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exercises_on_petty_cash_bank_reconcilation - by check On...

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PETTY CASH & BANK RECONCILIATION SAMPLE PROBLEMS 1) A company established a $ 100 petty cash fund on March 15. Two weeks later, on March 29, there was $ 6.75 in cash in the fund and the following receipts for these expenditures: Postage: $ 22.75 Transportation – In: $ 18.25 Miscellaneous General Expenses: $ 28 Office Supplies:$24.25 Show the general journal entries; to establish the fund, to reimburse and to increase it to $150 on March 29 2) A company established a $ 125 petty cash fund on August 10. On August 31, there was $34.50 in cash in the fund and the following receipts for these expenditures: Transportation – In: $ 14.75 Miscellaneous General Expenses: $ 27.50 Office Supplies:$46.25 The petty cashier could not account for the $ 2 shortage in the fund. Show the general journal entries; To establish the fund To reimburse it and to reduce it to $ 100 3) Eastside Store deposits all receipts intact on the day received and makes all payments
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Unformatted text preview: by check. On December 31, after posting was completed, its Cash account showed a $3,775 debit balance, but its December 31 bank statements showed only $3,256.50 on deposit in the bank on that day. Prepare a bank reconsciliation for the store, using the following information: • Outstanding checks: $500 • Included with the December canceled checks returned by the bank was a $10 debit memorandum for bank services. • Check No.642 returned with the canceled checks was correctly drawn for $28 in payment of the telephone bill and was paid by the bank on December 8, but it had been recorded with a debit to Telephone Expense and credit to bank as though it were for $82. • The December 31 cash receipts, $1,062.50 were placed in the bank’s night depository after banking hours on that date and were unrecorded by the bank at the time the December bank statement was prepared....
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