Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

77 Bonita Company established a petty cash fund on May 1, cashing a check for $120. The company reimbursed the fund on June 1 and

77 Bonita Company established a petty cash fund on May 1, cashing a check for $120. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.50. Receipts: delivery expense $28.75, postage expense $37.50, and miscellaneous expense $49.00. July 1: Cash in fund $4.30. Receipts: delivery expense $19.20, entertainment expense $48.60, and miscellaneous expense $47.90. On July 10, Bonita increased the fund from $120 to $150.00. Prepare journal entries for Bonita Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not the order presented in the problem.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Can Show Workimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting A Focus on Ethical Decision Making

Authors: Steve Jackson, Roby Sawyers, Greg Jenkins

5th edition

324663854, 978-0324663853

Students also viewed these Accounting questions