Fin man Company designated Jill Holland as petty cash custodian and established a petty cash fund of
Question:
Fin man Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate funds were disbursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement.
Step by Step Answer:
Petty Cash Cash Offic...View the full answer
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate...
-
Genesis Company designated Alex Kidd as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $17. Petty cash receipts indicate funds...
-
Genesis Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $400. The fund is reimbursed when the cash in the fund is at $57. Petty cash receipts show that funds...
-
Allison is paid $1,520 per week. What is the amount of federal income tax withheld from Allisons paycheck under the following conditions? Use the percentage method table in the Appendix to this...
-
Apple's statement of cash flows in Appendix A describes changes in cash and cash equivalents for the year ended September 29, 2012. What total amount is provided (used) by investing activities? What...
-
Discuss the controls that an organization should have in place to effectively prevent and detect larceny of inventory.
-
Suppose that you borrow $50,000 in the form of a fixed-principal loan, which calls for repayment of the loan via five annual payments, with the first payment occurring one year from today. If this...
-
A scale is constructed using the 10-kg mass, the 2-kg pan P, and the pulley and cord arrangement. Cord BCA is 2 m long. If s = 0.75 m, determine the mass D in the pan. Neglect the size of thepulley....
-
Company X had the following account balances for 2020: Dec. 31 Jan. 1 Prepaid Insurance $ 19 $ 12 Wages Payable 16 15 Company X reported net income of $115 for 2020. Assuming no other changes in...
-
New Jersey Valve Company manufactured 7,800 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following: Direct labor ..............40, 100...
-
The financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute...
-
Horton Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. For each item, indicate if it is (1) added to balance per bank statement, (2)...
-
Living organisms derive energy from the oxidation of food, typified by glucose. Electrons in this redox process are transferred from glucose to oxygen in a series of at least 25 steps. It is...
-
Aztec, Inc., had net sales of \($250,000\) and cost of goods sold of \($150,000\) in 2008, net sales of \($275,000\) and cost of goods sold of \($165,000\) in 2009, and net sales of \($300,000\) and...
-
The 2009 and 2010 balance sheets for Jackson and Sons showed net accounts receivable of \($10,000\) and \($14,000,\) respectively, and inventory of \($8,000\) and \($6,000,\) respectively. The...
-
In addition to the information from S12-6, assume that cash on the 2010 balance sheet was \($20,000\) and current liabilities totaled \($24,000.\) Compute the following ratios for 2010: 1. Current...
-
Why is sales tax collected considered a liability?
-
To which accounts are the separate amounts in the sales journal posted individually?
-
Structured awards are those placed in a trust set up to provide compensation over a plaintiffs lifetime.
-
Research corporate acquisitions using Web resources and then answer the following questions: Why do firms purchase other corporations? Do firms pay too much for the acquired corporation? Why do so...
-
What will the outputs be in Figure 9-15 when SW6, SW5, and SW2 are all closed? Figure 9-15 1 SW9 SW8 SW7 SW6 SW5 SW4 SW3 SW2 SW1 SWO +5 V As g 6 Pull-up resistor on each encoder input shown only...
-
The chairman of the board of directors of the company for which you are chief accountant has told you that he has little use for accounting figures based on cost. He believes that replacement values...
-
The chairman of the board of directors of the company for which you are chief accountant has told you that he has little use for accounting figures based on cost. He believes that replacement values...
-
The chairman of the board of directors of the company for which you are chief accountant has told you that he has little use for accounting figures based on cost. He believes that replacement values...
-
What is a good way to improve efficiency and accuracy in the registration process? a. Email audit results to staff members with instructions to improve. Training takes up too much time. b. Scan a...
-
Should Burton pursue both the thermowell machine purchase and the EE acquisition? Why or why not
-
The work sheet: multiple choice eliminates any need for an audit of the financial statements. is often made available to external decision makers. aids in the preparation of financial statements....
Study smarter with the SolutionInn App