Question

On June 1, a company established a $75 petty cash fund. On June 27, the petty cash fund contains $5.25 in cash and the following paid petty cash receipts: postage, $19.50; office supplies, $36.25; and miscellaneous expense $14.00. Give the general journal entry to reimburse the fund on June 27.

When a company purchases an insurance policy against losses from theft by an employee, that employee is ________.

During the month of March, Harley's Computer Services made purchases on account totaling $43,500. Also during the month of March, Harley was paid $8,000 by a customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,300, what is the balance in accounts payable at the end of March?

$91,900.
		$83,900.
		$75,900.
		$4,900.
		$6,600.

If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should:

		Deduct the deposit from the bank statement balance.
		Deduct the deposit from the September 30 book balance and add it to the October 1 book balance.
		Add the deposit to the bank statement balance.
		Add the deposit to the book balance of cash.
		Skip the bank reconciliation this month.

Answer 1

Cash A/c. Dr . $5.25 Postage Dr. $19.50 Office Supplies Dr. $36.25 Miscellaneous Expense Dr. $14.00

To Petty Cash Fund $75.00

That Employee is Bonded

Closing balance of accounts payable=$77,300+$43,500-$36,900=$ 83,900.

Note- Amount of $8,000 to be recorded as liability as Advance from Customer.

In the Bank reconciliation, we should add the deposit to the bank statement balance.