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w/ journal entries Recharge Concepts JA 6 Problem 6-2A Establishing, reimbursing, and adjusting petty cash P2 Kiona Co set up a petty cash fund for
w/ journal entries
Recharge Concepts JA 6 Problem 6-2A Establishing, reimbursing, and adjusting petty cash P2 Kiona Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year), May 1 Prepared a company check for $300 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $88 for janitorial expenses. b. Paid $53.68 for miscellaneous expenses. c. Paid postage expenses of $53-50. d. Paid $47.15 to Facebook for advertising expense. e. Counted $62.15 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $500. 31 The petty cashier reports that $288.20 cash remains in the fund. A company check is drawn to replenish the Page 262 fund for the following expenditures made since May 15. f. Paid postage expenses of $147-36. g. Reimbursed the office manager for mileage expense, $23.50. h. Paid $34.75 in delivery expense for products to a customer, terms FOB destination. 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $100, leaving a total of $400. Required Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. Ny Concepts > 3. Prepare the journar entries for part 2 to both a reimburse and (b) increase the fund amount Check Cash credit: (3a) $279.58; (3) $100.00 Problem 6-4A Preparing a bank reconciliation and recording adjustments P3 The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. b. Check No. 3031 for $1,482, Check No. 3065 for $382, and Check No. 3069 for $2,281 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,250. d. The July bank statement shows the bank collected $7.955 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $25 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. 9. Branch's July 31 daily cash receipts of $11,514 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Required 1. Prepare the bank reconciliation for this company as of July 31. 2. Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of July 31. Check (1) Reconciled balance, $34,602: (2) Cr. Notes Receivable, $8,000 Step by Step Solution
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