E7.23 (LO6) (Petty Cash) The petty cash fund of Teasdale's Auto Repair Service, a sole proprietorship,...
E7.23 (LO6) (Petty Cash) The petty cash fund of Teasdale's Auto Repair Service, a sole proprietorship, contains the following.
- Coins and currency $ 10.20
- Postage stamps 7.90
- An I.O.U. from Richie Cunningham, an employee, for cash advance 40.00
- Check payable to Teasdale's Auto Repair from Pottsie Weber, an employee, marked NSF 34.00
- Vouchers for the following:
Stamps $ 20.00
Two Premier Cup tickets for Nick Teasdale 170.00
Printer cleaning 14.35 204.35
$296.45
The general ledger account Petty Cash has a balance of $300.
Instructions Prepare the journal entry to record the reimbursement of the petty cash fund
Homework Answers
| General Journal | Debit | Credit |
| Accounts receivable- employee (40+ 34) | 74 | |
| Nick Teasdale, Drawings | 170 | |
| Maintenance and repairs expense | 14.35 | |
| Postage expense (20-7.9) | 12.1 | |
| Supplies expense | 7.9 | |
| Cash short/over | 11.45 | |
| Cash in bank (300 - 10.20) | 289.8 |
Add Answer to:
E7.23 (LO6) (Petty Cash) The petty cash fund of Teasdale's Auto
Repair Service, a sole proprietorship,...
The petty cash fund of Pronghorn’s Auto Repair Service, a sole proprietorship, contains the following. 1....
The petty cash fund of Pronghorn’s Auto Repair Service, a sole proprietorship, contains the following. 1. Coins and currency $15.60 2. Postage stamps 3.30 3. An I.O.U. from Richie Cunningham, an employee, for cash advance 40.40 4. Check payable to Pronghorn’s Auto Repair from Pottsie Weber, an employee, marked NSF 34.40 5. Vouchers for the following: Stamps $ 20.40 Two Rose Bowl tickets for Nick Pronghorn 189.00 Printer cartridge (Use the Office Supplies account) 14.75 224.15 $317.85 The general ledger...
The petty cash fund of Flounder’s Auto Repair Service, a sole proprietorship, contains the following. 1. Coins and curre...
The petty cash fund of Flounder’s Auto Repair Service, a sole proprietorship, contains the following. 1. Coins and currency $15.40 2. Postage stamps 3.10 3. An I.O.U. from Richie Cunningham, an employee, for cash advance 40.20 4. Check payable to Flounder’s Auto Repair from Pottsie Weber, an employee, marked NSF 34.20 5. Vouchers for the following: Stamps $ 20.20 Two Rose Bowl tickets for Nick Flounder 213.00 Printer cartridge (Use the Office Supplies account) 14.55 247.75 $340.65 The general ledger...
The following transactions relate to the petty cash fund of Jarvis Wrecking Company: Apr. 1 19 The petty cash fund i...
The following transactions relate to the petty cash fund of Jarvis Wrecking Company: Apr. 1 19 The petty cash fund is set up with a $350 cash balance. Because the money in the fund is down to $70.20, the fund is replenished. Petty cash vouchers are as follows: Flowers for hospitalized employee (miscellaneous expense) $ 84.38 Postage stamps 135.00 Office supplies 46.71 The cash in the fund is $193.07. The fund is replenished to include petty cash payments in this...
E6.11 (LO4) (Evaluation of Purchase Options) Rossi Excavating Inc. is purchasing a bulldozer. The equipment has...
E6.11 (LO4) (Evaluation of Purchase Options) Rossi Excavating Inc. is purchasing a bulldozer. The equipment has a price of €100,000. The manufacturer has offered a payment plan that would allow Rossi to make 10 equal annual payments of €15,582, with the first payment due 1 year after the purchase Instructions a. How much total interest will Rossi pay on this payment plan? b. Rossi could borrow €100,000 from its bank to finance the purchase at an annual rate of 8%....
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
Problem 7-21 Establishing, reimbursing, and increasing the petty cash fund LO4 Halifax Fitness Consulting completed the...
