Chapter 4 Class Problems solution.docx

Chapter 4 Class Problems solution.docx - ACC 203 – Fall...

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ACC 203 – Fall 2017 Professor Schulman Chapter 4 In class Solutions Problem 1. Petty Cash 1. Paloma Co. establishes a $200 petty cash fund on January 1. Make journal entry to establish the fund on January 1. Jan. 1 Petty Cash 200 Cash ............................................................................................ 200 To establish a petty cash fund. 2. On January 8, the fund shows $35 in cash along with receipts for the following expenditure: postage, $74; transportation expense $29; delivery expenses, $16; and flowers expenses, $43. Make journal entry to reimburse it on January 8. Jan. 8 Postage Expense ............................................................................... 74 Transportation expenses ................................................................... 29 Delivery Expense ............................................................................. 16 Flowers Expenses ............................................................................. 43 Miscellaneous Expense .................................................................... 3 Petty Cash .................................................................................. 165 To reimburse the petty cash fund. 3. Make journal entry to replenish the fund on January 8. Jan. 8 Petty Cash ........................................................................................ 165 Cash ............................................................................................ 165 Problem 2. Bank Reconciliation 1 Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2013, its Cash account shows a $ 11,589 debit balance. Del Gato Clinic’s June 30 bank statement shows $ 10,555 on deposit in the bank.
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  • Fall '17
  • musab kurnaz
  • 1966, 1986, Cheque, 1973

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