Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all parts! Required information PA5-4 (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO 5-S1) [The following information applies to the questions displayed

please answer all parts!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information PA5-4 (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO 5-S1) [The following information applies to the questions displayed below.) Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. I established the fund by cashing a check from HHC for $310 made payable to me. b. Tom Canuck provided a $90 receipt for repairs to the club's computer, so I paid $90 cash to him. c. Kim Harra provided a receipt for $70 for various supplies she planned to use to decorate the arena later this year. I paid $70 cash to her. d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $100 e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $260, placing the cash into a locked cash box. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $145 cash to her. g. Destiny Hook provided a phone bill showing she had paid $50 for telephone calls made to contact referees for the annual tournament. I paid her $50 cash. h. Gutty McTavish submitted a receipt for $55 for a haircut he received. I did not pay him. 1. On the last day of the month, I received and cashed a check from HHC for $195, placing the cash into the locked cash box. PA5-4 Part 1 Required: 1. Prepare journal entries where required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the View transaction list EX 1 I established the fund by cashing a check from HHC for $310 made payable to me. Record the transaction. ayable to 2 Tom Canuck provided a $90 receipt for repairs to the club's computer, so I paid $90 cash to him. Record the transaction. 3 Kim Harra provided a receipt for $70 for various supplies she planned to use to decorate the arena later this year. I paid $70 cash to her. Record the transaction. Credit 4 Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $100. Record the transaction. 5 On the last dav of the month. I prepared a summarv of Note : = journal entry has been entered View transaction list X 5 On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $260, placing the cash into a locked cash box. Record the transaction. ayab 6 Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $145 cash to her. Record the transaction. + 7 Destiny Hook provided a phone bill showing she had paid $50 for telephone calls made to contact referees for the annual tournament. I paid her $50 cash. Record the transaction. 8 Gutty McTavish submitted a receipt for $55 for a haircut he received. I did not pay him. Record the transaction. 9 On the last day of the month, I received and cashed a check from HHC for $195, placing the cash into the locked cash box. Record the transaction. Note : journal entry has been entered Record entry Clear entry PA5-4 Part 2 2. If HHC has $2,000 cash, $500 of government Treasury bills purchased four months ago $950 of cash set aside for its workers' compensation insurance, and the petty cash amount from above, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents

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

Accounting Principles A Business Perspective

Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher

1st Edition

1680921851, 978-1680921854

More Books

Students also viewed these Accounting questions