Establish, Reimburse and increase petty cash? - petty gallery
Inoks Gallery has completed the following transactions in cash, beginning of February this year:
2. February, a check collected about $ 300, and gave the proceeds from the petty cash and Bo Brown
Petty cash.
Role of 5 copier bond purchased for $ 10.13 to be used immediately.
$ 9 paid 22.50 COD shipping of goods for resale, FOB purchased
Shipping point. Metro uses the term system for stocks account.
Send $ 12 to pay 9.95 to express mail a contract to a client.
14 reimbursed Alli Buck, the director, $ 58 for the mileage of your car.
20 articles of paper purchased for $ 77.76, which is used immediately.
23 $ paid supply 18 courier service, the goods will be sold to a customer FOB destination.
25 Payment $ 15.10 delivery against payment, goods purchased for resale, terms FOB
Shipping point.
27 payments of $ 64 for shipping.
The fund had 28 $ 21.23 remaining in the petty cash. The order intake for the petty cash accounts
are affected, and they exchanged for a refund check from the fund forExpenditure.
The amount of funds is greater than $ 400.
Required
1. Prepare the journal entry to establish the petty cash fund.
2. Preparing a report for small cash payments in February in these categories: costs, mileage
Expenses, shipping, inventory of goods) for transportation (by car, and office supplies costs.
Sort the payments into appropriate categories and total expenditures in each category.
3. Prepare journal entries for part 2 in both (a) reimburse and (b) increasing the amount of resources.
Problem 8-3A
Deploy a refund, and
Petty Cash
P2
Review
Friday, February 5, 2010
Petty Gallery Establish, Reimburse And Increase Petty Cash?
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1. Prepare the journal entry to establish the petty cash fund.
Dr Petty cash $ 300
Cr $ 300 in cash
2. Preparing a report for small cash payments in February in these categories: costs, mileage, postage, inventory of goods for transportation (by car), and expenditures for office supplies.
Small cash payments report for February
5 Office equipment costs $ 10.13
9 Merchandise inventory $ 22.50 - free shipping COD
12 costs $ 9.95
14 miles costs - Alli Buck $ 58
20 Material Fee $ 77.76 Office
23 Shipping $ 18
25 List of goods $ 15.10
27 $ Port 64
Total spent $ 275.44
(Not $ 24.56 in the box, but it's only $ 21.23, there is a deficit of $ 3.33 at the cost of office supplies to be increased by the lack of liquidity, are not one of the categories a)
The fund had 28 $ 21.23 remaining in the petty cash.
Sort little cash receipts by accounts affected and exchanged them for a refund check from the bottomfor expenses. The amount of funds is greater than $ 400.
Sort the payments into appropriate categories and total expenditures in each category.
Office supplies expense $ 91.22
Merchandise inventory $ 37.60
Shipping $ 73.95
Mileage Fee $ 58.00
Shipping $ 18.00
Total payment $ 278.77
3. Prepare to be journal entries for part 2 for both
(a) Reimbursement
Office supplies expense $ 91.22 Dr
Dr Merchandise inventory $ 37.60
Dr. $ 73.95 plus shipping
Mileage fees Dr. $ 58.00
Shipping costs $ 18.00, Dr.
CR petty cash $ 278.77
and (b) increasing the amount of resources.
Dr Petty cash $ 378.77
Cr Cash $ 378.77
(to be reimbursed $ 278.77 and increase the fund of $ 400)
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