Omicron Ltd. has a petty cash fund for $2,750 when established. When financial statements are prepared at the end of the month it replenishes the fund. The company finds that the fund is empty in the last week of the month so it decides to increase the fund size by 50%. On February 18th, when it is decided to increase the petty cash fund size, there are $1,285 in expense receipts and vouchers that justify the depletion of the fund during the month. Omicron Ltd. decides to replenish and increase the fund size in the same journal entry. Required 1: How much is the cheque written to complete this transaction? $
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Omicron Ltd. has a petty cash fund for $2,750 when established. When financial statements are prepared at the end of the month it replenishes the fund. The company finds that the fund is empty in the last week of the month so it decides to increase the fund size by 50%. On February 18th, when it is decided to increase the petty cash fund size, there are $1,285 in expense receipts and vouchers that justify the depletion of the fund during the month. Omicron Ltd. decides to replenish and increase the fund size in the same
Required 1: How much is the cheque written to complete this transaction? $
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- AB Ltd. established a petty cash fund for $1,310. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $565 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry. Required: How much is the cheque written to complete this transaction? $ Question 1 is written and question 2 is in the picturesAB Ltd. established a petty cash fund for $530. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $175 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry. Required: How much is the cheque written to complete this transaction? $Moose, Inc. established a $250 petty cash fund three months ago. Today, April 21, the petty cash custodian has $198 in cash and receipts for the following: Office supplies $12, Equipment repairs $25, Postage $7, and Parking fees $13. Required: Prepare a compound journal entry to replenish the fund and reduce its size to $200.
- Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $273 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) Repairs and maintenance (credit card) Postage (credit card) Delivery cost (credit card) Required: 1. Record the establishment of the petty cash fund on September 4. 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet ere to search F2 2 W 1 S 2 Record the establishment of the petty cash fund on September 4. F3 #m 3 3 E D 100 Et F4 $ 4 F5…Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish the fund at the end of each of the following months of activity: The petty cash box contained $32 on October 31 along with receipts for $150 for cleaning, $35 for postage, and $63 for delivery expenses. On November 30, the petty cash box contained only two receipts, for a $105 computer repair and a $131 entertainment expense. The petty cash custodian counted cash remaining of $58. The petty cash box contained $15 on December 31 plus receipts for $61 for gas expense, $146 for office supplies, and $68 for entertainment expenses. In addition to replenishing the fund, it was increased by $80. Journal Entry 1. Record to reimburse the fund (Oct 31, 2020) 2. Record to reimburse the fund (Nov 30, 2020) 3. Record to reimburse the fund (Dec 31, 2020)Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $350 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $109.20 for janitorial expenses. May 15 b. Paid $89.15 for miscellaneous expenses. May 15 c. Paid postage expenses of $60.90. May 15 d. Paid $80.01 to Facebook for advertising expense. May 15 e. Counted $26.84 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $550. May 31 The petty cashier reports that $365.27 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $59.10. May 31 g. Reimbursed the office manager for mileage expense, $47.05. May 31 h. Paid $48.58 in…
- Clooney Corporation establishes a petty cash fund for $225 and issues a credit card to its office manager. By the end of the month, employees made one expenditure from the petty cash fund (entertainment, $25) and three expenditures with the credit card (postage, $60; delivery, $85; supplies expense, $50). Separately record employee credit card expenditures and employee petty cash expenditures. The credit card balance will be paid later. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 Record employee credit card expenditures. Note: Enter debits before credits. Transaction 1 General Journal Postage Expense Delivery Expense Supplies Expense Debit 60 85 50 CreditKlona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $88 for janitorial expenses. May 15 b. Paid $53.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $53.50. May 15 d. Paid $47.15 to Facebook for advertising expense. May 15 e. Counted $62.15 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $288.20 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $147.36. May 31 g. Reimbursed the office manager for mileage expense, $23.50. May 31 h. Paid $34.75 in…Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $250 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures nade since May 1. May 15 a. Paid $78.00 for janitorial expenses. May 15 b. Paid $63.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $43.50. May 15 d. Paid $57.15 to Facebook for advertising expense. May 15 e. Counted $19.17 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $450. May 31 The petty cashier reports that $303.39 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $48.36. May 31 g. Reimbursed the office manager for mileage expense, $38.50. May 31 h. Paid $39.75 in…
- On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund On June 30.Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $93.60 for janitorial expenses. May 15 b. Paid $76.41 for miscellaneous expenses. May 15 c. Paid postage expenses of $52.20. May 15 d. Paid $68.58 to Facebook for advertising expense. May 15 e. Counted $23.01 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $349.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $53.73. May 31 g. Reimbursed the office manager for mileage expense, $42.78.…Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $93.60 for janitorial expenses. May 15 b. Paid $76.41 for miscellaneous expenses. May 15 c. Paid postage expenses of $52.20. May 15 d. Paid $68.58 to Facebook for advertising expense. May 15 e. Counted $23.01 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $500. May 31 The petty cashier reports that $319.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $53.73. May 31 g. Reimbursed the office manager for mileage expense, $42.78. May 31 h. Paid $44.17 in…