2. Agency XYZ established a petty cash fund for P5,000. During the year, out of the petty cash fund, the followingwere purchased: office supplies worth P1,000.00, Postage Stamps P100, Traveling expense P500. It is the agencypractice replenish petty cash fund every end of the period.The following utilities expense were incurred for the period: water expense P5,000, Electricity Expense P8,000The director also noticed that the curtains of the agency offices were already frayed so new curtains werebought for P8,700 and a new tables and chairs amounting to 14,999.How much is the total MOOE at the end of the period?

solution : calculation of MOOE (maintenance and operating expenditure) Office supplies 1000…

Answered: 2. Agency XYZ established a petty cash…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...

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On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased 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 $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
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.
The Head of the Agency approves the establishment of a P30,000 petty cash fund. Here are the following information for the monthly petty expenses as well as the cash count: Coins and Currencies 7,800 Office Supplies Expense 3,400 Fuel and Oil 10,500 Postage and Courier Expenses 1,900 Maintenance and Operating Expenses 4,000 a. Give the journal entries pertaining to the establishment of the PCF. b. Give the journal entries when the PCF is replenished. c. The journal entries if the PCF is not replenished. d. The journal entries if the PCF is closed. e. How much is the cash shortage(overage)? f. How is the shortage or overage accounted? g. The journal entries for the cash shortage(overage).
1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund contained $189 and had the following receipts: entertainment, $42; postage, $15; and printing, $14.Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. See attached photos
1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund contained $132 and had the following receipts: entertainment $42, postage $29, and printing $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. See attached images
Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month:Postage and Courier Expenses P9,000Traveling Expenses 23,500Fuel, Oil, and Lubricants Expenses 8,000Office Supplies Expenses 9,500Other MOOE 3,000Total P53,000The agency incurred the following petty expenses:Postage and Courier Expenses 6,000Traveling Expenses 14,600Fuel, Oil, and Lubricants Expenses 6,000Office Supplies Expenses 1,250Other MOOE 1,210Total P29,060 required: 3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference.4. Assuming that at year end, the total amount of replenished PCF is P53,500.
Agency M established a Petty Cash Fund (PCF) with the following estimated expenses for one (1) month:Postage and Courier Expenses P9,000Traveling Expenses 23,500Fuel, Oil, and Lubricants Expenses 8,000Office Supplies Expenses 9,500Other MOOE 3,000Total P53,000The agency incurred the following petty expenses:Postage and Courier Expenses 6,000Traveling Expenses 14,600Fuel, Oil, and Lubricants Expenses 6,000Office Supplies Expenses 1,250Other MOOE 1,210Total P29,060Required: Prepare the journal entries for the following:1. Establishment of the PCF.2. Replenishment of PCF.3. Assuming that at year end, the total amount of replenished PCF is P51,640. The Disbursing Officer paid the said difference.4. Assuming that at year end, the total amount of replenished PCF is P53,500.
Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the following receipts: entertainment, $33, postage, $21, and printing, $24. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet Record the establishment of the petty cash fund. Nate: Enter debits befare oredits. Transaction General Journal Debit Credit 1a Hecord entry Clear entry View general journal
Needed in 10 minutes 11. The accountant for ABC established a petty cash fund of P2,000. During October. The fund was depleted by the following disbursements:Shipping expense, P850Travel expense, P300Postage expense, P190Miscellaneous supplies, P195In addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of P45 from the secretary handling the fund. The company uses a cash over and short expense account, as needed. The company decided to decrease the petty cash fund to P1,600. Determine the amount of cash short/ over. (sample answer – 100 short or 100 over)
Agency M established a petty cash fund (PCF) with the following estimated expenses for one (1) month: Postage and courier expenses P9,000 Traveling expenses 23,500 Fuel, Oil, and lubricants expenses 8,000 Office supplies expenses 9,500 Other MOOE 3,000 Total P53,000 The agency incurred the following petty expenses: Postagevand courier expenses 6,000 Traveling expenses 14,600 Fuel,oil and lubricants expenses 6,000 Office supplies expenses 1,250 other MOOE 1,210 Total P29,060 Required:Prepare the journal entries for the following: 3.Assuming that at year end, the total amount replenished PCF in P51,640. The Disbursing Officer paid the said Difference. 4.Assuming that at year end,the total amount of replenished PCF is P53,500.
Agency M established a petty cash fund (PCF) with the following estimated expenses for one (1) month: Postage and courier expenses P9,000 Traveling expenses 23,500 Fuel, Oil, and lubricants expenses 8,000 Office supplies expenses 9,500 Other MOOE 3,000 Total P53,000 The agency incurred the following petty expenses: Postagevand courier expenses 6,000 Traveling expenses 14,600 Fuel,oil and lubricants expenses 6,000 Office supplies expenses 1,250 other MOOE 1,210 Total P29,060 Required:Prepare the journal entries for the following: 1.Establishment of the PCF. 2.Replenishment of PCF. 3.Assuming that at year end, the total amount replenished PCF in P51,640. The Disbursing Officer paid the said Difference. 4.Assuming that at year end,the total amount of replenished PCF is P53,500.

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