B. Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE P9,000 23,500 8,000 9,500 3,000 P53,000 Total The agency incurred the following petty expenses: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE 6,000 14,600 6,000 1,250 1,210 P29,060 Total Required: Prepare the journal entries for the following: 1. Establishment of the PCF. 2. Replenishment of PCF. 3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference. 4. Assuming that at year end, the total amount of replenished PCF is P53,500.

B. Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE P9,000 23,500 8,000 9,500 3,000 P53,000 Total The agency incurred the following petty expenses: Postage and Courier Expenses Traveling Expenses Fuel, Oil, and Lubricants Expenses Office Supplies Expenses Other MOOE 6,000 14,600 6,000 1,250 1,210 P29,060 Total Required: Prepare the journal entries for the following: 1. Establishment of the PCF. 2. Replenishment of PCF. 3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference. 4. Assuming that at year end, the total amount of replenished PCF is P53,500.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...

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On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month:Postage and Courier Expenses P9,000Traveling Expenses 23,500Fuel, Oil, and Lubricants Expenses 8,000Office Supplies Expenses 9,500Other MOOE 3,000Total P53,000The agency incurred the following petty expenses:Postage and Courier Expenses 6,000Traveling Expenses 14,600Fuel, Oil, and Lubricants Expenses 6,000Office Supplies Expenses 1,250Other MOOE 1,210Total P29,060Required: Prepare the journal entries for the following:1. Establishment of the PCF.2. Replenishment of PCF.3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference.4. Assuming that at year end, the total amount of replenished PCF is P53,500.
Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month:Postage and Courier Expenses P9,000Traveling Expenses 23,500Fuel, Oil, and Lubricants Expenses 8,000Office Supplies Expenses 9,500Other MOOE 3,000Total P53,000The agency incurred the following petty expenses:Postage and Courier Expenses 6,000Traveling Expenses 14,600Fuel, Oil, and Lubricants Expenses 6,000Office Supplies Expenses 1,250Other MOOE 1,210Total P29,060 required: 3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference.4. Assuming that at year end, the total amount of replenished PCF is P53,500.
Agency M established a petty cash fund (PCF) with the following estimated expenses for one (1) month: Postage and courier expenses P9,000 Traveling expenses 23,500 Fuel, Oil, and lubricants expenses 8,000 Office supplies expenses 9,500 Other MOOE 3,000 Total P53,000 The agency incurred the following petty expenses: Postagevand courier expenses 6,000 Traveling expenses 14,600 Fuel,oil and lubricants expenses 6,000 Office supplies expenses 1,250 other MOOE 1,210 Total P29,060 Required:Prepare the journal entries for the following: 3.Assuming that at year end, the total amount replenished PCF in P51,640. The Disbursing Officer paid the said Difference. 4.Assuming that at year end,the total amount of replenished PCF is P53,500.
1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the following receipts: entertainment, $33; postage, $21; and printing, $24. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal 2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. (Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)
Agency M established a petty cash fund (PCF) with the following estimated expenses for one (1) month: Postage and courier expenses P9,000 Traveling expenses 23,500 Fuel, Oil, and lubricants expenses 8,000 Office supplies expenses 9,500 Other MOOE 3,000 Total P53,000 The agency incurred the following petty expenses: Postagevand courier expenses 6,000 Traveling expenses 14,600 Fuel,oil and lubricants expenses 6,000 Office supplies expenses 1,250 other MOOE 1,210 Total P29,060 Required:Prepare the journal entries for the following: 1.Establishment of the PCF. 2.Replenishment of PCF. 3.Assuming that at year end, the total amount replenished PCF in P51,640. The Disbursing Officer paid the said Difference. 4.Assuming that at year end,the total amount of replenished PCF is P53,500.
Blake Company established a petty cash fund in the amount of $400. At the end of the accounting period, the petty cash box contained receipts for expenditures amounting to $180 and $215 in cash. If the company records both the disbursements and replenishments to the fund, what effect will replenishing the fund have on total assets and expenses? A. B. C. D. Total Assets -$ 180 -$ 185 -$ 185 -$ 180 Multiple Choice O Option A Option D Option B Option C Expenses +$ 185 +$ 185 +$ 180 +$ 180
Question Agency M established a petty cash fund (PCF) with the following estimated expenses for one (1) month: Postage and courier expenses P9,000 Traveling expenses 23,500 Fuel, Oil, and lubricants expenses 8,000 Office supplies expenses 9,500 Other MOOE 3,000 Total P53,000 The agency incurred the following petty expenses: Postagevand courier expenses 6,000 Traveling expenses 14,600 Fuel,oil and lubricants expenses 6,000 Office supplies expenses 1,250 other MOOE 1,210 Total P29,060 Required:Prepare the journal entries for the following: 1.Establishment of the PCF. 2.Replenishment of PCF. 3.Assuming that at year end, the total amount replenished PCF in P51,640. The Disbursing Officer paid the said Difference. 4.Assuming that at year end,the total amount of replenished PCF is P53,500.
2. Agency XYZ established a petty cash fund for P5,000. During the year, out of the petty cash fund, the following were purchased: office supplies worth P1,000.00, Postage Stamps P100, Traveling expense P500. It is the agency practice replenish petty cash fund every end of the period. The following utilities expense were incurred for the period: water expense P5,000, Electricity Expense P8,000 The director also noticed that the curtains of the agency offices were already frayed so new curtains were bought for P8,700 and a new tables and chairs amounting to 14,999. How much is the total MOOE at the end of the period?
1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the following receipts: entertainment, $33, postage, $21, and printing, $24. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet Record the establishment of the petty cash fund. Nate: Enter debits befare oredits. Transaction General Journal Debit Credit 1a Hecord entry Clear entry View general journal
Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $83 in cash the following expenditures: postage, $38; transportation-in, $15; delivery expenses, $17; and miscellaneous ex uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $230. Hint. Make two entries. View transaction list Journal entry worksheet 1 2 3 4 Record the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date January 01 General Journal Debit Credit
Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.55. Receipts: delivery expense $27.05, postage expense $38.30, and miscellaneous expense $29.90. July 1: Cash in fund $4.05. Receipts: delivery expense $22.50, entertainment expense $47.50, and miscellaneous expense $25.95. On July 10, Skysong increased the fund from $100 to $130.Prepare journal entries for Skysong Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a…