Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PETTY CASH 1. An imprest petty cash fund of $400 was established for minor disbursements. At the end of the month, the fund included

image text in transcribed

PETTY CASH 1. An imprest petty cash fund of $400 was established for minor disbursements. At the end of the month, the fund included petty cash tickets for the purchase of $185 in supplies, $41 for postage, $86 for fuel and a delivery charge of $65 and cash of $23 (left in PC). How much cash is required to replenish the fund? A) $23 B) $226 C) $312 D) $377 2. An imprest petty cash fund of $400 was established for minor disbursements. At the end of the month the fund included petty cash tickets for the purchase of $185 in supplies, $41 for postage, $86 for fuel and a delivery charge of $65. How much cash is left in the fund if there is no shortage or overage? A) $ 23 B) $ 88 C) $174 D) $377 3. An imprest petty cash fund of $400 was established for minor disbursements. At the end of the month the fund included petty cash tickets for the purchase of $185 in supplies, $41 for postage, $86 for fuel and a delivery charge of $65. If there is $13 left in the fund, how much cash is required to replenish the fund? A) $377 B) $236 C) $387 D) $367 4. On October 1, 2016, Ellis Company establishes an imprest petty cash fund by issuing a check for $150 to Pat Harmon, the custodian of the petty cash fund. On October 31, 2016, Pat Harmon submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $12 cash in the fund: Freight-In $25 Supplies Expense 32 Entertainment of Clients 55 Postage Expense 24 Total receipt 136 Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. 5. On November 1, 2009, Jones Company established a $400 petty cash fund. At the end of November, the petty cash fund contained the following petty cash tickets. $73.50 Postage 87.55 Office supplies 90.95 Miscellaneous items

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A User Perspective

Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry

6th Canadian Edition

470676604, 978-0470676608

More Books

Students also viewed these Accounting questions

Question

Describe major criticisms of Freuds system of thought.

Answered: 1 week ago