PB 5-4 (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO 5-S1] [The
ID: 2408076 • Letter: P
Question
PB 5-4 (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO 5-S1] [The following information applies to the questions displayed below.] Service World maintains a petty cash fund. The fund custodian encountered the following events. a. The fund was established when a check for $370 was cashed and deposited into a locked cash box. b. An employee submitted a receipt for a customer delivery costing $34 and was reimbursed in full from petty cash. c. Another employee submitted a receipt for $74 for locksmith repairs to the office door and was reimbursed in full from petty cash. d. An employee submitted a receipt for newspaper advertising that cost the company $64. She was given $64 from the petty cash box. e. The petty cash custodian received and cashed a check that fully replenished the petty cash fund. f. An employee submitted a receipt for $49 for supplies and was reimbursed in full from petty cash. g. An employee submitted a receipt for $79 for filling up his personal vehicle. He was not reimbursed because it would violate company policy. h. At the end of the month, a check was given to the petty cash custodian to not only replenish the petty cash fund but also increase the total fund to $500.
***Need a journal entry for just letter H**
If Service World has $1,700 cash, $600 of government Treasury bills purchased last month with a six-week maturity, and $890 of cash set aside for legal reasons, how much will the company report on the balance sheet as “Cash and Cash Equivalents”?
If Service World has $1,700 cash, $600 of government Treasury bills purchased last month with a six-week maturity, and $890 of cash set aside for legal reasons, how much will the company report on the balance sheet as “Cash and Cash Equivalents”?
Explanation / Answer
petty cash account dr. 500
to cash 500
( being petty cash reset at $500)
THE QUESTION STATES TO ANSWER JUST PART H HENCE SOLVED ONLY THE EXTRACT.
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