United Corporation completed the following petty cash transactions during October and November in 2014: October 1:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
United Corporation completed the following petty cash transactions during October and November in 2014: October 1: Drew a $300.00 cheque, cashed it, and gave the proceeds and the petty cash box to Susan Huang, the petty cashier. October 4 Paid $33.45 for refreshments for meetings. October 7: Paid $38.70 for minor computer repairs. October 25: Paid $37.25 for an advertisement in the newspaper. October 26: Paid $44.35 to mail a contract to a client. October 27 Paid $40.85 for stamps. October 31: Susan Huang sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was only $102.00 in cash in the fund. November 11: Paid $35.90 courier charges to deliver merchandise to a customer. November 15: Reimbursed the manager for business auto, $20,95. November 23: Purchased office file folders. $27.90. to be used this month. November 30: Susan Huang sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $217.50 in cash in the fund. In addition, the size of the petty cash fund was increased to $375.00. Prepare three journal entries: one to establish the petty cash fund, the second to record the reimbursement of the fund at the end of the first month, and the last to record the reimbursement of the fund at the end of the second month. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). General Journal Account/Explanation Page GJB Credit Date 1/Oct/Potty cash Cash (To establish a petty cash fund) 31/Oct Repair expense. Food and drinks expense, Advertising expenso Postage expense, F Debit 300 300 United Corporation completed the following petty cash transactions during October and November in 2014: October 1: Drew a $300.00 cheque, cashed it, and gave the proceeds and the petty cash box to Susan Huang, the petty cashier. October 4 Paid $33.45 for refreshments for meetings. October 7: Paid $38.70 for minor computer repairs. October 25: Paid $37.25 for an advertisement in the newspaper. October 26: Paid $44.35 to mail a contract to a client. October 27 Paid $40.85 for stamps. October 31: Susan Huang sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was only $102.00 in cash in the fund. November 11: Paid $35.90 courier charges to deliver merchandise to a customer. November 15: Reimbursed the manager for business auto, $20,95. November 23: Purchased office file folders. $27.90. to be used this month. November 30: Susan Huang sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $217.50 in cash in the fund. In addition, the size of the petty cash fund was increased to $375.00. Prepare three journal entries: one to establish the petty cash fund, the second to record the reimbursement of the fund at the end of the first month, and the last to record the reimbursement of the fund at the end of the second month. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). General Journal Account/Explanation Page GJB Credit Date 1/Oct/Potty cash Cash (To establish a petty cash fund) 31/Oct Repair expense. Food and drinks expense, Advertising expenso Postage expense, F Debit 300 300
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Baby Photography completed the following petty cash transactions during July 2020: Required 1. Prepare a general journal entry to record establishing the petty cash fund. 2. Prepare a summary of...
-
Milton Consulting completed the following petty cash transactions during February 2014: Feb. 2 Prepared a $400 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty...
-
Halifax Fitness Consulting completed the following petty cash transactions during February 2020: Required 1. Prepare a journal entry to record establishing the petty cash fund. 2. Prepare a summary...
-
A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The...
-
LO4 Billy Bob is employed by Pony Ranch Corporation and owns 1% of the corporation's stock. The corporation provides excludable meals and lodging for Billy Bob at a cost of $12,000 annually. a. Can...
-
Practice examining iXBRL financial statements to identify use of extension taxonomies. REQUIRED a. Access the iXBRL reports from the SEC for two companies in the same industry (your instructor may...
-
In a landmark case, William E. Story told his nephew in March 1869 that if the nephew would refrain from drinking liquor, using tobacco, swearing, and playing cards or billiards for money until he...
-
1. What is the difference between accrual earnings and cash earnings? In addition to the effect on accrual earnings of capitalizing the line costs, how might the treatment mask the true nature of...
-
16. A uniform solid right circular cone of base radius R is joined to a uniform solid hemisphere of radius R and of the same density, so as to have a common face. The centre of mass of the composite...
-
Comprehensive Problem 1 - Part 1: Taxpayer information, Form 1040, Schedules 1, 2, 3 and 4, Schedule A, and Schedule B. Noah and Joan Arc's Tax Return Note: This problem is divided into three parts....
-
Create your own fictitious company and devise a budget. Be sure to include all assumptions possible but make it simple. There are a lot of leads and examples in your book, please make it realistic,...
-
If you grasp a hammer by its lightweight handle and wave it back and forth, and then grasp it by its much heavier head and wave it back and forth, as in the figure, you' II find that you can wave the...
-
Currently, the moon goes around the earth once every 27.3 days. If the moon could be brought into a new circular orbit with a smaller radius, its orbital period would be A. More than 27.3 days. B....
-
Suppose a bolt on your car engine needs to be tightened to a torque of \(20 \mathrm{~N} \cdot \mathrm{m}\). You are using a \(15-\mathrm{cm}-\) long wrench, and you apply a force at the very end in...
-
On a day when the water is flowing relatively gently, water in the Niagara River is moving horizontally at \(4.5 \mathrm{~m} / \mathrm{s}\) before shooting over Niagara Falls. After moving over the...
-
You look up from your textbook and observe a spider, motionless above you, suspended from a strand of spider silk attached to the ceiling. You distract yourself by identifying the forces acting on...
-
It is estimated that t years after 1995, the population of a certain country will be P(t) million people where 0.005t P(t) = Ae0.03t Be for certain constants A and B. The population was 100 million...
-
As you rewrite these sentences, replace the cliches and buzzwords with plain language (if you don't recognize any of these terms, you can find definitions online): a. Being a jack-of-all-trades, Dave...
-
Memphis Corp., a merchandiser, recently completed its 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3)...
-
Notaro manufactures, markets, and sells cellular telephones. The average total assets for Notaro is $250,000. In its most recent year, Notaro reported net income of $64,000 on revenues of $468,000....
-
On November 10, 2009, Lorna Co. began operations by purchasing coffee grinders for resale. Lorna uses the perpetual inventory method. The grinders have a 90-day warranty that requires the company to...
-
Freelance bookkeeper Elizabeth Mulder perpetrated a nearly five-year fraud against her client, plaintiff Kurtz-Ahlers, LLC. Both Kurtz- Ahlers and Mulder coincidentally had their checking accounts at...
-
We meet Robert Triffin once again. The case concerns a \($301.17\) check dated August 20, 2015, bearing the words NOT VALID AFTER 180 DAYS. The check was drawn against the bank account of TWC...
-
Ranchers Legacy Meat Company (Ranchers Legacy) was engaged in the meat packing and processing industry. The company was founded as the Unger Meat Company (Unger) in 2010 by James Ratcliff (Ratcliff)....
Study smarter with the SolutionInn App