Cycle Tech Bicycles decided to establish a petty cash fund. On February 1 the accountant issued Check 3724 for $120 to establish the fund. The following disbursements were made. 1. In your working papers, record the entry to establish the petty cash fund in a general journal, page 5. 2. Enter the information about the establishment of the petty cash fund on line 1 of a petty cash register, page 1. 3. Record the petty cash disbursements in the petty cash register. 4. Foot, total, and prove the petty cash register on February 28. 5. Record the petty cash fund replenishment information in the explanation column below the totals. On February 28 there was$4.35 in the petty cash box. 6. Prepare a petty cash requisition form. Use the form provided in your working papers and sign your name as petty cashier. 7. Record the issuance of Check 3875 to replenish the petty cash fund in the general journal, page 8.
Identify the number of payments that were made from the petty cash fund during the month of February.
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InBeat CD Shop established a petty cash fund for $100. 1. In your working papers, record the entry to establish the petty cash fund on page 6 of a general journal. 2. Record the entry for replenishing the petty cash fund on page 10 of the general journal. There was$5 cash in the petty cash fund box on February 28.
Conclude whether cash was short or over.
River’s Edge Canoe & Kayak petty cash fund was established on February 1 for $100, by writing check 1763. The accounts for which petty cash disbursements are likely to be made include Supplies, Gas Expense, Advertising Expense, Delivery Expense, and Miscellaneous Expense. 1. In your working papers, record the entry to establish the petty cash fund on page 12 of a general journal. 2. Record the establishment of the fund on the first line of the petty cash register, page 1. 3. Record each petty cash disbursement in the petty cash register. 4. Foot, prove, total, and rule the petty cash register on February 28. 5. Reconcile the petty cash fund. The amount in the petty cash box is$1.50. 6. Prepare a petty cash requisition. Sign your name as petty cashier. 7. Record the entry to replenish the petty cash fund by issuing Check 1798 in the general journal, page 15. 8. Record the replenishment information in the petty cash register. 9. The accountant believes the petty cash fund should be increased by
$ List the petty cash disbursements that are charged to the Miscellaneous Expense account.
Moya Co. establishes a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in January (the last month of the company’s fiscal year).
- Prepare journal entries (in dollars and cents) to establish the fund on January 3, to replenish it on January 14 and January 31, and to reflect any increase or decrease in the fund balance on January 15 and 31. 2. Explain how the company’s financial statements are affected if the petty cash fund is not replenished and no entry is made on January 31.