Problem 7-21 Establishing, reimbursing, and increasing the petty cash fund LO4 Halifax Fitness Consulting completed the following petty cash transactions during February 2020: 5. Catherine Young records all incoming customer cash receipts for her 2 Prepared a $360 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty the company has not bonding insurance premium by dropping the bone tomer payments to their accounts. Feb. cashier 5 Purchased paper for the copier, $22...
Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during July...
Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during July 2020: July 5 6 12 14 18 Prepared a $250 cheque, cashed it and turned the proceeds and the petty cash box over to Elliott Grace, the petty cash custodian. Paid $18.00 courier fees. Purchased file folders, $12.50. Reimbursed Dara Bains, the manager of the business, $34.26 for office supplies purchased. Purchased paper for printer, $42.15. Purchased stamps, $23.00 Reimbursed Dara Bains $64.80 for...
Problem 7-3A Petty cash fund reimbursement and analysis of errors LO4 Capital Irrigation has only a...
Problem 7-3A Petty cash fund reimbursement and analysis of errors LO4 Capital Irrigation has only a General Journal in its accounting system and uses it to record all transactions. However, the company recently set up a petty cash fund to facilitate payments of small items. The following petty cash transactions were noted by the petty cashier as occurring during April 2020: Apr. 1 Received a company cheque for $230 to establish the petty cash fund. 15 Received a company cheque...
Problem 7-3A Petty cash fund reimbursement and analysis of errors LO4 Capital Irrigation has only a...
Problem 7-3A Petty cash fund reimbursement and analysis of errors LO4 Capital Irrigation has only a General Journal in its accounting system and uses it to record all transactions. However, the company recently set up a petty cash fund to facilitate payments of small items. The following petty cash transactions were noted by the petty cashier as occurring during April 2020: Apr. 1 Received a company cheque for $260 to establish the petty cash fund. 15 Received a company cheque...
CHAPTER 7 Internal Control and Cash Problem 7-3A Petty cash fund reimbursement and analysis of errors...
CHAPTER 7 Internal Control and Cash Problem 7-3A Petty cash fund reimbursement and analysis of errors L04 Capital Irrigation has only a general journal in its accounting system and uses it to record all trans. actions. However, the company recently set up a petty cash fund to facilitate payments of small items. The following petty cash transactions were noted by the petty cashier as occurring during April 2017: Apr. 1 Received a company cheque for $300 to establish the petty...
The following transactions relate to the petty cash fund of Jarvis Wrecking Company: Apr. 1 19 The petty cash fund is set up with a $350 cash balance. Because the money in the fund is down to $70.20, the fund is replenished. Petty cash vouchers are as follows: Flowers for hospitalized employee (miscellaneous expense) $ 84.38 Postage stamps 135.00 Office supplies 46.71 The cash in the fund is $193.07. The fund is replenished to include petty cash payments in this...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
Problem 7-21 Establishing, reimbursing, and increasing the petty cash fund LO4 Halifax Fitness Consulting completed the following petty cash transactions during February 2020: 5. Catherine Young records all incoming customer cash receipts for her 2 Prepared a $360 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty the company has not bonding insurance premium by dropping the bone tomer payments to their accounts. Feb. cashier 5 Purchased paper for the copier, $22...
Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during July 2020: July 5 6 12 14 18 Prepared a $250 cheque, cashed it and turned the proceeds and the petty cash box over to Elliott Grace, the petty cash custodian. Paid $18.00 courier fees. Purchased file folders, $12.50. Reimbursed Dara Bains, the manager of the business, $34.26 for office supplies purchased. Purchased paper for printer, $42.15. Purchased stamps, $23.00 Reimbursed Dara Bains $64.80 for...
CHAPTER 7 Internal Control and Cash Problem 7-3A Petty cash fund reimbursement and analysis of errors L04 Capital Irrigation has only a general journal in its accounting system and uses it to record all trans. actions. However, the company recently set up a petty cash fund to facilitate payments of small items. The following petty cash transactions were noted by the petty cashier as occurring during April 2017: Apr. 1 Received a company cheque for $300 to establish the petty...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago