need help with all working thanks On September 1, 2019, Hip Street set up a petty cash fund for $275. At the end of the first week, the petty cash fund contains the following items.Cash on handReceipt for the purchase of office suppliesReceipt for the delivery chargesReceipt for the purchase of stampsReceipt for travel to a client meetingReceipt for the payment of newspaper advertising $73RequiredDo not enter dollar signs or commas in the input boxes.a) Calculate any cash overage or shortage.by $Cash isb) Prepare the journal entries for setting up, and replenishing the petty cash fund.For transactions with more than one debit. enter the debit accounts in alphabetical order.CreditDate Account Title and ExplanationDebit2019Sep 1Sep 7Set up the petty cash fundi0·0$82$36$13$19$44•To replenish the petty cash fund

The petty cash is created to maintain the cash balance for day to day cash transactions of the…

On September 1, 2019, Hip Street set up a petty cash fund for $275. At the end of the first week, the petty cash fund contains the following items. Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges Receipt for the purchase of stamps Receipt for travel to a client meeting $44 Receipt for the payment of newspaper advertising $73 a) Calculate any cash overage or shortage. Cash is Required Do not enter dollar signs or commas in the input boxes. by Sep 7 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit. enter the debit accounts in alphabetical order. Date Account Title and Explanation Debit Credit 2019 Sep 1 Set up the petty cash fund $82 $36 • $13 $19 0

On September 1, 2019, Hip Street set up a petty cash fund for $275. At the end of the first week, the petty cash fund contains the following items. Cash on hand Receipt for the purchase of office supplies Receipt for the delivery charges Receipt for the purchase of stamps Receipt for travel to a client meeting $44 Receipt for the payment of newspaper advertising $73 a) Calculate any cash overage or shortage. Cash is Required Do not enter dollar signs or commas in the input boxes. by Sep 7 b) Prepare the journal entries for setting up, and replenishing the petty cash fund. For transactions with more than one debit. enter the debit accounts in alphabetical order. Date Account Title and Explanation Debit Credit 2019 Sep 1 Set up the petty cash fund $82 $36 • $13 $19 0

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 4AP

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On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased 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 $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On September 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 September 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 September 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 $210. C. On September 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 September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
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.
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.