Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Anyone Brave enough to do this one? Problem 8-03A a-b (Video) Lily Company maintains a petty cash fund for small expenditures. These transactions occurred during

Anyone Brave enough to do this one?

image text in transcribed

image text in transcribed

Problem 8-03A a-b (Video) Lily Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $220. 15 Replenished the petty cash fund by writing a check for $216.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $47.10, postage expense $43.50, and miscellaneous expense $32.50. 16 Increased the amount of the petty cash fund to $305 by writing a check for $85.00. 31 Replenished the petty cash fund by writing a check for $288.60. On this date, the fund consisted of $16.40 in cash and these petty cash receipts: postage expense $138.10, entertainment expense $94.30, and freight-out $55.10. Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Post to the Petty Cash account. (Post entries in the order of journal entries presented in the previous part.) Petty Cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

High Performance Cloud Auditing And Applications

Authors: Keesook J. Han, Baek-Young Choi, Sejun Song

1st Edition

1493944355, 978-1493944354

More Books

Students also viewed these Accounting questions

Question

Explain how attitudes toward time vary from culture to culture.

Answered: 1 week ago