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ACC 291T Wk 5 - Apply: Connect Homework (New)

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ACC 291T Wk 5 - Apply: Connect Homework (New)

QS 8-6 Petty cash accounting LO P2

  1. Brooks Agency set up a petty cash fund for $250. At the end of the current period, the fund contained $177 and had the following receipts: entertainment, $32; postage, $22; and printing, $19. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.  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.) 
  •  Fund amount is being reduced.checkedCorrect
  •  Fund amount is being increased.uncheckedCorrect
  •  Fund is being eliminated.checkedCorrect
  •  Fund is being established.uncheckedCorrect

 

Exercise 8-8 Petty cash fund with a shortage LO P2

Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $217 in cash along with receipts for the following expenditures: transportation-in, $60; postage expenses, $69; and miscellaneous expenses, $125. The petty cashier could not account for a $9 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $540. 

 

Exercise 8-10 Petty cash fund accounting LO P2

Palmona Co. establishes a $190 petty cash fund on January 1. On January 8, the fund shows $101 in cash along with receipts for the following expenditures: postage, $36; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $25. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $240 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. 

 

QS 8-8 Bank reconciliation LO P3

Nolan Company's cash account shows a $29,193 debit balance and its bank statement shows $28,152 on deposit at the close of business on June 30.

  1.  Outstanding checks as of June 30 total $2,801.
  2.  The June 30 bank statement lists $32 in bank service charges; the company has not yet recorded the cost of these services.
  3.  In reviewing the bank statement, a $80 check written by the company was mistakenly recorded in the company’s books as $89.
  4.  June 30 cash receipts of $3,853 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.
  5.  The bank statement included a $34 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned.

 Prepare a bank reconciliation using the above information. 

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