Question: May I please know the appropriate journal entries required in each question? And also an explanation of how you did it. I'm confused on how

May I please know the appropriate journal entries required in each question? And also an explanation of how you did it. I'm confused on how the fluctuating and imprest fund system works. Thank you very much!

1. The adjusting journal entry is what is being asked in #1.

C&CE ABC Corporation has a petty cash fund with an imprest balance of P10,000. The transactions and details regarding the petty cash fund for the month of February are as follows: Feb. 1 The petty cash fund consists of P570 in bills and coins, P6,500 replenishment check, and P2,930 in paid vouchers representing transportation expense of salesmen. Feb. 9 Disbursed P4,500 for supplies. Feb. 18 Disbursed P1,000 for transportation of officers, Feb. 28 |Disbursed P500 for miscellaneous expenses Feb. 28 Replenished the petty cash fund to the imprest balance. If ABC uses the imprest fund balance method of accounting for petty cash, what should the journal entry be for Feb. 28? I will submit the journal entry as part of the file attachment to the post

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Magdalena Schmitz has undergone %nine major changes in her life recently. In 2015, at the age of 46, her husband. Roger. passed assay Magdalena in Pittsburgh remarried as of the end of 2017....

Hi, This subject is financial accounting, here is a short essay type question, approximately 5 paragraphs. ''Drawing on private interest theory, what powers do you believe the Australian Accounting...

please I need this completed asap. If you need the username and password to log-in let me know \fInstructions City of Bingham Computerized Cumulative Problem For use with McGraw-Hill/Irwin Accounting...

Working on the City of Smithville Short version. I need the journal entries for Chapters 5, 6, and 9 (including Budgetary) ASAP. Thank you for your help. Instructions City of Smithville Short Version...

Can I have with chap 6 and 9 journal entries of Smithville Project Project attached Instructions City of Smithville Short Version Computerized Cumulative Problem For use with McGraw-Hill/Irwin...

I would like to have the entries for chapter 5 of the Smithville computer case (short version) see attachment Instructions City of Smithville Short Version Computerized Cumulative Problem For use...

I need Chapter 5 and Chapter 6 solutions to the "City of Bingham" continuous accounting problem from the 16e "Accounting for governmental & nonprofit entities" book. Instructions are posted...

I have attached three documents. I am working on a group case and I am stuck on the highlighted memo part. How do I proceed with the memo. Please assist. How should this part be written without being...

In Problem, find hÊ¹(x), where f (x) is an unspecified differentiable function. h(x) = f(x)

Residual income solves some of the problems with ROI, but because it is an absolute number, it is difficult to compare divisions. We should use residual income divided by assets and then we would...

In recent years, several factors have contributed to a renewed interest in vertical integration, reversing a decades - long trend of outsourcing non - core activities. Which of the following is a...

Consider the recursive relation It41= (a) Find ail equilibrium points. Answer: z = and a = (b) The smaller equilibrium is stable (c) The larger equillbrium is stable (d) On your own, draw the...

I Consider the graph given above. Add an edge so the resulting graph has an Euler trail (without repeating: existing edge). Now give an Euler trail through the graph with this new edge by listing the...

Case 1: XYZ, Corporation is a Delaware corporation. One of its shareholders, Mr. Busybody, a U.S. citizen, while on vacation in Bangladesh, decided to check on his investment with XYZ and visit one...

What is the PVGO for a firm that will earn $2.00/share next year,will pay out 30% of its earnings, has 9% cost of equity, and a growth rate of 3%? Use the sustainable growth rate equation to explain...

Today is in February. The futures price today for August live cattle futures is $1.38. A rancher anticipates taking his cattle to market (i.e., selling them) in July and plans to hedge the sale with...

The company would like to forecast it's soft drink sales for years 7 and 8. To do so, use a linear trend model to forecast market share for each quarter of years 7 and 8 and seasonal model to...

2. In this chapter, the reader should reflect on the following concepts: Context, winwin, win-lose, ambiguity, mental model, point of reference.

2. In this chapter, the reader should reflect on the following concepts: Patterns, symmetrical relationships, complementary relationships.

1. To provide insight into how setting an overly narrow boundary can give a mes-sage a specific meaning, while setting a wider boundary can give a completely different meaning.