Alanda Yousef Bookkeeping Services has only a general journal in its accounting system and uses it to
Question:
Alanda Yousef Bookkeeping Services has only a general journal in its accounting system and uses it to record all the transactions. However the company recently set up a petty cash fund for payment of small items. The following petty cash transactions were noted by the petty cashier as occurring during March:
Required
Prepare journal entries to record the establishment of the fund on March 1 and its replenishment on April 1.
Mar. 01 31 Received a company cheque for $250 to establish a petty cash fund. Received a company cheque to replenish the fund for the following expenses. Purchases made since March 1: a. Purchased office supplies, $63.50 b. Purchased postage stamps, $45 c. Paid $75 for cleaning services d. Paid $40 for donation to United Way e. Paid $5.75 for parking 31 Counted the petty cash remaining, which totalled $16.25.
Step by Step Answer:
Date Mar 31 31 ALANDA YOUSEF BOOKKEEPING SERVICE GENERAL JOURNAL Petty C...View the full answer
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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