Dallas Repairs completed the following petty cash transactions during July 2020: Required 1. Prepare a general journal

Question:

Dallas Repairs completed the following petty cash transactions during July 2020:

Prepared a $250 cheque, cashed it, and turned the proceeds and the petty cash box over to Elliott Grace, the July petty


Required

1. Prepare a general journal entry to record establishing the petty cash fund.

2. Prepare a summary of petty cash payments similar to Exhibit 7.2 that has these categories: delivery expense, auto expense, postage expense, merchandise inventory, and office supplies.

3. Prepare the general journal entry to record the reimbursement of the fund.


Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

Question Posted: