Sandhill Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $96. On February 28, there were $4 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Feb. 15 1 Supplies $10 Feb. 18 2 Postage expense 9 Feb. 20 3 Freight in (assume perpetual inventory system) 32 Feb. 21 4 Supplies 12 Feb. 22 5 Delivery charges on outgoing freight 15 Feb. 27 6 Supplies 20 (a) Record the journal entry on February 14 to establish the petty cash fund. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit Feb. 14
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The journal entry on February 14 to establish the petty cash fund would be as follows: Titles and Explanation Debit Credit Petty Cash Fund $96 Show more…
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Akash M.
The petty cash fund of Guiguinto Company on December 31 is composed of the following: Coins and currencies: P14,000 Petty cash vouchers: Gasoline payments: P3,000 Supplies: P1,000 Cash advances to employees: P2,000 Employee's check returned by bank marked NSF: P5,000 Check drawn by the company payable to the order of the petty cash custodian, representing her salary: P20,000 A sheet of paper with names of employees together with contribution for a birthday gift of a co-employee in the amount of P8,000 Total: P53,000 The petty cash ledger account has an imprest balance of P50,000.
Provide journal entries to record each of the following transactions. For each, using the capital letter only, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). For the journal entry, you must enter the account names exactly as written below and for accounts having similar accounting treatment (DR or CR), you are to record Balance Sheet accounts first, followed by Income Statement accounts. Cash Truck Land Loss on Sale of Land Dividends Gain on Sale of Land Accounts Receivable Common Stock Note Payable Declared and paid to shareholders, a dividend of $24,000. DR CR Transaction is ___________Source of cash (S), Use of cash (U), or Neither (N). Issued common stock at par value for $12,000. DR CR Transaction is __________Source of cash (S), Use of cash (U), or Neither (N). Sold a tract of land that had cost $10,000, for $16,000. DR DR or CR? CR Transaction is __________Source of cash (S), Use of cash (U), or Neither (N). Purchased a company truck, with a note payable of $38,000. DR CR Transaction is __________ Source of cash (S), Use of cash (U), or Neither (N). Collected $8,000 from customer accounts receivable. DR CR Transaction is __________Source of cash (S), Use of cash (U), or Neither (N).
Sri K.
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