Answered step by step
Verified Expert Solution
Question
1 Approved Answer
April Wrote a $350 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. Purchased bond paper for
April Wrote a $350 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. Purchased bond paper for the copier for $15.75 that is immediately used. 11 Paid $40.50 COD shipping 13 Paid $7.15 postage to express mail a contract to a client. 15 Reimbursed Adina Sharon, the manager, $73 for business mileage on her car. 21 Purchased stationery for $68.7? that is immediately used. 24 Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination. 2? Paid $11.60 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 29 Paid $56 for postage expenses. 29 The fund had $23.87 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. 30 The petty cash fund amount is increased by $90 to a total of $440. Required: 1. Prepare the journal entry to establish the petty cash fund. Date Accounts Debit Credit 2. Prepare a petty cash payments report for April with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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