Two clerks sharing the same cash register is a violation of which internal control principle? A debit to Cash and a credit to Petty Cash Over and Short.A debit to Petty Cash and a credit to Accounts Receivable.A debit to Petty Cash and a credit to Cash.A debit to Cash and a credit to Cash Over and Short.A debit to Cash and a credit to Petty Cash.The entry to establish a petty cash fund includes: Deducted from the bank balance of cash.Deducted from the book balance of cash.On a bank reconciliation, an unrecorded debit memorandum for printing checks is: Sort the payments into the appropriate categories and total the expenditures in each category.ģ. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount.Ĭonnect Financial Accounting Chapter 6 Quiz Feb 28 – The petty cash fund amount is increased by $130 to a total of $480.ġ. Prepare the journal entry to establish the petty cash fund.Ģ. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense.Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. Feb 28 – The fund had $22.57 remaining in the petty cash box.Feb 27 – Paid $50 for postage expenses.Feb 25 – Paid $10.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.Feb 23 – Paid a courier $15 to deliver merchandise sold to a customer, terms FOB destination.Feb 20 – Purchased stationery for $67.77 that is immediately used.Feb 14 – Reimbursed Adina Sharon, the manager, $74 for business mileage on her car.Feb 12 – Paid $7.45 postage to express mail a contract to a client.Nakashima uses the perpetual system to account for merchandise inventory. Feb 9 – Paid $34.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.Feb 5 – Purchased bond paper for the copier for $15.55 that is immediately used.Feb 2 – Wrote a $350 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.Nakashima Gallery had the following petty cash transactions in February of the current year. The June 30 cash receipts of $2,443 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill on June 15. The June 30 bank statement lists a $55 service charge.Outstanding checks as of June 30 total $1,210.Del Gato Clinic’s June 30 bank statement shows $11,160 on deposit in the bank. At the close of business on June 30, 2017, its Cash account shows an $12,439 debit balance. Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. (Hint: Make two separate entries for part 3.) 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 $300 on January 8, assuming no entry in part 2. Palmona uses the perpetual system in accounting for merchandise inventory. On January 8, the fund shows $145 in cash along with receipts for the following expenditures: postage, $43 transportation-in, $14 delivery expenses, $16 and miscellaneous expenses, $32. establishes a $250 petty cash fund on January 1. 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 $415. The company uses the perpetual system in accounting for merchandise inventory. The petty cashier could not account for a $5 shortage in the fund. On September 30, the fund shows $121 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $58 postage expenses, $53 and miscellaneous expenses, $143. Waupaca Company establishes a $380 petty cash fund on September 9. Connect Financial Accounting Chapter 6 Homework and Quiz
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