as an entertainment expense, postage, $7 and printing, $13. 1. prepare the journal entry to record the establishment of the fund. 2. prepare a summary of the petty cash payments similar toA surprise count of the petty cash fund of Jing Trading on July 4, 2021 showed the following: Currencies 5,600 Coins 450 Paid vouchers for: Office supplies (dated July 2, 2021) 1,750 Newspaper subscription for two weeks (dated June 29, 2021) 300 Loans to employees 3,000 Company check representing replenishment of petty cash fund 3,850 The company’s fiscal year ends of June 30. The petty cash fund was established for an amount of P15,000. What is the correct amount of petty cash fund at June 30, 2021? 6,050 9,900 11,650 15,000 How much is the shortage or overage in the petty cash fund at June 30, 2021? Group of answer choices 50 shortage 50 overage 1,800 shortage 1,800 overage
- Jungkook Company reported a cash balance of P3,310,476 on December 31, 2020. The amount consistsof the following:• Petty cash fund (including expense receipts for P 2,340)- P10,000• Checking account in BDO (outstanding checks at Dec. 31, P26,780)- P286,230• Cash on hand, including a customer’s check of P4,750 dated January 15, 2021- P38,246• Cash in bank, General account, net of P12,000 bank overdraft in another bank’s account- P284,000• Cash in bank, payroll account, net of P 8,500 check dated December 26, but undelivered as ofDecember 31, 2020- P225,000• Sinking fund cash- P1,567,000• Short-term treasury bills- P120,000• Cash surrender value of life insurance- P780,000At what amount should cash and cash equivalents of Jungkook reported on December 31, 2020?EFG Company established a petty cash fund of P90,000 on December 1, 2021.As of December 31, 2021, the petty cash count revealed the following:Bills and coins 19,000Expense vouchers of the following: Supplies 12,000Representation 10,000Miscellaneous 15,000Postage stamps 5,000Check payable to the petty cash custodian 38,000Envelope containing christmas party contributions (opened and empty) 3,000How much is the cash (shortage)/overage?
