Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1) What would be the journal entry to setup (the Company's first petty cash fund) a $500 petty cash fund? Debit Credit Account Answer Answer
1) What would be the journal entry to setup (the Company's first petty cash fund) a $500 petty cash fund? Debit Credit Account Answer Answer Font 2) If the petty cash box contained the following, what would be the journal entry to replenish petty cash? Assume it is replenished from the operating cash account. $50 receipt for Repairs $150 receipt for office supplies $200 for auto expense $50 for charitable contributions $50 Cash Debit Credit Account Answer Answer Answer Answer Answer Indicate whether the following are 1) added to or subtracted from 2) the bank total or the Company's records (book balance) 1) Add or Sub Bank or Book a) Outstanding checks Answer Answer b) Deposit-in-transit Answer Answer c) Bank charges Answer Answer Answer d) A check incorrectly recorded Answer in the Company's journal for $10, but correctly cleared the bank for $100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started