Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts represent $66 for delivery expenses, $219 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $110. The journal entry to record the reimbursement of the account includes a: Multiple Choice Credit to Cash for $320. Credit to Cash Over and Short for $110. Debit to Cash Over and Short for $110. Credit to Inventory for $219. Debit to Petty Cash for $430.

Spencer Co. has a $430 petty cash fund. At the end of the first month the accumulated receipts represent $66 for delivery expenses, $219 for merchandise inventory, and $35 for miscellaneous expenses. The fund has a balance of $110. The journal entry to record the reimbursement of the account includes a: Multiple Choice Credit to Cash for $320. Credit to Cash Over and Short for $110. Debit to Cash Over and Short for $110. Credit to Inventory for $219. Debit to Petty Cash for $430.

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.
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
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